Countless people across the state of Florida and the entire country live paycheck to paycheck, unable to accumulate savings or fully establish their financial security. And while using credit cards allows many people to pay for necessities, relying primarily on personal lines of credit to cover monthly expenses can quickly result in serious financial difficulties. Provided below are several warning signs of excessive consumer debt.
While financial advisors recommend that people put 10 percent of their income into savings, the U. S. Bureau of Economic Analysis recently estimated that most people only save a little over 5 percent. If people are not contributing to their savings, and are instead primarily maintaining their lifestyle by relying on credit cards, they may be contributing to an unstable financial situation. Instead, the goal should be to invest one’s energy and money into lowering credit card debt.