For many consumers in the United States, getting debt-related bills in the mail each month may cause immediate stress because they simply cannot afford to keep up with the payments. In some cases, people quickly get into debt due to overspending with their credit cards, while others are struck with life emergencies — such as a medical crisis or job loss — and are unable to manage their debt during such trying times. With consumer debt on the rise, more and more individuals in Florida may understandably be desperate for rapid debt relief.
Consumer debt in the United States by the end of 2013 increased by the greatest amount in more than half a decade, according to the Federal Reserve Bank. The total stood at more than $3 trillion. People who were born between the 1960s and 1980s, along with older baby boomers, actually have debt of more than $100,000 on average.
One way to reduce personal debt is to put a curb to excess spending. For instance, rather than immediately rewarding oneself with extraneous items that are unnecessary for living, it is wise to budget for such items first. Also, it helps to put a certain amount of money aside each month, as this can be used in emergency situations.
Getting out of debt sometimes isn’t easy, particularly with credit card interest rates often being high. People who are facing a mountain of debt they can’t seem to climb over might easily feel discouraged and feel unable to escape such a dire situation. However, debt relief is available through personal bankruptcy; filing for bankruptcy often is a quick way to get rid of debt and get a financial fresh start in Florida.
Source: USA Today, How to reduce your debt, Eric Hutchinson, March 9, 2014