For the average Florida consumer, credit cards are fairly easy to obtain. Companies send offers through the mail; department stores offer them with almost every purchase. While the offers may be enticing and the benefits attractive, credit card debt can prove to be a financial problem for many individuals.
Projections indicate that American consumers will add $60 billion to already existing credit card debt prior to the end of 2017. This will push the total credit card debt over $1 trillion. This increased spending coupled with decreased repayment has caused some concern for individual households struggling with credit card debt.
Experts recommend that individuals facing such a dilemma set a reasonable budget and then adhere to it. If there are items which can be removed from the budget, these funds can then be used to help pay down credit card debt. Additionally, excess funds can be used to help reduce these balances. The majority of credit card debt is carried at a fairly high interest rate; therefore, if possible, the individual may also want to transfer this debt to a lower interest or zero percent credit card offer.
In order to avoid having to add to one’s existing credit card debt, it is also recommended that the Florida consumer establish an emergency fund. This way, if the car breaks down or refrigerator goes out, there will be funds available to meet these expenses without adding to an already high credit card balance. For those struggling with credit card debt, an experienced bankruptcy attorney can assist in exploring available options and deciding what is best under the given circumstances.
Source: consumeraffairs..com, “Credit card debt closing in on $1 trillion“, Mark Huffman, June 8, 2017