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Should we be talking more about credit card debt?

On Behalf of | Sep 11, 2018 | Credit Card Debt, Firm News

Florida parents usually teach their children about which matters are polite to discuss, and what issues they should simply keep to themselves. Although these lessons might be useful in some situations, it leaves some adults unable to engage in meaningful discussions about serious issues affecting their daily lives. Namely, debt.  While no one wants to bring up how much credit card debt they have, one expert thinks it could be useful to engage in these types of discussions. 

A prominent psychotherapist recently described one of the biggest concerns she hears from patients — their debt. Stories of overwhelming student loans, car payments, rising rents, rising insurance deductibles, credit card debt and much more are probably not as uncommon as most people think. However, since talking about financial worries is a sort of cultural taboo, few realize that their neighbors, friends and even family members are facing similar struggles. 

No one is immune from financial straits. Experts predict that consumer debt will hit $4 trillion before 2018 is up, and every age group from young adults to retirees is feeling the strain. For young adults, student debt and stagnant wages is keeping them down. For retirees, inadequate savings and a loss of company pensions is fueling their crisis. Although the reasons may differ between age groups, everyone is still feeling the unfortunate squeeze of too many debts and not enough money. 

Florida residents cannot discharge student loans during bankruptcy, but discharging medical bills, credit card debt and more is much easier. For some, the idea of bankruptcy is still a frightening notion, especially when even talking about money can be a hard proposition. However, those who embark on a path of debt relief often find that they can come out of the process with a better outlook on their personal finances. 

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