For many people, the post-holiday stack of bills may be an unsightly delivery. However, recent news points to a decrease in credit card debt for Florida residents. The news pinpoints several factors as reasons for the decrease, but an improving economy is chief among them.
The trend is seen as an indication of people having learned how to manage debt better after the recession than before. Now, as the recession subsides, it appears that more people in Florida are using credit cards less and also making marked efforts to pay down the credit card debt that they do incur. The move to spend money when they are unable to pay it back is being replaced by responsible borrowing, according to recent projections.
Other reasons cited why credit card debt numbers are falling in Florida is the fact that tourism and businesses are thriving again after a slump. The recovery of the housing market is also cited. Compared to a year ago, credit card, mortgage, and student loan debt all decreased for Florida counties included in the economic projections. Reportedly, all indicators seem to point to a continued positive outlook when it comes to credit card and other debt in our state.
While the projected forecast is encouraging, there are still those who struggle to gain control of their credit card debt. Nevertheless, consumers have a multitude of options for dealing with debt, including bankruptcy protection. Anyone looking to reduce debt may benefit from being aware of all of their alternatives and discovering how to protect their credit as well as their financial future.
Source: articles.sun-sentinel.com, S. Florida expected to pay down more debt in 2014, Donna Gehrke-White, Dec. 30, 2013