Categories: Credit Card Debt

Florida Credit Card Debt Has Increased Slightly

For the first time in nearly five years, consumers seem to be spending more. The amount of credit card debt being accumulated by consumer around the country and in Florida has risen by an estimated 0.6 percent. This may not seem like much, but it could have implications as to the state of the economy.

What experts are unsure of is whether this is indicative of an overall improvement in the economy, or just people spending more on their credit cards. There have also been increases in student loans and in auto loans. The one major area of spending where there hasn’t been an increase is in home loans. This includes first-time borrowers and installment loans and revolving lines of credit secured by home equity.

Trends indicate that consumers are reducing their debt for everything but auto and student loans. This is being done through both positive and negative means. According to Equifax, one of the big three consumer credit reporting agencies, an increasing number of people are paying off their credit obligations. However, there are also people eliminating their debt through bankruptcy and foreclosure.

For some people to truly believe the economy is on the mend, people will need to be spending more money and using their credit cards more. However, it seems that there could be a “new normal” developing where consumers are no longer spending without thinking and living above their means. Theoretically, this may not bode well for investors and the stock market, but it could be encouraging to consumers that are looking to get rid of their credit card debt. Some Florida consumers may achieve debt freedom through filing bankruptcy. Having a fresh start financially may be just what many consumers need.

Source: slant.investorplace.com, Credit Card Debt Rises for First Time in 5 Years, No author, Aug. 30, 2013

Published by
Law Offices of Robert M. Geller, P.A.

Recent Posts

Success Stories: How Clients Overcame Financial Struggles

Financial struggles can feel overwhelming. Many people face mounting debts, bills they can’t pay, and…

3 days ago

Overcoming the Fear of Filing for Bankruptcy

Filing for bankruptcy is scary. Many people see it as a sign of failure. They…

5 days ago

Bankruptcy and Stigma: Changing the Conversation

Bankruptcy has long been viewed as a shameful last resort. For many, it’s something to…

1 week ago

Coping with Financial Stress During the Bankruptcy Process

Going through bankruptcy can be one of the most stressful experiences in life. The financial…

2 weeks ago

How to Talk to Your Family About Bankruptcy

Discussing bankruptcy with your family can be one of the most challenging conversations you’ll ever…

3 weeks ago

Signs It’s Time to Contact a Bankruptcy Lawyer Today

Dealing with financial struggles can be overwhelming. When debt becomes unmanageable, it may feel like…

3 weeks ago