Get the Florida Debt Help You Need
Florida is known for its beautiful beaches, warm weather, and numerous things to do all year round. Home to major Disney theme parks and Universal Studios, many families plan their annual vacations around trips to Florida. People who live in the State of Florida love the natural parks and available hiking and bicycling options.
Florida is also home to several military bases, including Jacksonville Naval Air Station and Naval Station Mayport. The Kennedy Space Center in Cape Canaveral, Florida, offers visitors the opportunity to visit the site of numerous space shuttle launches and tour an extensive museum devoted to expeditions in outer space.
While the state offers lots of activities for residents and tourists, Florida is not known as a cheap place to live. A high cost of living, combined with rising inflation that affects everything from rent to groceries, leaves many residents living paycheck to paycheck.
Matters are even worse for families carrying significant amounts of debt. While some residents can navigate their debt problems through effective personal finance solutions, others need Florida debt help.
Florida Debt Statistics
Florida may not be as expensive as New York and California, but it’s not inexpensive either. The cost-of-living index is 100.3, just under the current national average of 104.61.
Groceries and utilities are pricier in Florida than in other states, while housing costs remain competitive with the rest of the country. However, rising inflation and interest costs have made it more expensive to purchase a home or rent a property in Florida.
While the cost of living is average, consumer debt is not. Consumers in Florida carry some of the highest levels of debt in the country. For example, those living in Pembroke Pines, Florida, have an average credit card debt of $13,307. Following closely behind are Fort Lauderdale and Miami, Florida, whose residents average $13,115 and $11,597 in debt obligations.
Those who owe credit card debt may find it interesting to learn how long it will take to pay off their liabilities by making only minimum payments. Use the interactive calculator here to find out how much time it will take to satisfy your debts and how much interest you’ll pay your lenders.
What Causes Credit Card Debt?
Floridians often find it hard to cover their living expenses on their salaries. Inflation eats away at incomes, and wages often don’t keep up with the increased cost of living.
The mismatch between income and expenses can often become a burden for people living in Florida. When a household’s income can’t cover the basics, there is a gap that must be filled. Groceries, utilities, gas, and other necessities have to be paid and credit cards are the fastest and easiest way to cover these expenses.
Florida households with children or single parents also find it hard to manage their income and stretch it to cover all their needs.
Minimum payments are a trap
Most people think that paying minimum monthly payments are enough to repay a credit card. However, credit card companies charge interest on the credit cards they issue. Credit cards usually have one of the highest interest rates because they are an unsecured type of debt.
Minimum payments only cover the interest rate the bank charges. When you pay the minimum amount, you are not repaying your debt. If you keep using your credit card, minimum payments increase but it’s still only the interest. No matter how many months have passed, the balance remains the same and your credit card bills balloon. Minimum payments can thus quickly spiral into a debt trap for Florida residents.
Whether you live in Miami, Tallahassee, Orlando, or Tampa, FL, minimum payments across the State can become a burden.
A medical emergency or a home repair can upset any budget, let alone if your income barely covers your existing needs.
Unless you have an emergency fund to pay for these unexpected expenses, credit cards are the go-to solution. Some people pay for a loved one’s wedding; others use their credit cards to pay for medical bills, while others turn to their credit cards if they are left unemployed.
Whatever the reason, people in Florida often use their credit cards to pay for unanticipated expenses they cannot avoid.
Debt Relief Programs Florida
People often lose sleep at night when faced with crippling loan debt. Thankfully, there are a number of debt relief options available to stop them from worrying and to help them become debt free again.
A credit counseling program can help you get a better understanding of your finances. Certified credit counselors provide credit counseling services to help you get a better grasp on your income and expenses. Together you can find ways to reduce your expenses to a level that’s acceptable and still leaves room to repay your debt.
The credit counselor can help make small tweaks that can still have a considerable impact: bulk buying, bundling services, and finding cheaper providers can leave enough room for money to go toward repaying existing debts.
Debt consolidation Florida
Americor debt specialists can help you negotiate a debt consolidation loan. If you have more than one unsecured debt—for example, multiple credit cards, personal loans, private student loans, and medical bills—you can bundle these debts together under a debt consolidation loan.
A debt consolidation loan comes with lower interest rates and fixed payments, which can translate into important savings. The money you receive from the loan goes toward the repayment of all your existing debts owed. You then repay the consolidation loan with one single monthly payment.
If you consolidate your debt, you will find it easier to keep track of it and typically you will benefit from reduced interest rates. It can thus provide you with the peace of mind you need to pay off your student loan debt, credit card loan, medical debt, or any other kind of debt.
Florida residents can negotiate a repayment period that fits with their income, ranging from one year to six years.
Debt settlement is a service whereby Americor debt specialists negotiate on your behalf with your creditors to reduce your debt. Debt settlement usually reduces your debt by 25% to 50%, depending on your debt level, income level, and overall creditworthiness.
After a successful negotiation, you will have to repay the remaining amount to be debt-free. Debt settlement can help you overcome a debt trap and look forward to a debt-free future.
Debt management programs help debtors come up with a Debt Management Plan (DMP) where they negotiate the way they can repay their debt. Debt management plans may include waiving late fees to reduce the overall burden of your debt. As part of the debt management program, you may also be able to reduce interest rates and negotiate a longer repayment period.
When your debt is simply impossible to repay, there is always bankruptcy. Bankruptcy is a legal process where your lawyer presents your financial situation to the court which decides how much of your debt can be alleviated permanently.
Bankruptcy is a lengthy process and you may be asked to surrender part of your assets (car, homes, investments) to qualify.
Filing for bankruptcy will impact your credit score and will stay on your credit record for 10 years. You may be ineligible for a loan for a while. However, it’s a solution that can help you surface back from drowning in debt.
Americor for Florida Debt Relief
If the numbers on the calculator fill you with dread, it’s time to get assistance with overcoming your debt in Florida.
Americor debt specialists are professionals and certified. Americor is one of the top debt relief companies in the US. We are a member of the AFCC (American Fair Credit Council) and IAPDA and are officially accredited by the Better Business Bureau.
As a reputable debt relief organization, we have helped thousands of people across Florida and the US to unburden themselves of their debt.
We offer advice and complete solutions to help consumers pay off their credit obligations and get the fresh start they need. Our solutions apply to anyone who needs help with their personal finances. To find debt relief, contact us today online, call us at (888) 211-2660, or click on the links below for further information.
Our Clients Say...
“In 2020, I was drowning in debt. I enrolled in Americor for my 10 creditors for $110,000… and today (three years later) I have cleared my entire balance. It was not an easy process, but Americor guided me through and I am debt free!”
“I was down $80k in business debt, and I remember hearing Americor radio advertising. My credit score was down to 570 from 810. I’ve been in the program for over 3 years. It works, just be patient. And my credit score is currently back up to 710!”