Over 2,500 cities across the county were included in a study conducted by a personal finance website. The amount of credit card debt was analyzed, ranking the participating cities from least to most debt. A determining factor in the ranking was how long it would take to eliminate the debt. Florida residents in some cities unfortunately found themselves near the top of this list.
The study showed that after taking finance charges into account, Jacksonville borrowers would need 51 months to pay off their credit card balances. While Jacksonville Beach residents actually had higher overall balances, the average time to pay off their debts was lower due to a higher median income level there. Elsewhere in Florida, St. Augustine was higher on the list with both a larger average credit card balance and a longer payoff time.
According to the study methodology information, credit card debt is continuing to increase in the nation. Outstanding balances are reported to be at near record levels. One critical area of concern is that consumers are either in denial or are not aware of what they actually owe. This lack of information makes developing a payoff plan for their credit cards virtually impossible.
Understanding balances and how interest affects the payoff is critical in managing credit card debt. Florida residents may feel stressed about their situation and can benefit by seeking assistance in getting their finances under control. An experienced attorney can be a valuable partner in helping someone develop a plan to get out — and stay out — of debt.
Source: bizjournals.com, “Jacksonville residents need more than 3 years to pay off their credit card debt“, Junior Skepple, Jan. 18, 2017