South Florida residents overwhelmed by debt
Falling into debt can be devastating, especially if you are normally a very careful with your finances. Sadly, an unexpected event, such as a bereavement, or a serious accident can turn your world upside-down, and the associated expenses may be more than you can handle. It is something that happens to families in Florida every year, forcing them to cover some of the costs by using loans or credit cards.
Unfortunately, the mounting interest on borrowed money can make it difficult to pay off. You could even find that your debt grows if the monthly interest is higher than the amount you are able to pay back each month. After a while, you may even find yourself facing the threat of debt collectors and the loss of important assets, such as your home.
A recent study showed that this is a problem that is particularly prevalent in Florida, with Miami ranking among the areas of the United States to have the worst debt burdens from credit cards. It has been suggested that this may in part be due to the area’s low incomes, which make it difficult to cover repayments.
Getting out of debt can be difficult, especially if you are not sure where to start. Fortunately, you do not need to do it alone. An lawyer may be able to advise you about the various debt relief solutions available to you and might also be able to suggest which course of action could help you the most. With the right guidance, you may be able to negotiate a repayment plan with your creditors, get some of the debt written off or even wipe the slate clean by filing for bankruptcy.
Source: WLRN, “Study: South Florida Fourth Worst Credit Card Debt Burden In Country,” Kenny Malone, July 27, 2015