Many Florida residents are under the impression that only people who do not earn a substantial income, have a nice house or even a healthy retirement plan can experience financial hardship. Nothing could be further from the truth. Anyone can be overwhelmed by credit card debt and other debts to the point where they find themselves in financial distress.
Take for instance a family in which both parents have full-time jobs and they collectively earn approximately $90,000 a year. They seemed to be doing fine until the wife suffered a medical issue that kept her from work for approximately eight weeks. In addition, before surgery on her hand could be performed, the family had to pay some medical bills and the deductible on her insurance. Disability insurance only provided her with 60 percent of her normal income during that time as well.
Their entire budget was thrown out of whack. They reached a point where they had to buy groceries with credit cards. Now they have approximately $6,000 in medical bills to pay, and their credit card bills have reached around $25,000. Under these circumstances, they are struggling just to make the minimum monthly payments.
Many Florida residents understand what this family is going through since they, too, are drowning in credit card debt. Despite their best efforts, they are facing years of payments, if they are able to make them at all. Filing for bankruptcy might be a viable solution for families in this situation, which could give them the fresh financial start they need in order to get back on track.
Source: keranews.org, “One Crisis Away: Despite Earning $90K, Family Is Drowning In Credit Card Debt“, Courtney Collins, Sept. 13, 2016