There are certain amounts of debt that families can easily manage and expect to deal with, such as mortgages and other large purchases and assets. However, when some debts get out of control or become unmanageable, families may struggle and find themselves having a difficult time avoiding bankruptcy or other actions taken by creditors. For Florida families, there is some good news when it comes to credit card debt.
New numbers just released indicate credit card debt is on a slight decline across the country. In fact, numbers released for September show four straight months of a decline in the amount of credit card debt being carried by consumers. This means people are choosing to charge less or possibly needing to rely on credit cards a lot less than in previous years.
The balances of debts fell roughly 2.9 percent. However, debt such as student loans and car loans have increased. The numbers reflect a trend debt experts see as families being unwilling to acquire debt on everyday goods because of factors such as slow economic growth.
While the economy may still be struggling, by taking on less credit card debt, Florida residents and families all across the country may be lessening the chances of filing for bankruptcy or needing to take other steps to manage debt. However, if a family still finds themselves saddled with credit card debt they are unable to manage, Chapter 7 bankruptcy may be an option that could result in the discharge of accumulated credit card debt. A financial professional may be able to help determine if Chapter 7 bankruptcy is the best course of action.
Source: blogs.wsj.com, Credit-Card Debt Declines for Fourth Straight Month, Jeffrey Sparshott, Nov. 7, 2013