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

Tampa Bankruptcy Law Blog

How to Avoid Being a Victim of Scam Calls for Student Loans

Scam Calls for Student Loans Student loans are one of the biggest burdens faced by college attendees. Even students who...
Read More

Can Medical Bills Be Included in a Bankruptcy? Here’s What You Need to Know

Can medical bills be included in a bankruptcy? Medical problems are stressful enough without facing a significant debt burden after...
Read More

I’m Unemployed. Can I Still File for Bankruptcy?

Unemployed Bankruptcy Being in debt is bad enough, but if you’ve lost your job recently or accumulated debt because of...
Read More

How Will Filing for Bankruptcy Affect My Credit?

Will Bankruptcy Affect My Credit? Not paying your bills affects your credit negatively. And yet problems with credit are one...
Read More

Behind or In Default on Your Student Loan? Here’s What You Should Know

Student Loan Default If you’ve fallen behind on student loan payments or your student loans are in default, you aren’t...
Read More

Will Bankrutcy Affect My Job? Learn How Filing Affects You in the Workplace

Will Bankruptcy Affect My Job? Filing for bankruptcy raises many considerations. One of the most important is whether or not...
Read More

Can Bankruptcy Help Me If I’m Behind on Child Support?

Bankruptcy and Child Support Bankruptcy can help you with a lot of things. It can help you stop calls from...
Read More

Can You File for Bankruptcy When You’re Unemployed?

Bankruptcy and Unemployment Being in debt is bad enough, but if you’ve lost your job recently or accumulated debt because...
Read More

Bankruptcy and Eviction History

Eviction With the rate of evictions on the rise in recent months and the expectations that eviction numbers will grow,...
Read More

What to Expect Once You’ve Decided to File Bankruptcy from Home

File Bankruptcy from Home There are a few things that happen when you file bankruptcy from home. An automatic stay...
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

NACBA Logo comodo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

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