CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Florida Credit Card Debt Increases; Are Interest Rates Next?

As most residents of Florida probably already know, there are signs everywhere that our nation is recovering from the recession. The housing market is improving and consumer confidence is rising. Yet this economic recovery also means an increase in credit card debt. Right now, consumers are better at paying their credit card bills on time, but if there is an increase in interest rates, it could cause problems down the road.

The Federal Reserve recently released monthly data that shows that revolving credit, including credit cards, increased $6.6 billion from April to May of this year. This is the biggest increase since May 2012. This suggests that Americans are more confident about their personal finances.

Despite this increase in credit card debt, fewer consumers are going delinquent. According to the American Bankers Association, delinquent accounts have fallen to 2.41 percent – the lowest rate since 1990. There is speculation that many Americans established better financial habits because of the recession, so more are paying down their debts in a timely manner.

Despite these positive signs, interest rates are rising for other types of loans such as mortgages and student loans. Credit card interest rates remain steady for now, but any increase in the future may make it more difficult for Florida consumers to pay off their credit card debt. If this happens and debt becomes overwhelming, individuals may have to investigate what options are available to them in order to get rid of debt. In some cases, bankruptcy may offer the best solution by either discharging the debt altogether or establishing a payment plan with creditors that allows the consumer to get a handle on his or her debt and establish good financial habits.

Source: Forbes, “Credit Card Debt Soars, Yet Delinquencies Fall,” Bill Hardekopf, July 11, 2013

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Here’s How You Can Rebuild Your Credit

How do you repair this damage and rebuild your credit after filing for bankruptcy? Many people believe that filing for...
Read More

How Can You Practice Smart Credit Card Management after Bankruptcy?

How can you learn better credit card management after bankruptcy? Using credit after bankruptcy is an intimidating experience for many...
Read More

How Do You Improve Your Credit Score?

How do you improve your credit score? Here's what you need to know. Your credit score plays an important role...
Read More

Does Bankruptcy Credit Counseling Work?

Bankruptcy credit counseling helps you emerge from bankruptcy understanding credit management. People filing for bankruptcy must take two courses regarding...
Read More

5 Things That Boost Your Credit Score

Your credit score has a major impact on your financial life. You can be a great person with a bad...
Read More

How to Correct Errors on Your Credit Report after Bankruptcy

How do you deal with errors on your credit report after bankruptcy? In a perfect world, you could ignore your...
Read More

Tips for Rebuilding Your Credit after Bankruptcy

One of the primary goals after filing for bankruptcy is rebuilding your credit. As tempting as it might be to...
Read More

I’m Starting a New Life and I want a Financial Fresh Start – Should I File for Bankruptcy Now or Wait?

As the say goes, “when it rains it pours.” If you’ve found yourself experiencing financial difficulties while also dealing with...
Read More

What Does It Mean to Get a “Financial Fresh Start” in Bankruptcy?

Financial Fresh Start You’ve probably heard it before. “Bankruptcy gives you a financial fresh start.” It’s something stated on this...
Read More

Tips for Overcoming the Negative Emotions of Bankruptcy: How Can an Attorney Help Me with My Finances?

As advantageous as bankruptcy is when you are struggling financially, it’s still a stressful experience. Some people have a tough...
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 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