' Bad Credit Card Debt Is on the Rise - Law Offices of Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Credit Card Debt is on the Rise Again in Florida

It is no secret that credit card debt can be crippling. Many people are forced to turn to credit cards to pay for day-to-day expenses when financial limitations occur within a household. While the beauty of a credit card is the ability to pay later for a purchase made today, compiling interest can be financially catastrophic.

Florida residents should beware: credit card debt is on the rise again. According to a study by cardhub.com, Americans cut back on credit card purchases during the Great Recession, but now that number is on the rise again. According to the study, consumers are trending to charge nearly $47 billion in new credit card debt in 2013.

The estimated $47 billion in new credit card debt this year would bring the total amount of credit card debt incurred since 2011 to almost $130 billion. During the first three months of 2013, consumers did manage to pay town $32.5 billion in credit card debt. The website study ascertains these payments resulted from year-end bonuses and tax refunds. Unfortunately, the $32.5 billion amounts to 7 percent less than the monies paid toward credit card debt in the first three months of 2012.

It appears that American consumers could end the year 2013 having paid down less credit card debt than they acquire. It is important for Florida residents to know that credit card debt can be a slippery slope. It is possible to become so covered over by credit card debt that payments become impossible. However, there are options available for reducing credit card debt and dramatically improving one’s financial outlook. In some cases, relief from financial strain is as easy as taking the small step to seek help.

Source:Sun Sentinel, “A bad old habit returning: More credit card debt,” Donna Gehrke-White, June 12, 2013

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Can You File Bankruptcy with Equity in Your Home?

For many individuals facing financial hardship, their home represents their most significant asset. However, when struggling with overwhelming debt, the...
Read More

Are Trusts Protected from Bankruptcy?

Trusts are powerful estate planning tools. They allow people to protect and distribute their assets according to their wishes. This...
Read More

The Truth About Bankruptcy and Buying a Car

The Truth About Bankruptcy and Buying a Car Bankruptcy often carries a stigma of financial ruin and a bleak future....
Read More

How Do Bankruptcy Lawyers Get Paid?

Bankruptcy can be a stressful and overwhelming experience, but having the right legal representation can make all the difference in...
Read More

Do You Lose Your Home When You File for Bankruptcy?

Filing for bankruptcy can be a daunting prospect, especially when it comes to concerns about losing one's home. Your home...
Read More

Can You File Bankruptcy During a Divorce?

Divorce and bankruptcy are personally difficult and also complex legal processes that can have significant implications for your financial future....
Read More

Can You File Bankruptcy on Restitution?

Facing financial struggles can be overwhelming, especially when debts include complex legal obligations like restitution. What is restitution and how...
Read More

Can You File Bankruptcy After a Judgment?

Receiving a judgment against you in a lawsuit can be a distressing experience. This is especially true if you're already...
Read More

Can Back Taxes Be Included in Bankruptcy?

Dealing with back taxes can cause a lot of stress and financial burden for anyone facing financial hardship. If you're...
Read More

Can an Estate File for Bankruptcy?

Many people wonder whether or not an estate, such as the one left behind after someone passes away, can file...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions