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Credit Card Debt Archives

Interest rate increase bad news for those with credit card debt

Indications from the Federal Reserve show that interest rates will be increased by the end of 2017. This forecast does not bode well for Florida consumers and others across the country that have credit card debt. The prime rate typically adjusts to the federal funds rate, so it will most likely increase as well. Since most credit card interest rates are linked to the prime rate, consumers are apt to be paying more for the balances they carry.

Members of Gen X view credit card debt as deterrent to saving

Putting money aside for retirement is the goal of many Florida residents and others throughout the country. Unfortunately, some consumers are unable to save any money each month because of other financial obligations. A recent survey conducted by a life insurance company showed that half of a demographic group could not save for retirement because of their credit card debt.

Understanding credit card debt

Many Florida consumers and others around the country are hesitant to talk about their level of debt. A study by the National Foundation for Credit Counseling found that people would rather share how much they weigh or how much money they have in the bank than give information about their credit score or debt level. This is particularly the case when it comes to credit card debt.

Credit card debt tops list of millennial concerns

Financial websites frequently survey Florida residents and others throughout the nation. Many surveys are conducted based on generational breakdown. Recently, a financial advice website surveyed millennials about what scared them the most in their lives. According to the survey, credit card debt topped the list.

When to pay off credit card debt

Many Florida residents and others around the country utilize credit cards as part of their everyday finances. In some cases, consumers are able to pay off balances each month and do not incur high amounts of interest. However, others may find themselves with a substantial level of credit card debt. Experts frequently weigh in on how to reduce or eliminate this type of debt. While the predominant advice is to always use extra funds toward paying credit card balances, it may be more prudent to focus on another area first.

Survey shows that credit card debt may be a deterrent in dating

There are a variety of factors to take into account when determining who to date. Opinions on religion, politics and child rearing are often areas of concern. According to a recent study by an online refinancing marketplace, money and finances are also major factors to consider when dating. In fact, the survey showed that over 30 percent of residents in Florida and all over the country considered credit card debt when deciding whether to date a person.

Take control of credit card debt

Many Florida residents and others around the nation use credit cards for emergency purposes or even for routine expenses. However, a recent survey showed that roughly 40 percent of consumers use their cards for a variety of non-essential expenses. The survey also shows that over half of the survey respondents carry a significant amount of credit card debt. Experts have offered several suggestions to break the cycle and get the debt under control.

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.

Interest rates for credit card debt at all-time high

Many Florida residents and others around the country frequently use credit cards for household purchases. While some consumers only use the cards for large items to earn points, others must use them for everyday expenditures. Still others might need them for emergency situations. Regardless of the type of usage, a recent report from the Federal Reserve shows that credit card debt in the country has now surpassed $1 trillion.

Learn to manage credit card debt

Many consumers in Florida and around the country like to charge their purchases. Whether for convenience or necessity, households in the nation now carry an average credit card debt of around $16,000. The Federal Reserve reports that as a country, there is a debt over $1 trillion. Financial advisors recommend getting control of the debt before there is serious damage to someone's finances

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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