Debt Consolidation In Florida

Consumers in Florida, like the rest of the country, are forced to depend on credit cards due to
tight budgets. Credit card debt is an average of $5,754 per person. The default rate now stands
at 1.76 percent, up 7.6 percent in a year. That may explain why there were 54,275 bankruptcy
filings in Florida in 2015.

To address these issues, the state authorizes nonprofit organizations such as Consolidationnow, which
provide credit counseling to Floridians. It provides services to assist customers in getting out
of debt. They will be able to relax and enjoy the attractions that make Florida so famous.

Alternatives to Debt Relief

There are three methods for debtors to get out of debt. Our credit counselors will review your
finances and provide a recommendation that is appropriate for your circumstances.

1.A Debt Management Strategy

Your debts will be consolidated into one monthly payment with reduced interest rates under a
debt management plan (DMP). Because this approach doesn’t rely on a loan, your credit score
isn’t taken into account.

Furthermore, your creditors will continue to be paid, so the first
impact on your credit score will be minor. As you make payments over time, your credit score
may really increase.

2.Resolving Debt

Debt settlement is a riskier alternative for debt reduction. The idea is that you stop paying
your creditors and instead save money on your own — or with the help of a debt settlement
firm. When your creditors believe they have exhausted all options for recovering their debt,
the business negotiates a settlement with you.

The disadvantage is that while you are not paying your bills, interest continues to accrue, and
your credit score plummets. Any cost savings from the settlement may be offset by the
additional interest and attorney’s costs.

If your debt is already in collections and you have
savings or access to funds to pay a significant portion of your obligation, this alternative may
be viable. If you are unable to pay off the loan immediately, you should consider another
alternative.

3.Loan to Consolidate Debts

This is a debt reduction solution that you may undertake on your own. You’ll need to get a
personal loan from a bank and negotiate the interest rate to be lower than your credit card’s
existing rate.

Then, using the funds from your new loan, pay off all of your credit card debts.
Your debt will be combined into a single loan with a single monthly payment. This strategy
works if you have excellent credit and can get a low interest rate.

Debt in Florida

There is no question that people adore Florida now that it has air conditioning. More than 100
million visitors visit each year, and 800 individuals relocate there every day.

In 2014, Florida surpassed New York as the third most populous state in the United States,
with 19.8 million residents. It blew past New York, which had five times the population of
Florida in 1950.

Around this period, air conditioners began to emerge in large numbers. It’s no accident that
the first ice-making devices were developed by a Floridian called John Gorrie over a century
ago. The population surge began after his early technologies were completely constructed.

Sunshine, beaches, no state income tax, Mickey Mouse, and other attractions entice visitors,
resulting in a $830 billion economy. Florida is ranked No. 4 in the state rankings, but things
aren’t looking up in the Sunshine State.

The tourist sector, as well as the service economy that supports all those visitors, is mainly
based on low-paying employment.

With a per capita income of $26,582, Florida ranks 32nd in the United States. The
unemployment rate in Florida is a respectable 4.8 percent, but the labor force participation
rate is 60.3 percent, indicating almost four out of ten Floridians are unemployed.

According to the Council for Community & Economic Research, Florida has the 27th highest
average cost of living.

The state’s minimum wage of $8.05 an hour is barely over the federal
minimum wage of $7.25, and little more than 12% of the population lives in poverty.

With 17.3 percent of the population over 65 years old, the weather and cheap taxes are major
attractions for retirees. In the United States, this is ranked first. However, not everyone has
been able to retire in luxury.

The Nest Egg Index is a complicated algorithm that rates a company’s capacity to accumulate
and manage retirement savings. The average in the United States is 100.2. With a score of
97.04, Florida is ranked 35th in the country.

The average student loan debt is $24,974 at the opposite end of the age range. A home’s
typical price is $185,000, which is just $5,000 more than the national average.

According to
Realtytrac.com, one out of every 734 houses in Florida gets foreclosed on, which is the fourth
highest rate in the country.