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New survey looks at credit card debt and savings

Credit cards can be a valuable tool to have on hand for many people in Florida but they can also cause a lot of problems. It can be tempting for people to use their credit cards to pay for gas, groceries, living expenses and even large-scale purchases, but they must remember that they will have to pay that debt off and it doesn’t take long for the balance due to get out of control.

This happened to one couple who found themselves in financial trouble due to the interest rate on top of their $5,000 credit card balance. They are among other Americans who fail to pay off their credit cards each month – a rate that measures at one in three according to a recent survey. The survey, which involved 1,600 adults, asked questions concerning paying off of credit cards, people’s age, where they turn for help with their finances, savings habits and planning for retirement.

While retirement saving does not appear to be a major focus for 26 percent of those people surveyed, it was discovered that there are more people who are trying to save for an emergency or that rainy day – 69 percent. It was also revealed that people who were born during the economic recession – the millennials – are saving more money than other age groups, and that they are more focused on the health of their finances.

Even when people do all of the right things, unexpected illnesses, accidents and other events can leave them financially struggling. In such cases, they may find it worthwhile to sit down and talk about their situation with an attorney.

Source: NBC News “Americans Are Saving More, But Credit Card Debt Is Still a Problem,” Herb Weisbaum, May 2, 2016

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