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Credit Card Debt Archives

Florida residents took on significant credit card debt in 2018

Staying out of debt might seem easy in theory, but it is often difficult in practice. There often seems to be no end to unexpected bills or expenses, from medical bills to car repairs and much, much more. As credit card debt grows, Florida consumers might find that they are unable to keep up with all of their monthly payments, which can put them into difficult situations where they might have to choose between which bills to pay and which to put off. Pursuing bankruptcy can help people address these types of financial concerns.

Interest makes it difficult to overcome credit card debt

Credit cards have a lot of benefits. They can help consumers manage large purchases or bridge the gap between paychecks. Many cards offer even offer rewards, such as redeemable award points, cash back or airline points. The news is not all good, though, as interest rates can cause credit card debt to quickly spiral out of control.

Consumers think they handle credit card debt well, but do they?

Balancing debt in today's social climate can be an overwhelming task. Despite this, the majority of consumers in Florida and across the rest of the United States feel like they manage their personal finances better than the government handles its budget. While this might seem like an unimportant idea, it could be contributing to how some people take on additional credit card debt.

Credit card debt influenced by age, income

Over two-thirds of American adults have at least one credit card, and the average balance is perhaps less than ideal. Adults of all ages and income brackets struggle with the burden created by their credit card debt. However, some people in Florida might have an easier time than others when it comes to addressing these debts.

As credit card debt grows, personal savings shrink

Adults in Florida generally understand the importance of building up an emergency savings account. Unfortunately, this is often easier said than done. Many consumers currently have more in credit card debt than they do in their emergency savings. While this might seem like a cost of modern life, it can actually pose a significant threat to people's financial stability.

Last year's credit card debt outpaced predictions

Coming out of the holidays and into the new year can be an uncomfortable experience for some people in Florida. While virtually no one plans to become entrenched in debt, it is sometimes hard to escape. From feeling obligated to purchasing gifts to traveling to visit family, the holiday season can put a serious dent in some people's credit card debt as well as their financial security.

What should I do re home foreclosure on my investment property?

During the housing boom, Florida was a popular place for investors to scoop up real estate. Unfortunately, as the market declined over the years, many investors found it more and more difficult to keep up with the overhead costs of their properties. If you are one of those investors, it may be helpful to understand what to do when faced with home foreclosure on your investment property. 

What does revolving credit mean for those with credit card debt?

Most Americans have credit cards and have some credit card debt. While many Florida card holders are able to manage their payments and avoid falling behind, others may find themselves victim to revolving credit and balances that keep going up due to accumulating interest. According to a recent statistic, Americans have about $944 billion in credit card debt, and consumers carry about half of that amount over each month.

Will Americans need help with their credit card debt soon?

Credit cards just might be as American as apple pie or baseball. Nationwide, consumers are carrying more than ever on their credit cards, adding to household debts and laying on the interest rates. Credit card debt can be incredibly stressful for people in Florida, and those who struggle to make their monthly payments may want to consider their options for debt relief.

Experts share their personal stories of credit card debt

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.

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