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.
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.
For many Florida consumers, a single financial setback can lead to a spiralling debt scenario. The loss of a job or a serious illness can cause an immediate drop or cessation of income. Next comes the need to rely on credit cards to cover the basic costs of living. Before long a mountain of credit card debt accumulates, and consumers find that the need for debt relief is urgent.
For many Florida residents, the cost of a college education is far more than what was anticipated or planned for. Once studies are complete, many people find that they are unable to repay those loans as agreed upon. The next step is often making an application for loan servicing through the federal government. However, consumers should be aware that there are a wide range of debt relief scams aimed at the loan servicing process.
Florida students may be interested in a new report on student debt relief agencies that was issued on June 19. The National Consumer Law Center issued the report, which was critical of the education debt relief firms and shined a light on possibly unscrupulous business practices. In response, 23 U.S. senators have signed on to a letter that asks federal agencies to investigate the companies in question.
Depending on the card holder agreement, Florida residents may find their credit limits drastically reduced or their line of credit cancelled after a default on a different credit card account. No matter what the circumstances of the late payments, the credit card company may have the right to cancel a credit account -- even if that account is in good standing -- if the customer fails to pay on other accounts.