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Consumers willing to take on credit card debt for certain items

Many Florida residents and others around the nation have different mindsets when it comes to paying for big ticket items. While some consumers would never consider going into debt to pay for certain things, others are willing to incur some credit card debt to cover the expenses. A consumer finance website lists the various expenses for which some people will use their credit cards.

Almost one-third of consumers in the country stated that they would use their credit cards for major life events. However, experts stress that planning a wedding or having a child both offer time for someone to save money prior to those events. Others say that they would incur credit card debt if they needed to pay for planned medical expenses, such as tests or routine appointments. Unlike emergency expenses, these costs may be better paid for through health savings accounts or other flexible spending funds rather than credit cards.

Some consumers reported that they would use their credit cards to pay for a dream vacation. Others in the survey indicated that they would go into debt to pay for gifts. Finally, individuals indicated that they may use their cards for a dinner out to celebrate a special occasion. While none of these activities are detrimental, financial advisers recommend establishing a special account for these types of non-essential expenses.

With over half the consumers in the country experiencing significant credit card debt, some Florida residents may wish to make some changes in their financial situations. A trusted bankruptcy attorney can help families develop a plan to reduce or eliminate their debt. An experienced lawyer will work diligently with clients to get their finances back on track.

Source: USA Today, "Are these 5 things worth credit card debt?", Erin El Issa, Feb. 17, 2018

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