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.
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.
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.
When financial strain becomes difficult to endure, many Florida residents consider filing for personal bankruptcy. Unfortunately, a wide range of myths and misconceptions surrounding bankruptcy lead some to postpone filing, while their debt outlook becomes even more dire. Savvy consumers will take the time and make the effort to get to the bottom of these common bankruptcy myths.
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.
Debt is a common problem for Americans who often have excess credit card debt, mortgages and other forms of debt to contend with each month. For many young people, however, student loan debt is one of their largest financial obligations in Florida. Particularly for those who never completed their degrees or who finished school but can't find work, it might seem impossible to balance the cost of the student loans and their regular expenses. That's when bankruptcy may be a helpful solution.
Last month, we wrote that more than one-quarter of American families struggle to pay medical bills. Medical debt is a leading cause of bankruptcy, and it may actually cause even more personal bankruptcies than mortgages and credit card debt. Many Florida residents think that they could never be crushed by medical bills because they have health insurance. The unfortunate truth, however, is that many people with insurance can end up facing unmanageable medical bills.
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.
Florida owners of rechargeable electric vehicles won't be using charging stations made by the recipient of a nearly $100 million grant from the U.S. government. Ecotality Inc filed for Chapter 11 bankruptcy, the latest industry casualty from the public's general lack of interest in electric cars. The San Francisco-based maker of recharging stations for the vehicles, along with five of its affiliates, announced it would be auctioning off its assets one month after the filing and asked the court that it be allowed to pay its employees and vendors.