Many Florida residents are benefiting from improvements in the economy, such as increased employments rates and higher wages. However, financial experts cite the level of credit card debt in the country as a case for concern. They recommend decreasing this debt and increasing savings to become more financially stable and offer suggestions on how to achieve these goals.
One recommendation is to pay more than the minimum balance due on the credit card. This action could save a considerable amount in interest and make more money available for savings. Other strategies for lowering credit card debt involves thoroughly understanding credit scores and utilization rates Improving these numbers can have a positive impact on the rates a person gets, thus reducing the amount of interest paid.
On the savings side, experts stress the importance of becoming familiar with eligibility for certain tax credits. The Saver’s Credit, or the Retirement Savings Contributions Credit, can provide money for those in the lowest-income brackets who invest in retirement accounts. Those eligible for the credit can take it in addition to available matching funds from employers. Receiving this credit could be a tremendous incentive to get consumers to start saving.
When credit card debt continues to mount, the situation may seem overwhelming for Florida residents. When the debt seems insurmountable, filing for bankruptcy may be a solution to help consumers get fresh start on improving their finances. An attorney experienced in bankruptcy law can provide assistance in evaluating options and determining the best course of action for someone’s specific situation.
Source: azcentral.com, “Simple tips to save more and cut credit-card debt“, Russ Wiles, March 9, 2017