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Credit card debt growing across the country

Many Florida residents are facing the growing burden of credit card debt balances. The state's residents accumulated the third-highest amount of debt in the country in the second quarter of 2019, adding $2.3 billion to their collective credit card bills. Of course, credit card debt isn't limited to Florida. Across the country, Americans began 2019 owing more than $1 trillion in credit card debt. Nationally, the second quarter brought an additional $35.6 billion in debt, a record for debt accumulation at that time of the year. These numbers were released as part of a WalletHub study predicting that consumers would garner another $70 billion in debt by the end of 2019.

There are many factors that contribute to the growing credit card debt burden that Floridians face. Emergency expenses are major factors, with many people turning to credit cards to finance medical bills, car repairs or urgent home expenses. While credit cards can help cover urgent expenses when they arrive, it can be difficult for debtors to pay off the ensuing bills. If they can't pay off the bill in the first month, interest will begin to accumulate. In addition, many people may already be charging daily expenses or discretionary costs.

Some individuals also face financial changes after initially accumulating credit card debt. Debtors may lose their jobs, get a divorce or face a pay cut. As a result, they may be unable to make ends meet and face a growing amount of long-term credit card debt.

A debtor who is unable to pay their credit card bills may receive collection calls and creditor harassment. Those who are seeking debt relief could contact a bankruptcy attorney for information about how Chapter 7 or Chapter 13 bankruptcy could provide a different option for a new financial future.

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