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Credit card debt falls in southern Florida

For many people who are in debt, credit card debt is a major source of stress. For people in southern Florida, paying down credit card balances this year has proved to be working. In only one year, residents managed to slash credit card debt by approximately 13.5 percent.

Credit card debt is said to be some of the worst debt to have since the interest rates are typically higher than other types of debt. Some residents in three Florida counties have taken a proactive stance against these interest rates. On average, credit card balances fell from $5,264 in November 2012 to $4,552 in November 2013, which is a difference of $712.

In addition to credit card balances, student loan balances and mortgage balances have also gone down. Student loan debt has gone down 2 percent, while mortgage balances have gone down 4 percent. These figures show that Florida residents have been working to get out of debt. While these debts go down, the balance of car loan debt in the area has increased. Some consider that the result of an improving economy.

There are some instances in which aggressively paying down credit card balances and other debts isn't possible. For some people, bankruptcy or debt consolidation programs might be viable option to help get things back on track. For others, a mortgage modification might be necessary to stop foreclosure. If you are in a tough financial situation, consulting with a Florida bankruptcy attorney might help you to decide if you need to pursue other avenues to help you get your debts under control.

Source: Sun Sentinel, "South Florida credit card balances fall 13.5% in year" Donna Gehrke-White, Dec. 26, 2013

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