Many older adults in Fort Lauderdale, Florida, find themselves on a fixed income after retirement, living on what they receive from Social Security benefits. Unfortunately, this amount may not be adequate to cover unexpected expenses. Relying on credit cards to pay for these emergencies can backfire, though, since making the payments can create new financial challenges for those on an already inadequate budget.
As the United States moves further from the recession, statistics seem to indicate that people are recovering on a personal financial level, as well. According to the Administrative Office of the U.S. Courts, the total number of Chapters 7, 11 and 13 bankruptcy filings in 2014 was 12 percent less than those filed in 2013. Although this information may seem positive, for some, attempting to pay down overwhelming credit card debt can have serious long-term consequences.
Getting a college degree in Florida and across the country has become increasingly expensive. If you took out student loans in order to pay for your tuition, books and fees, the total debt after graduation may seem overwhelming. Private loan companies often charge high interest rates that only add to the burden. The Pittsburgh Post Gazette reports that, even though student loans can rarely be discharged in a chapter 7 bankruptcy, many people are finding relief from high monthly payments by filing for Chapter 13 bankruptcy.