Dealing with debt can be overwhelming and stressful. It can lead people to try and find any way possible to erase their credit card debt and get their heads above water. However, despite the problems credit card debt can create, the holiday season seems to lead to more credit card debt in Florida and elsewhere. However, there are tips as to how best to avoid getting deeper in debt and how to deal with existing debt.
In the United States, it is estimated that credit card debt is close to $800 billion. The only other kind of debt that outdoes that amount is student loan debt in this country. In a recent pre-holiday survey, parents expressed the fact that they would charge gifts for their children despite concerns over debt.
It is after the holidays that people actually have to deal with new credit card debt. One credit counseling insider reports that he has seen credit card debt amounts in excess of between $50,000 and $80,000. For people looking to get out of debt, some advice givers say paying off the credit card with the highest percentage rate is the best move. Also, paying more than the minimum payment is also advised.
Even though credit card debt can seem to grow exponentially during and after the holidays, there are options for Florida residents who need help getting out from under the consequences. Knowing the benefits of debt consolidation and bankruptcy options may help people make a more informed decision. The more informed a consumer and citizen is, the better prepared they may be for a brighter financial future or a fresh start through bankruptcy.
Source: democratandchronicle.com, Debt hangover follows holiday fun, Tom Tobin, Dec. 24, 2013