Being in heavy credit card debt might lead Floridians to feeling isolated. The sense that they are drowning in their financial challenges can be overwhelming. That belief that they are by themselves in their issues with credit cards and the inevitable creditor harassment can force them to make decisions the might not want to make like considering bankruptcy. However, there are alternatives available and the first step is to realize that there are others - many others - in the same circumstances throughout the U.S.
According to a new study, approximately 29 million adults in the U.S. have had a credit card balance for at least two years. That is close to half the population. A survey of more than 2,000 people found that of those people with debt, more than half have had the debt for a minimum of five years. Most prominently featured in these statistics are people between the age of 63 and 71 with 63 percent and those 72 or older at 57 percent.
This is generally not due to people going on major spending sprees. It is based on them needing to use credit cards for items necessary for daily living such as food, electricity and services for children. More than half of people age 18 to 26 state that everyday expenses are major contributors to their debt. Those classified as "Generation X" say their debt is based on life choices. Other factors include repairing cars, medical expenses, retail purchases, and going on vacation. Those with higher education levels were found to have accrued higher debt than those with lesser income and the unemployed.
This information might not specifically help people who are facing financial challenges due to credit card debt and other bills that have accrued, but it is a window into the reality that it is not a singular problem that a person faces. There are steps to get out of this debt and it does not have to include bankruptcy. People should be aware of various protections they have and alternatives available. A legal professional who is experienced in contact language debt collectors can use and strategies to get out of debt can help with getting into a stronger financial position.
Source: foxbusiness.com, "Nearly half of Americans carry credit card debt for at least 2 years," Jade Scipioni, Sept. 28, 2017