Many credit card holders in Florida and around the country have difficulty in managing their credit budgets. Their level of credit card debt has continued to rise, according to a report from a financial website. Consumers often take advantage of perks offered by the card companies, such as large sign-up bonuses. The card issuers have shared their thoughts on recent credit card trends.
Many Florida homeowners experiencing financial difficulties are considering all possible options when it comes to avoiding foreclosure and keeping their homes. A loan modification is often a welcome remedy for families struggling to stay current with house payments and meet other obligations. Approximately 29,000 homeowners had their loans permanently modified in Jan. 2017.
The Federal Reserve recently increased its benchmark interest rate for the second time in three months. While the economy is growing, there are concerns that many borrowers in Florida and around the nation will be paying more money for interest. Holders of credit card debt will likely notice the interest rate increase more than other borrowers.
The country's consumer confidence level is the highest it has been in 15 years. This confidence has prompted many consumers in Florida and around the country to increase their spending. According to a personal finance website, much of this spending is being done by people using credit cards. As a result, national credit card debt levels are at their highest since 2007.
Many Florida residents are benefiting from improvements in the economy, such as increased employments rates and higher wages. However, financial experts cite the level of credit card debt in the country as a case for concern. They recommend decreasing this debt and increasing savings to become more financially stable and offer suggestions on how to achieve these goals.
Credit cards are very useful to many Florida residents and others throughout the country. Credit card companies often initiate changes in their programs and offerings to attract new customers. Sometimes the changes are beneficial to customers, but others may result in higher fees and costs. While credit card debt remains a serious issue for many cardholders, many borrowers continue to apply for new cards. A personal finance website recently offered some insight on several trends in the industry that are important to consider if seeking additional accounts.
The housing market has been a big topic in the news for quite some time in Florida and all around the country. The home foreclosure rate skyrocketed when the market was in such disarray. For a period of time, Florida ranked among the top states in the nation for the number of home foreclosures. However, the rate is dropping and now has closed the gap with the national average.
Many Florida residents may be among the estimated 70 percent of taxpayers who will receive a refund from their 2016 tax filing. For those receiving a refund, financial experts have offered some advice on what to do with those funds. One of their suggestions is to pay down credit card debt. Roughly 39 percent of the country's adults plan to pay down their debt with their tax refunds, according to a survey by the National Retail Federation.
Florida residents overwhelmed by debt may choose bankruptcy as an option in getting a fresh start with their finances. Several issues arise when a loan modification is sought following a bankruptcy discharge. A recent ruling by a judge in the nation's Bankruptcy Court may make the situation more difficult for lenders in this situation.