How Florida consumers can break the debt cycle
Many people have concerns about paying off their credit card debt, and recent statistics indicate that these fears are justified. According to reports, the average household credit card debt is $5,700, and nearly 40 percent of American households are carrying a balance on their cards.
Average credit card balances also vary by age group. It turns out that people age 35 and under are around the low end of the spectrum when it comes to credit card debt. Statistics show that the average amount of debt for someone in this age group is $5,800. Individuals between the ages of 45 to 54 years old have the highest average debt, which is around $9,096. These numbers taper down a bit as people get older, but adults in the 65 to 69 age range still carry balances that are close to $6,900.
For older people, carrying a high credit card balance can be particularly difficult. This is because many individuals in this age group are retired or getting ready to retire, and they are living on a fixed income. Late fees and other charges can also add up, creating additional financial problems.
Individuals who are struggling with credit card debt often have several options for ending the debt cycle. In some cases, negotiating with credit card companies, debt settlement or credit counseling can help. Other ways an individual could reduce his or her debt would be to cut back on spending, find a side job, or sell items that are no longer needed.
A person may benefit from speaking with an experienced bankruptcy lawyer. The lawyer may be able to review the client’s situation and explain the differences between Chapter 7 or 13 bankruptcy. An lawyer may also be able to assist in determining which type of bankruptcy the client qualifies for and assist in filing the case.