Missing minimum payments on credit cards can expose a person to many consequences. For example, it can subject a person to financial penalties and do damage to his or her credit score.
It appears that, lately, falling behind on such payments has been more common here in Florida than in most other states.
According to recent statistics, in 2018’s second quarter, 9.41 percent of credit card balances in Florida were 90+ days behind on minimum payments. This was quite a bit higher than the national rate, which was 7.88 percent. Florida had the third highest credit card delinquency rate in the U.S., behind only Nevada (No. 1) and Arizona (No. 2).
The statistics also point to high levels of credit card debt being common in Florida. Florida’s credit card debt per household, $7,819, was the highest among the states that were in the top five for delinquency rate. Meanwhile, the state’s credit card debt to income ratio, 15.37%, was the highest in the whole country.
What do you think is contributing to Florida seeing such high numbers on these fronts? What do you think are the biggest challenges Floridians face these days when it comes to credit card debt?
Debt struggles sometimes lead to people getting behind on their credit card payments or facing other situations with the potential to have major consequences on their financial well-being. When this happens, it can be important for them to promptly reach out for guidance from professionals, such as skilled bankruptcy attorneys, on what they can do to protect their financial future in the face of such difficulties.