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Posts tagged "credit card debt"

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.

Credit card debt could grow over holiday shopping season

Florida residents are no strangers to the lingering effects of the Great Recession and a decade of economic uncertainty. As a result, many people reigned in their spending habits. Now, experts believe that many consumers are suffering from frugality fatigue. With frugality fatigue hitting around the same time as the holiday shopping season, some individuals could end up accumulating more credit card debt than they otherwise anticipated.

Consumers spend billions for credit card debt, interest

American consumers seem to be confident in their spending habits, but is the upwards trend sustainable? According to some experts, probably not. Consumers in Florida and across the rest of the United States are currently shelling out over $100 billion not in general credit card debt, but for the interest and fees on their cards alone.

New credit score could lead to more credit card debt

Credit scores govern many aspects of daily life in Florida. From who is eligible for an auto loan to what kind of apartment a person is approved for, the credit score is an important financial tool that is not always easy to improve or maintain. Because of this, some may be pleased to learn that FICO scores are being overhauled. Unfortunately, experts caution that it could lead to an increase in credit card debt and more.

Understanding the wage garnishment process

Virtually no one plans to fall behind on their bills, but many people in Florida find themselves in this exact position. When consumers still cannot get caught up despite their best efforts, creditors will sometimes turn to wage garnishment. Not all debts may be repaid through the garnishment of wages, although many can, including back taxes, student and personal loans, child support and legal judgments. Facing garnishment is not necessarily an impossible situation, though, and consumers have options when dealing with the process.  

Florida ranks high for credit card debt

The current economy climate is looking considerably better than it did even just 10 years ago. In the decade following the Great Recession, unemployment rates have hit a record low and borrowing by the average Florida consumer seems to be going strong. Still, delinquency rates for credit card debt and auto loans are on the rise for some people. Since Florida has the third highest rate for credit card debt, it could be a real problem in the state. 

Dealing with student loans and credit card bills as a young adult

Over the past several generations, becoming an adult has been marked by hitting several major milestones -- building a career, starting a family and buying a home. This idealistic view of things may no longer be a reality for young adults. Most Florida millennials are burdened with so much debt, from student loans, credit card bills and more, that getting ahead may be difficult. 

You can catch your partner's credit card debt

Most people do not think of debt as contagious or something they can contract from another person, but a recent report indicates that catching debt is entirely possible. In terms of a romantic relationship with a serious partner or spouse, people in Florida can end up taking on the burden of their partner's finances. Things like credit card debt and secretive spending can suddenly become the other person's problem. 

Should we be talking more about credit card debt?

Florida parents usually teach their children about which matters are polite to discuss, and what issues they should simply keep to themselves. Although these lessons might be useful in some situations, it leaves some adults unable to engage in meaningful discussions about serious issues affecting their daily lives. Namely, debt.  While no one wants to bring up how much credit card debt they have, one expert thinks it could be useful to engage in these types of discussions. 

Credit card debt rapidly rising in Florida

Florida consumers swiped their credit cards more than almost everyone else in the nation over the year's second quarter. While experts caution that this is not necessarily a sign of incoming disaster, it could spell trouble for some people. Consumers who have considerable amounts of credit card debt may also be struggling to handle finances in other areas of their lives, and the high interest rates associated with credit cards could make things worse. 

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