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Florida city on list of fastest-growing credit card debt

Many Florida residents are living under a mountain of unsecured debt. That can make it hard to juggle one's debt service, living expenses and other financial obligations each month. Some are not surprised to learn that a Florida city has been listed as an area with one of the nation's fastest-growing credit card debt

Some attribute high levels of credit card debt to the Great Recession. People who relied on credit cards to fund expenses during that span of time may find their balances catching up to them. Others may have cut expenses at that time but, now that the housing market has recovered, may be seeking new credit at higher rates. 

Many people don't realize that their credit card debt is reaching a critical point until it is too late. When a sudden change of circumstances like a job loss or medical emergency tightens their monthly budget, credit card debt takes center stage and demands attention. Unfortunately, that is the worst time to try and pay down debt, as there is often insufficient money to cover necessities, much less debt. 

For Florida residents who are in serious need of credit card debt relief, it's important to understand the available options. Debt repayment strategies are one approach, and debt consolidation is another. For some, personal bankruptcy is the best way to address high levels of credit card debt. The essential point to understand is that there is a way out of debt to suit every set of needs, regardless of how dire things may seem.

Source: forbes.com, "3 Cities With The Fastest-Growing Credit Card Debt", Nick Clements, April 23, 2018

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