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Consumers think they handle credit card debt well, but do they?

On Behalf of | Mar 28, 2019 | Credit Card Debt, Firm News

Balancing debt in today’s social climate can be an overwhelming task. Despite this, the majority of consumers in Florida and across the rest of the United States feel like they manage their personal finances better than the government handles its budget. While this might seem like an unimportant idea, it could be contributing to how some people take on additional credit card debt.

WalletHub conducted a national survey about credit cards and determined that 90 percent of people in America say they are better at managing money than the federal government. Despite this, WalletHub’s 2019 Debt Survey discovered that 156 million people in America routinely take on debt for otherwise frivolous purchases. With credit card debt predicted to increase by another $60 billion in 2019, some consumers might not be as proficient at debt management as they think.

Certain age groups are more likely to go into debt for frivolous items. The survey indicates that millennials take on frivolous credit card debt far more often than people over the age of 45. Millennials also reported feeling as if they would be willing to do almost anything in order to get rid of their credit card debt, including going under house arrest for an entire year.

Even when Florida consumers feel as if they are doing a good job managing their finances, it is possible to get off track. For some people, debt consolidation options like personal loans can be a good option. However, debt consolidation is not appropriate for everyone, and many individuals would fare better by dealing with their credit card debt through bankruptcy.

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