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Debt reduction in southern Florida leads the nation

Getting rid of debt is usually a process that takes some time. In most cases, you have to work to get your balances down. If you are able to file bankruptcy, you could still have some bills that are still valid, depending on the type of bankruptcy that you file. Orlando residents might be interested to learn that the hard work of paying down debt is working. South Florida leads the country in consumer debt reduction.

The report took into consideration a variety of debts, including credit card debt, mortgages, car loans and education debt. After looking into 25 metropolitan areas around the country, people in southern Florida beat out the other areas by trimming debt by 4.2 percent more in September than in the previous September. Orlando boasted a 1.95 percent reduction. Las Vegas came in a close second, with a total of a 4 percent reduction.

The report goes on to note that the new credit card debt in three south Florida counties was down a whopping 8 percent from the previous September. Overall, the average household in south Florida had credit card debt of approximately $6,341. Consumers who eliminate debt are said to be working toward improving their situation.

There are various ways that consumers in Florida can work to eliminate debt, such as medical debt and credit card debt. Some of these include filing for bankruptcy, initiating a repayment plan or consolidating debts. Getting advice from an experienced Orlando bankruptcy law attorney can help you determine which method of debt relief will work for your situation without causing undue financial challenges in order to get you a fresh start.

Source: Sun Sentinel, "S. Floridians lead US consumers in cutting debt" Donna Gehrke-White, Dec. 10, 2013

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James H. Monroe, P.A.
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