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Credit Card Debt Archives

The increasing problem with credit card debt in the U.S.

Most Americans have credit card debt, and most people with credit cards do not pay the balance off in full each month. For many Florida  consumers, this balance accumulates quickly, leaving them with more credit card debt than they can effectively manage. In fact, the rate of card holders who are delinquent on their balances is increasing rapidly.

Tips for paying off credit card debt

Many Florida residents and others around the nation have a variety of credit cards at their disposal. Unfortunately, if not managed correctly, consumers may end up with a significant amount of credit card debt. Experts recommend several tips for managing credit card debt and improving credit scores.

Focus on paying off credit card debt

Many Florida residents and others around the country frequently use credit cards as part of their family's financial plan. When used appropriately, they can be useful tools. However, carrying balances on the cards can lead to serious situations. When credit card debt grows, consumers may be caught in a never-ending cycle of mounting debt and interest payments. To break the cycle, financial experts offer several recommendations.

Credit card debt: Use credit cards the right way

Millions of Florida residents and others across the country have at least one credit card. While some may struggle with excessive credit card debt, many utilize their cards effectively as part of their household budgeting process. However, experts cite several mistakes routinely made by cardholders that should be avoided to maximize the potential benefits of credit cards.

Have a plan to eliminate credit card debt

Living a debt-free life is a goal of many Florida residents and others around the country. However, millions of the nation's households have credit card debt. With an average debt per household of $8,448 and an average interest rate of 14 percent, a family may spend over $1,000 on interest. Experts recommend several steps to take to become debt free.

401(k) loans should not be first choice to help consolidate debt

For some Florida residents and others around the country, the amount of debt they have incurred seems overwhelming. To reduce the debt, several alternatives are considered by consumers. Most elect a balance-transfer credit or a personal loan to consolidate debt, while others take out a home equity loan. However, those that decide to pursue a 401(k) loan may be taking undue risk.

Credit card debt level down in 1st Quarter 2017

There have been some positive signs in the economy for Florida residents and others across the country. However, for the first quarter of 2017, the nation experienced a slight increase in all loan categories of household debt, except for one. According to a personal finance website, credit card debt was down by almost 2% per household.

Banks see slower payoffs for credit card debt

While many economic measures are showing improvement for Florida and elsewhere around the country, one indicator is not moving in a positive direction. According to reports from national financial services company, many consumers are no longer paying off their credit card debt as timely as before. As a result, there has been a recent increase in the number of charge-offs for credit cards.

What would happen to credit card debt in a recession?

The Federal Reserve conducts an annual stress test to determine if banks would have sufficient capital should certain adverse financial scenarios surface. The analysis from the most recent review shows that the nation's largest bank holding companies would survive should a recession occur. However, the stress test also revealed that credit card debt is a cause for concern for Florida residents and others around the country.

Get credit card debt under control

Many consumers in Florida and around the nation utilize credit cards as part of maintaining their budgets. However, the average family in the county now owes more than $8,000 in credit card debt. The total of this debt for the nation has now increased to over $1 trillion. Experts strongly recommend that individuals reduce the amount of credit card balances. Advisers from a national financial television network offered suggestions on how to eliminate credit card debt.

Paul Urich
Orlando Office

Law Office of Paul L. Urich, P.A.
1510 East Colonial Drive
Suite 204
Orlando, FL 32803
Phone: 407-896-3077
Fax: 407-896-3041

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