Florida consumers may sometimes bemoan their lapse of knowledge when it comes to dealing with complicated financial matters. However, being a financial expert does not protect oneself from the unexpected or unavoidable accumulation of credit card debt. Credit card experts from the popular website NerdWallet recently shared some of their experiences with taking on this form of debt.
One woman ended up $5,000 in debt after she experienced multiple layoffs during the recent recession. She also credited a lack of available jobs at the time, looming student loans and uncertain financial decisions with the debt that she ended up taking on. However, much of what went onto her card was simply her everyday living costs, like gas for her vehicle and groceries. She also used her credit card to pay for equipment related to her work.
Another woman wrote about how she and her husband had lived without any type of credit card debt for most of their lives. However, her husband's income relied on commission, and he experienced two consecutive years of less sales and therefore less income. Faced with a difficult decision, they had to pay their children's school fees with their credit cards, and they were never quite able to make the minimum monthly payments. Soon, the card was maxed out.
Life throws curveballs at unexpected and inconvenient times, and even those who feel prepared may suddenly find that they are incapable of addressing difficult financial decisions. This often culminates in credit card debt, which can be difficult to repay once interest rates keep ballooning the total owed. For those in Florida dealing with this type of difficult situation, bankruptcy may provide a path towards renewed financial freedom.