Credit card debts force families to delay buying a home
Throughout Florida, many families have debt concerns. It can be difficult to pay the bills and keep food on the table even when you are working full time. At first you may be able to cover some of the expenses with credit cards, but this does not help in the long run if you are unable to keep up with repayments. Before you know it, the debt can become too much to manage and may begin impacting all areas of your life.
It is an issue that affects people all over the United States, to the point that many young adults are waiting longer and longer before they buy their first homes. In Miami, for example, median home prices are more than quadruple the typical income for the area. Part of the problem is that it is difficult to save enough for a home when all your money goes to living expenses.
Another problem is that debts from credit cards and student finance leave many young people playing catch-up. On top of that, as credit card and other debts rise due to growing interest rates, these individuals end up with a poor credit rating, preventing them from qualifying for a mortgage.
If you are struggling with credit card debt, do not lose hope. Although the amount you owe may seem overwhelming, you do not have to tackle the problem alone. An lawyer may be able to suggest options for reducing your debts or sorting out a payment plan. He or she may also be able to advise you about the various types of bankruptcy and how they may help you to wipe the slate clean and have a fresh start.
Source: Miami Herald, “More people wait longer to buy their first home,” Josh Boak, Aug. 21, 2015