As the recession hit a peak, most American households found they struggled with some sort of debt. For Florida residents and others, credit card debt was and is a big source of concern. New statistics point toward a positive trend, however, as credit card debt and usage seems to be on the decline.
Currently, Americans have a record low average for credit card debt as that figure now stands at just below $2,500. New statistics also point to the fact that American households have less total cards in their possession. Households only have an average of 2.6 credit cards, which is down from six years ago.
As for the total amounts people carry on those credit cards, that number is also down. In 2008, Americans had an average of just under $3,000 in credit card debt. Now, there is an average of $2,426 in credit card debt for Americans. The recent numbers lead to a belief that Americans are not relying on credit cards as much as they may have been in the past, particularly before the recession.
While many families effectively manage credit card debt, it can be difficult for some households to juggle credit card debt and keep up with other financial obligations. For those in Florida who still struggle, there may be options for dealing with debt, options they may not be aware of. One option that can lead to a discharge of credit card debt is filing bankruptcy. This may help struggling Florida families divert funds to other financial needs once they are free from worrying about credit card debt.
Source: moneynews.com, “Gallup Poll: Americans Not Using Credit Cards As Much As Before the Financial Crisis“, Dan Weil, April 29, 2014