There are different types and different levels of debt. Credit card debt is not uncommon for those in Florida and across the United States; however, it can grow to be debilitating. It may be difficult to determine when outside help is needed to regain financial control and reduce staggering or troublesome credit card debt.
One sign that outside help may be needed is if the family is in denial about the amount of debt. This may mean avoiding phone calls from credit card companies or not looking at balances at all. Another sign the debt may be too much to handle is the lack of a plan to pay it off. Having a clear end-date is important. Without one, debt may be more than what can be managed by paying the monthly minimum.
Transferring balances of credit cards over and over again may be another sign of too much credit card debt. Transfer fees and other fees can only increase the debt and prolong the payoff process. Anxiety about the debt may also be a sure-fire sign that credit card debt is unmanageable for the family.
There are a variety of ways to go about regaining financial independence and stability. While some options may work for some Florida families, others simply are not enough to help a struggling family rein in debt. Bankruptcy is one option worth investigating as it can help a family discharge credit card debt and focus on others debts as a means of getting a fresh financial start.
Source: businessinsider.com, “5 signs your credit card debt is out of control“, Erin El Issa, Sept. 4, 2015