The recent economic crisis was tough for many families all over the country, several of them right here in Florida. Many people were forced to turn to their credit cards to make ends meet, but this might have exacerbated their problems. For those who are looking to reduce their credit card debt now that the economy is improving, there are several tips that can help.
Those who struggle with debt may have accumulated it from many sources. Student loans, car loans, credit cards or even one’s mortgage can all make it difficult for a consumer to manage his or her finances. A common source of debt is medical treatment -- many Florida families may suffer from an unplanned or chronic illness that results in medical expenses that they have difficulty paying for and can cause them to go into debt. However, there are ways for those who are facing this situation to find debt relief.
For most Florida spouses who are preparing to go through a divorce, the division of marital property will be a top priority. When preparing to address the issue, however, spouses should be aware that the division of debt is also part of the property division process. Couples will have to deal with their credit card debt as they prepare to go their separate ways, and for those who hold a high level of debt, the outcome could bring additional financial strain.
The companies that own Brewzzi, a restaurant with two locations in Florida, have filed for bankruptcy. They are Glades Brewery Partners and Palm Beach Brewery Associates. Company representatives have filed a Chapter 11 proceeding in Bankruptcy Court, each seeking to restructure their debt.
In many cases, Florida consumers who are struggling with high levels of debt find themselves in serious and immediate need of debt relief. In some cases, individuals fail to recognize just how deeply they have become mired in debt until something forces them to address the issue. For others, a slow but steady dependence on credit cards or other forms of debt lead to a far more serious scenario than they thought possible. Regardless of how one came to be in need of debt relief, many will consider debt settlement services as they search for a solution.
One of the top concerns of individuals who are filing for bankruptcy is the damage that will be done to their credit score. Truth be told, bankruptcy does create a negative impact on one’s credit ranking. However, the damage that is done is far from permanent, and with the right mix of dedication and effort, Florida consumers can rebuild their credit quickly once their bankruptcy is discharged.
The desire to attain a college degree is an admirable goal, and research shows that those who graduate from college will earn higher salaries during the course of their careers. The path toward earning a college degree, however, is often paved with high levels of debt in the form of student loans. While there are efforts underway to help reduce these costs, many recent graduates in the state of Florida are facing difficult decisions in the search for debt relief, just when they should be focused on beginning their career path.
Borrowing throughout the United States, including in Florida, spiked by more than 10 percent in April. The increased use of credit cards is an indicator that the economy is rebounding from the 2008 recession. However, it’s also sparking fear that a credit card debt bubble -- much like the housing bubble burst that contributed to the recession several years ago -- is on the horizon.
As Florida readers may be aware, it seems to be much easier to get into credit card debt than it is to find a way out. There are many reasons why Americans turn to credit cards, from paying for college tuition costs to everyday expenses. Credit card debt is an issue that can potentially affect most demographics, but the main differences lie in how these different groups handle this and other types of debt.
Florida residents who are facing bankruptcy may reach that point in their lives through a number of different paths. For many, the financial setbacks that led to a serious debt crisis were beyond their control and are the result of a spiraling set of circumstances that could neither be predicted nor stopped. Medical debt is a prime example, and illness or injury is a leading cause of bankruptcy filings across the nation.