For Florida readers who are seeking debt relief, debt consolidation programs may seem like an attractive and viable option. However, before turning to this path for debt relief, there are many factors to consider. Consumers may be surprised to know that there are often hidden risks with these operations and they may end up facing an even more severe financial situation.
No one plans to let their credit card debt get out of hand, but for many, unforeseen circumstances or an inattention to spending habits can lead to a serious debt issue. In many cases, credit card debt levels reach staggering heights before it becomes obvious that something must be done to regain financial stability. One path that many in Florida consider is debt consolidation.
For those in Florida who are buried under a mountain of debt, it can feel as though one is waging a war against his or her own finances. One recently published article is written from the perspective of a soldier who served in the Army National Guard for nine years, including a 17-month stint in Baghdad. In addition to his service to his country, this soldier has also struggled with unmanageable debt. He decided to tackle his need for serious debt relief using the principles he learned from his years of service, and he shares those tactics in his book, “Soldier of Finance.”
Many Florida residents go through periods in which financial strain is a serious concern. For some, these periods will pass, and they will go on to achieve a measure of financial security. In other cases, however, excessive levels of credit card debt can create a scenario in which aggressive debt relief is necessary. For those who would like to pay down their existing debt on their own, the following tips could be of help.
Very few Florida residents enjoy paying their bills each and every month. When those bills add up to far more than one's income, the task of juggling accounts and obligations can be extremely stressful. For many, high levels of credit card debt make balancing the monthly budget an impossible task. In such cases, the need for debt relief is both pronounced and urgent.
Many college graduates in Florida have trouble keeping up with their student loans. Not only are many Florida residents carrying very significant amounts of student loan debt, but they also often have 10 or more separate student loans, making it difficult to keep track of payments. Some people who have such difficulties may consider student loan consolidation.
Facing multiple debts on an income that isn't enough to cover them can be a frightening experience. Fortunately, there are avenues available to help people who need to consolidate debts into more manageable payments. Orlando residents might be interested to learn that Casey Anthony has had most of her $790,000 in debt discharged.
Florida residents who are members of Chase's credit card insurance plan, Payment Protector, may be unhappy to hear that the program is slated to end as of May 2014. Those who enrolled in the program were given up to two years of suspended payments if they lost their job or became disabled. Additionally, if someone passed away with a balance on their credit card, up to $25,000 of it would not be passed on to their estate. Chase charged a fee to participate in the program, which was usually one percent of a card holder's credit card debt.
The FTC has successfully shut down two debt relief services, one of which was operated by two Florida men. Both operations are unrelated but used the tactic of cold-calling individuals and offering to lower their credit card payments and rates. The fee for their fraudulent debt relief was as high as $1,200.
Many Florida residents are interested in getting out of debt or controlling how much debt they have, but doing so is not always easy. If someone has a large amount of credit card debt and are only making minimum payments, it can make paying off cards seem to take forever. However, with a few organizational changes and adjusting the way that someone spends their money, most can get out of debt and regain control of their finances.