Florida ranked fifth in the nation in a recent financial survey. According to the survey, consumers in the state have the fifth largest average balances for credit card debt in the country. In addition to the high balance levels, the amount of interest associated with a credit card can often be staggering.
To help consumers control debt and better manage interest payments, financial experts have offered advice. One of the first steps they suggest is to research the cards available and understand the terms and conditions. Many consumers have a sense of obligation to their financial institution, but they may miss out on a lower interest rate elsewhere.
If possible, it is always more advantageous to pay more than the minimum payment due each month. Making only the minimum payment can add thousands of dollars in interest costs and also require a much longer time to pay off the entire balance. Budgeting is key for an individual to gain control of his or her financial situation. Knowing exactly how much money is available each month may enable someone to pay more than the minimum amount due and reduce the interest owed.
Credit card debt can be overwhelming, and many consumers seek assistance to help them get their finances under control. There are a number of seasoned bankruptcy attorneys in Orange County available to discuss various options for individuals or families to manage debt that has spiraled out of control. An experienced attorney can help Florida residents develop a plan to help resolve their financial issues and achieve lasting debt relief.
Source: greenbaypressgazette.com, “It’s not just debt; it’s interest that hurts“, Shelby Le Duc, Jan. 11, 2017