For decades Americans in Fort Lauderdale, Florida, and elsewhere in the country have been using credit cards to build credit, to fill the gaps when a paycheck is insufficient or just to buy things now and pay for them later. ValueWalk.com reports that at the beginning of 2015, consumers worked at paying down their credit card debt, lowering the national amount by $35 billion during the first three months of the year. However, that reduction was short-lived as debts rose over the next six months.
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The expectation is one of joy and good cheer, but for many Americans the overwhelming reality about the holidays is stress about money. While the holidays are a great time to be with loved ones and ring in the New Year, things tend to be more complicated when you're having financial troubles.
There is not one standard way for people who live in Fort Lauderdale, Florida, to handle credit card debt. Some use the cards for rewards and pay them off each month, while others use a credit line to fill in the gaps left by an insufficient paycheck. When it comes to store credit cards, the purpose may be a discount on a purchase, but there are other factors to consider, as well.
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.
With the recent recession, the rising cost of education and stagnant pay, it is becoming more and more difficult for people in Fort Lauderdale, Florida, and elsewhere in the United States to achieve a comfortable standard of living. Many are discovering that using credit cards to cover the needs not met by a paycheck has resulted in crushing debt. As millennials are graduating from college and seeking careers, they are encountering significant financial challenges.
Fort Lauderdale residents may believe credit card debt is a necessity in today’s economy, but when life circumstances change, even meeting the minimum payments can become difficult or impossible. According to the Fair Debt Collection Practices Act, Florida debt collectors must not employ abusive, deceptive or unfair collection practices against a debtor in an attempt to collect the debt. The state of Florida also regulates debt collection practices. Those who are being contacted by creditors should be aware of the protections that they are allowed under the law.
When you spend a little here and a little there, credit card debt can add up quickly. For many people in Fort Lauderdale, and throughout Florida, this type of debt can result in serious financial challenges. While tackling this debt can be a crucial step in regaining control of your finances, it can be difficult to decide where to start. There are numerous options available, however, which can help you get rid of your credit card debt.