Debt, including credit card debt, has long plagued nearly every region of the country since the onset of the recession. The recession meant that debt took over and left many people in Florida and elsewhere with no other options but to file for bankruptcy or lose their homes. While the credit card debt problem has rippled across every region, the South — including Florida — has been harder hit by the amount of debt with which the average person has to deal.
On average, it is reported that 35 percent of people are behind in some kind of debt payments. The debts included in the average relate to non-mortgage debt. This includes credit cards, medical bills and other debts that are past due and in the collection process.
Nevada had the highest amount of people saddled with debt compared to the rest of the country. It is reported that 47 percent of the population has debt in collections. In Florida, 41 percent of people have debt in the collection process. On average, Florida residents have a debt amount of $47,000.
When it comes to dealing with credit card debt, Florida residents have options, such as filing for bankruptcy or seeking some sort of credit counseling service to help manage debt. The bankruptcy process can help residents find ways to discharge the credit card debt that may be preventing them from moving forward after struggling financially. When credit card debt is discharged and the bankruptcy process is in full swing, people may once again be able to find stable financial footing and handle future debt more effectively.
Source: blackpressusa.com, “Americans in Debt”, Ashley Montgomery, Aug. 13, 2014