Florida is known for its beautiful beaches, warm weather, and numerous things to do. Home to major Disney theme parks and Universal Studios, many families plan their annual vacations around trips to Florida. People who live in Florida love the many 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 isn’t known for being tremendously expensive, like New York and California are, but it’s not a bargain either. The cost-of-living index sits at 100.3, just under the current national average of 104.61.
Groceries and utilities are more expensive 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.
Those living in Pembroke Pines, Florida, have an average of $13,307 in credit card debt. 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 our interactive calculator below to find out how much time it will take to satisfy your debts and how much interest you’ll pay your lenders.
If the numbers on the calculator fill you with dread, it’s time to get assistance with overcoming your debt in Florida.
At Americor, we offer several 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. Click on the links below to learn more.
Florida has different debt relief programs for different situations. Factors determining which debt solution is best for will depend on circumstances such as the amount of debt owed, employment status and ability to pay back the debt.
Every debt relief company is different. Some companies are more legitimate than others. Make sure you check out a debt company’s credentials before joining a program. Client testimonials are a good starting point. Also be aware of the fee structure of each company – upfront fees can be a red flag.
Different programs affect your credit in different ways. Some will have a major impact on your score like bankruptcy. Other solutions such as debt consolidation loans will have less of an impact on your credit score.
Typically you can consolidate unsecured debts like credit cards debt, medical bills and even payday loans into one lower interest loan. Keep in mind to acquire a consolidation loan, you need a good credit score.
If you’re looking to consolidate multiple debts into one loan, it’s best to find a loan with the lowest interest rate. The lower the interest rate, the more money you can put toward paying off the total balance.
Is a consolidation loan the best option for you? Let’s find out. A debt consolidation loan means combining all your high interest debts into one lower interest, fixed rate loan. This helps people lower their monthly payments by eliminating money going mostly towards paying interest with little money going towards paying down the total balance. A debt consolidation loan will help you pay off debts faster by paying less interest.
Generally, a credit score is not negatively affected by a debt consolidation loan. However, when applying for a loan, lenders will run your credit score which can have a slight impact on your credit score temporarily.
Floridians can also find debt relief in debt settlements. This is where your debts owed to credit cards and other types of debt are negotiated with the banks for a lesser amount. You will need to close your account with the creditors before the debt settlement process begins. Oftentimes people can expect settlements for around half of the original debt owed.
Do Debt Settlements affect your credit score?
Credit score will be affected by this process but can rebound after the debts are settled and credit is being re-established.
Debt counseling is usually done through non-profit organizations. It can also be known as debt management. These programs work with your creditors to negotiate a lower interest rate on high interest credit cards. Debtors need to stick with the program to its entirety or they will see their rates go back to what they were.
The entire amount of the debt is paid back through the credit counseling programs – as accounts are not closed in the process.
Credit scores are not negatively impacted as a result. Unfortunately the success rate for these programs are not very high.
Partner with Americor and live debt free in Florida.