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Employment factors play into the rise of credit card debt

On behalf of Bankruptcy Law Firm of Clare Casas on Thursday, September 5, 2013.

Over the past decade, a growing number of residents in the state of Florida are struggling to pay off their credit card debt. Between the volatile conditions of unemployment and the rise of consumer and housing costs, many residents are desperate to regain control of their finances. According to a recent report, although the unemployment rate in Florida is down, it is still higher than the norm for a sound economy. Many residents are looking for solutions for their credit card debt to ensure their stability and maintain a healthy financial profile.

A first step to solving the problems of credit card debt is to address any underlying financial management issues. Regardless of current employment conditions, an honest assessment of ongoing financial habits and patterns can reveal any changes needed to prevent further financial problems. As a result, residents can learn to manage their debt and not extend themselves beyond their means.

Another step to consider is seeking out the help of a debt relief counselor. Also, if residents have personal or educational loans offered through private financial institutions, a debt relief counselor may be able to help negotiate repayments with lenders. Therefore, the burden of the debt can be reasonably managed.

In some cases where Florida residents are so overwhelmed where reasonable management and repayment is not possible, personal bankruptcy may be a viable solution for their credit card debt. Fortunately, credit card debt is one of the most common debts that can be dischargeable in bankruptcy. Bankruptcy may be the solution to offer residents the chance to start over, gain reliable financial management skills and work toward a stable financial future.

Source: Tampa Bay Times, Florida workforce loses ground since 2000, report says, Jeff Harrington, Sept. 2, 2013

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