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Over 25 percent of consumers in the nation carry credit card debt

Millions of Florida residents and others around the nation use credit cards each day. While some may use them for a special trip or large purchase, others are using them for everyday expenses or for an emergency. Regardless of the reason for their use, credit card debt is on the rise in this country. In fact, roughly 28 percent of consumers now carry a balance each month on their cards.

A survey conducted by a website that provides comprehensive data on credit card usage also reports that over 40 percent of cardholders have carried balances two years or longer. Current interest rates on credit cards average approximately 16 percent. This interest level makes the balances that consumers carry very expensive, according to industry analysts.

While experts strongly recommend that consumers plan and stick to a budget, it is not always easy. Credit cards may be used by some to purchase groceries or pay routine bills. According to data, middle-aged consumers were the most likely to carry balances on their credit cards.

To avoid the expenses of carry balances, experts offer some tips. If possible, people should transfer balances to an interest-free card. In some instances, interest rates may be lowered if a consumer requests a different rate. It would be wise to thoroughly understand expenses and charges that are assessed. Further, people should develop a budget and a payment plan to reduce balances, and pay cash whenever possible.

For some Florida residents, the level of credit card debt may seem insurmountable. An experienced bankruptcy attorney can assist those who wish to get their finances under control. A lawyer will work with clients to develop a plan specifically suited to their situation, which will help get them back on track financially.

Source: seattletimes.com, "Carrying credit-card debt? You're not the only one", Patricia Sabatini, Oct. 14, 2017

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