Current economic conditions have made it difficult for some Florida families to make ends meet. All too often, bills continue to mount while income continues to dwindle. Credit card debt continues to climb and there is no end in sight. This scenario can be a recipe for what some may believe to be a financial disaster ending in bankruptcy.
Yet, bankruptcy is not necessarily a financial disaster. Research shows that Americans currently owe in excess of $1 trillion in just credit card debt. When you combine this debt with car loans, mortgages and other debts, the burden is tremendous. At times, the individual’s portion of this debt can be overwhelming. Bankruptcy may actual be the relief that the individual is looking for.
Credit card debt is a problem for many Florida families. Even though they may be able to continue paying the minimum due, the balance seems to remain almost the same. The primary reason for this is the interest rate that many credit cards carry. One way to minimize this impact is to negotiate with the credit card company for a lower interest rate. Some also find it advantageous to transfer balances to a lower rate card.
However, negotiating for a lower rate or transferring debt is not always an option, especially if lack of income has become a problem. When this happens, or when the credit card debt becomes overwhelming, it may be time to consider declaring bankruptcy. Bankruptcy comes in several different forms depending upon individual circumstances, assets and needs. Experienced legal counsel can work with the individual to determine which format best suits the needs and desires of the individual.