As the recession neared then peaked, many Americans found themselves in over their heads when it came to credit card debt. However, as the economy is bouncing back more people are finding ways to conquer credit card debt and keep their heads above water once again. A new report suggest Florida residents are getting it right by reducing credit card debt despite many other Americans using plastic before cash again.
Two counties in Florida have reduced the debt they were carrying by 16 percent compared to 2012 figures of the same time a year ago. Florida credit card debt totals per person are also below the national average. Florida is also reporting lower mortgage balances and even lower than average college debt compared to a year ago.
An expert in the field suggest Florida residents should stick to what they are doing and also suggest some pointers to avoid going back into debt due to credit card use. He says not close the credit card once a balance is paid off. He also suggests keeping the balance below 30 percent of the credit limit allowed on a card.
While all economic indicators for Florida and the nation sounds encouraging pertaining to credit card debt, it can still be difficult for some to work out ways to control or pay down debt. There are numerous ways to address credit card debt and work out ways to settle accounts for less. It may help those struggling with credit card debt to investigate some debt solution options that may help with their individual situation.
Source: Sun Sentinel, “South Floridians keep whittling away debt,” Donna Gehrke-White, July 8, 2013