There are many types of debt and many reasons why people accumulate debt, and that debt can compound and lead to more financial problems, many of which become increasingly difficult to overcome and eventually lead to bankruptcy. However, one type of debt seems to carry more of a stigma and is often made worse by silence. That type of debt is credit card debt, which is currently overwhelming many Florida families.
Many people sympathize with and support options to modify or alleviate mortgage debt and the like. However, credit card debt is often regarded differently, and people are shown to be hesitant about revealing the exact amount. By many, this form of debt is seen as a character flaw and a sign that a person is incapable of living within his or her means. It has been noted that some are even hesitant to ask for a reduction in interest rates.
Credit card debt often compounds when families fall on hard times. This may include job loss and medical bills due to lack of health insurance. A reliance on credit cards during this time often compounds the situation and makes it difficult to catch up without outside help.
While asking for a lower interest rate or confronting credit card debt head on may help, many families need to go beyond those measures to stay afloat or regain stable financial footing. Florida families may want to investigate the possibility of discharging overwhelming credit card debt and focus their funds on other debts, like mortgage payments. One way to tackle the problem and discharge debt without worrying about the added stigma may be to pursue bankruptcy. While a stigma may have been attached to bankruptcy in the past, it is now regarded as a reasonable solution to financial woes.
Source: dailyfinance.com, “We Need to Talk About Credit Card Debt“, Nick Clements, April 24, 2015