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Many Orlando households are digging their way out of debt

The financial crisis was hard on many Orlando households and a lot of people are continuing to struggle even as the economy recovers. A recent report by the Orlando Sentinel does show, however, that many Central Floridians are getting their finances back on track in the aftermath of the recession. The newspaper cites statistics from the credit agency Experian, which show that consumer debt in the area has fallen 5 percent from 2008 to 2013 on average.

Not only are many people digging themselves out of debt, but some Central Floridians are even starting to invest again. While this is good news, it is important not to forget that a number of families and individuals are still struggling due to unemployment, high medical costs and mounting debt, among other issues.

Earlier this week, for example, we discussed a survey that found more than one-quarter of Americans currently have more in credit card debt than they have in emergency savings funds. Such circumstances are known to lead to great financial turmoil for Orlando residents.

Orlando residents who are continuing to feel overwhelmed by debt may benefit from starting to think about the various debt relief options that are out there. Chapter 7 bankruptcy is one way that some Floridians can erase debt and start fresh. For others, a Chapter 13 filing may allow the opportunity to rearrange debts and make them more affordable. Whichever debt relief route an individual chooses, it is important to proceed with caution. Debt relief is not a one-size-fits-all process, and if it sounds too good to be true, it probably is. Individuals may benefit from talking to bankruptcy attorneys about their unique financial circumstances and their options.

Source: Orlando Sentinel, "Central Floridians climb out of debt, start to invest again," Richard Burnett, Feb. 4, 2014

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