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Posts tagged "credit card debt"

Save more for retirement by reducing credit card debt

Many of those in the workforce in Florida and throughout the country often dream of the day they can quit their jobs and retire. However, a growing number of employees feel less confident about their future ability to leave the working world someday. In a recent survey by a national brokerage firm, the results showed that members of a particular demographic don't believe they will ever be able to fully retire. While there are many contributing factors, one reason often cited is mounting credit card debt.

Start the new year by tackling credit card debt

Many Florida residents and others around the country often make New Year's Resolutions at the beginning of each year. These resolutions frequently involve financial goals. While some focus on saving more for their retirement or establishing an emergency fund, experts recommend one activity that can potentially have the greatest impact on a person's finances. Tackling credit card debt and having the cards work favorably is a valuable place to start in the new year or anytime.

Medical bills could contribute to credit card debt in Florida

Having a considerable amount of debt that only seems to keep getting worse can be daunting for any Florida resident. They may wonder how they can get a handle on their finances while simultaneously accruing more and more credit card debt. Though credit cards can help bridge financial gaps in certain situations, they can also contribute to serious debt issues.

How home ownership may affect credit card debt

Home ownership is a goal for many Florida residents and others throughout the nation. Financial advisers often tout the tax benefits of owning a home as a reason to purchase a residence rather than continuing to rent. However, recent statistics from a financial services website show that homeowners tend to accumulate more credit card debt than those who rent.

Reasons why consumers have hefty credit card debt

Florida residents and others around the country often see several benefits from the use of credit cards. The cards are convenient, safer than cash and help individuals establish a credit history. Despite these benefits, consumers often find themselves with an excessive amount of credit card debt. At that point, the conveniences of a card can create a potential burden. An online financial services company recently listed several reasons why people are incurring this debt.

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.

Paul Urich
Orlando Office

Law Office of Paul L. Urich, P.A.
1510 East Colonial Drive
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Orlando, FL 32803
Phone: 407-896-3077
Fax: 407-896-3041

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