Many Florida residents and others throughout the nation are struggling with all types of debt. Trying to make ends meet is often a challenge in a difficult economy. Credit card debt is frequently an issue for consumers, with the total for the country topping $1 trillion in 2017. While credit card problems can occur anywhere, a recent study was conducted by an online financial website that revealed which cities had the highest levels of credit card debt.
The survey ranked the 25 most populous cities in the country. Florida had three areas listed in the rankings. Residents in the Miami-Fort Lauderdale area had an average credit card balance of over $6,600. Tampa-St. Petersburg was on the list with a average balance just over $6,200. The area of Orlando-Daytona Beach-Melbourne showed average balances of almost $6,000.
Topping the list with the highest average credit card balance was the nation’s capital. However, it ranked low when considering credit card burden. Due to the higher median incomes earned in Washington, the balances on the credit cards posed less of a struggle for residents. The Miami area ranked second in terms of debt burden in the survey.
Facing a large amount of credit card debt may seem like an overwhelming burden to many Florida residents. To take control of one’s financial situation, it may be helpful to reach out to a trusted bankruptcy attorney. An experienced will help those wishing to make changes determine the best course of action to take to reduce or eliminate the balances on their credit cards and get their finances back on track.
Source: cnbc.com, “These US cities have the highest credit card debt“, Helen Zhao, Feb. 7, 2018