Many in Florida Fear they will Never Be Free of Credit Card Debt

There have been many news stories of late indicating that the economy is beginning to recover, but not everyone is feeling it. Many people are still struggling to pay off the credit card debt they incurred during the recession. When jobs were scarce or medical bills were piling up, many in Florida turned to their credit cards to make ends meet.

When times are tough and families have to put food on the table, the fact that people are running up their credit cards doesn’t matter. Living from day to day becomes the priority, and everything else will be dealt with later. People were having to charge basic needs such as rent, utilities, medical bills and car repair bills.

It appears that even as the economy is said to be recovering there are still a large number of people using credit cards to pay for basic needs. They are then spending all of their income paying bills and are not able to save. There was also a time when consumers were paying down their debt, but the trend this year indicates that is on the decline.

Credit card debt has become a trap for many people whose cards are maxed out and interest rates have gone up to as much as 20 percent for some Florida consumers. Consumers believe that they will always have to live with debt. For many people who are struggling, it doesn’t have to be that way. Filing for bankruptcy could help eliminate debt and give the filer a new lease on life — debt free.

Source: New York Post, 20M homes fear they’ll never live debt-free, Catherine Curan, Sept. 21, 2013