Many Florida residents and others around the country work hard to maintain strong credit scores. For some, however, credit scores may slip if they struggle with a significant amount of credit card debt. While this is typically the norm for those with significant balances on their cards, it is not always the case. A recent survey by a financial services company shows that even consumers with strong credit scores can still struggle with credit card debt.
The typical household in the nation has a credit card balance of over $5,500. Those consumers aged 30 to 50 have an even higher average balance between $8,000 and $9,000. Since credit scores are affected by payment history and credit utilization, even consumers with high card balances may have strong scores.
The problem has worsened, causing residents to believe they do not have good control of their finances. Consumers are concerned about their debt and want to take the necessary steps to reduce or eliminate it. Financial experts offer several suggestions to make credit card debt decrease.
A balance transfer is frequently a recommended option. Several card balances can be moved to one card with no interest or a low interest rate, saving a considerable amount of money in interest payments. A personal loan with a lower rate can also be a possibility. Finally, analysts stress that the best strategy is to avoid incurring debt, if possible.
Credit card debt can feel overwhelming for Florida consumers. To help develop a plan to eliminate the debt, it would be helpful to contact a reputable bankruptcy attorney. An experienced lawyer will evaluate a client’s situation and establish a game plan to get his or her finances back on track.
Source: fool.com, “Even Americans With Good Credit Are Struggling With Debt“, Maurie Backman, Sept. 20, 2017