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.
Some Florida residents may wonder when and in what kind of increments they should attempt to pay off their credit cards. Many people dislike carrying these high-interest debts, so when they receive a lump sum, it's natural for some to want to use it to take a noticeable chunk out of their credit card debt. However, paying off cards too quickly or in unrealistic increments can sometimes be a mistake.
People in Florida and around the nation often struggle to balance their many financial responsibilities. Recent information released by the Census Bureau indicates that the group most in need of debt relief is adults between the ages of 35 and 44, who have a higher debt load than any other age group, averaging just over $100,000 in debt.