South Floridians can teach America lesson about credit card debt
On behalf of Bankruptcy Law Firm of Clare Casas on Friday, July 12, 2013.
Some Americans are finding their debt mounting as the economy continues to struggle to right itself. In South Florida the trend is quite the opposite. South Floridians are slowly but surely decreasing their credit card debt. The average credit card debt reportedly fell 16 percent from last year and balances on student loans and mortgages also continue to lesson as South Floridians maintain their thrifty habits.
It is projected Americans will accumulate almost $47 billion in credit card debt this year. The average credit card balance in May of last year was $5,731, quite a sum when the average interest rate is 15 percent. It has been found that many Americans have returned to using credit cards and are on their way to the same bad spending habits as before the recession.
There is some evidence South Floridians are remaining cautious with spending due to how hard they were struck during the recession. Layoffs, pay cuts and furloughs have made sticking to a budget crucial to maintaining a home and taking care of a family. Many Americans could take a lesson from South Floridians in regards to money matters, specifically discharging credit card debt.
Not all Floridians, or Americans for that matter, have been able to make the adjustments necessary in their budget to stay on top of credit card debt, student loan payments and other financial obligations. Many in Florida continue to live one paycheck behind. When this is the case, seeking the help of a professional may be the difference between surviving a difficult financial period and suffering with unmanageable debt. Professionals can offer guidance and support in difficult financial times.
Source: South Florida Sun-Sentinel, "South Floridians keep whittling away debt," Donna Gehrke-White, July 5, 2013