During the recession, consumers here in Florida and across the country put away their credit cards and were more conservative with their spending. As the economy has improved, people are once again getting into credit card debt. At last count, there were nearly 1.8 billion credit cards in use in the United States alone.
That equates to about three credit cards per household. The average amount of credit card debt carried by those households from one month to the next is approximately $7,000. The problem is that some people are unsure of just how much debt they have wrapped up in credit cards.
It can be easy to lose track of what is being spent, and it can easily get out of control. By the time some consumers are aware that there is a problem, it is often too late. The debt can become overwhelming and creditors might be calling. Sources recommend making a detailed list of all debt in order to have a clear picture of the situation. Most of those same sources offer advice about how to pay down those debts, but some of the suggestions are not always feasible, depending on the circumstances.
Most Florida residents want to repay their debts. However, when they are living paycheck to paycheck and have already cut corners as much as possible, doing so becomes nearly impossible. Repaying credit card debt is not necessarily a priority when the rent is due or food needs to be put on the table. An individual does not have to reach this point in order to benefit from filing for bankruptcy. Everyone deserves the chance to right the ship and obtain a fresh start financially.
Source: CBS Boston, “Credit: Too Much of a Good Thing“, Dee Lee, April 21, 2016