James H. Monroe, P.A.
Call Us For A Free, In-Office Consultation
407-917-4147
No One Should Face Crushing Debt Alone

Emergencies can lead to overwhelming debt for Florida residents

If you were suddenly sick, how would you pay for the medical bills? What about if you were laid off? Would you have enough money in savings until you found a new job?

These are just some of the things Florida residents should be thinking about when it comes to having an emergency savings fund. The hope is that the emergency will never arise, but if it did, the money would be there to pay for the associated expenses without having to go into debt.

According to Bankrate.com, having an emergency savings fund is not necessarily a top priority -- or even feasible -- for many Americans. In fact, of the 1,004 people surveyed over the phone, only 55 percent had more in emergency savings than credit card debt.

The survey also found other interesting findings when it comes to credit card debt versus emergency funds, including:

  • Of parents with juvenile children, 29 percent of those parents had more credit card debt than savings.
  • Of those without children younger than 18, 21 percent had more credit card debt than savings.
  • There are gender differences: 60 percent of men and 49 percent of women have more saved than in credit card debt.

In looking at the issue, one cannot blame the recession, as the personal savings rate was on a decline for the 20 years prior to the 2007 recession. One would assume this may have something to do with attitudes regarding the importance of having a savings.

Many are also unable to save, meaning they make enough to cover their current expenses, but do not have any extra leftover.

In any situation where there is no savings to cover an unexpected emergency, this can result in debt. In turn, this debt can quickly grow to out-of-control proportions. However, before debt gets to the point of foreclosure of garnishments, speak with a Florida attorney who has experience handling debt relief cases.

Source: ABC News, "Nearly Half of Americans Have More Credit Card Debt Than Savings," Susanna Kim, Feb. 25, 2013

2 Comments

I think this is one of the most vital info for me. And i am glad reading your article.
But should remark on few general things, The web
site style is ideal, the articles is really
excellent : D. Good job, cheers

Leave a comment
Comment Information
EMAIL US FOR A RESPONSE

Debt-Related Questions? We Can Help.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

James H. Monroe, P.A.
651 Rugby Street
Orlando, FL 32804

Phone: 407-917-4147
Fax: 407-246-0008
Orlando Law Office Map