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Florida residents struggling more than most with debt
By Oscar Monfort on Sep 1st, 2010
Since the 2008 recession, Americans have shifted their focus to rebuilding their savings and paying down their credit card debt. The Associated Press recently reported that the delinquency rate in the U.S. had dropped to its lowest point in eight years. But even though the national average is hovering around 1 percent, not all residents across the country have begun to iron out their financial situations.
Tampa Bay Online reports that the delinquency rate in Florida is slightly above the national average, close to 1.24 percent. This is just one of the many states with notably higher numbers of citizens still swimming in debt. Many are still concentrated on lowering their debt, but they are using their savings to do so.
"They are taking their savings that could be used for a rainy day and paying off their credit," credit repair expert William Lewis told Tampa Bay Online. "They're not making anything on saving accounts."
Florida residents and other borrowers across the country can consider consolidation to relieve their monthly payments. By combining debt and taking out a larger loan with a low interest rate, consumers can reduce their expenses.
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