Having a considerable amount of debt that only seems to keep getting worse can be daunting for any Florida resident. They may wonder how they can get a handle on their finances while simultaneously accruing more and more credit card debt. Though credit cards can help bridge financial gaps in certain situations, they can also contribute to serious debt issues.
The average American household has somewhere between $15,000 and $16,000 in credit card debt. Some people may think that simple overspending or not taking the time to build savings plays a major role in this predicament. While it is true that those issues can be factors, another serious issue that can contribute to credit card debt is medical expenses.
The costs for receiving medical treatment are daunting and continue to increase. Even individuals with insurance struggle to make their medical bill payments. As a result, many people end up paying for their medical expenses by using credit cards, which only adds to their debt issues. Not only does the debt itself pose problems, but it also racks up considerable interest on top of the outstanding balances.
Unfortunately, many people are unable to avoid accumulating medical expenses as emergencies, and the need for care can easily arise. If individuals feel overwhelmed by this and their credit card debt, they may wonder if they will face financial struggles always. Luckily, interested Florida residents could look into potentially filing bankruptcy as a debt relief option. This route could help qualifying parties find effective methods for addressing their debt problems.
Source: fool.com, “Is This the Reason U.S. Credit Card Debt Keeps Climbing?“, Maurie Backman, Dec. 20, 2017