Florida residents facing credit card debt aren’t alone

On behalf of Bankruptcy Law Firm of Clare Casas on Tuesday, August 20, 2013.

Many Americans are finding themselves facing credit card debt in today’s tough economic times. At a time in which some people are finding it hard to make it month to month, using credit cards to pay for monthly bills can seem like a good idea. Florida residents facing credit card debt may be interested in a recent article that discussed how people are able to dig out of credit card debt and ways to make the payments more manageable.

The article reports that late payments are at an all time low, which is good news for those that may feel overwhelmed by debt they are facing. One reason given for this all time low is that consumers appear to be placing more emphasis on paying off credit card debt than paying other financial obligations. This could be because credit cards typically have higher interest rates than other bills.

Having credit card debt and making late payments can impact a person’s overall credit score. When a person’s score starts to lower, they are considered higher risk when it comes to being approved for other types of loans, such as a home loan or a car loan. By knowing how to manage this debt, a person can protect their credit score as well as maintain a positive financial future.

Any Florida resident looking for the best way to manage their credit card debt could benefit from knowing the applicable state laws. Although this can be a difficult time, a person can take comfort in knowing there are several options available. Having an understanding of all options can help a person know the best way to navigate the situation and ultimately achieve a positive outcome.

Source: CBS News, “Americans steadily digging out of credit card debt,” Aug. 13, 2013