According to CreditKarma.com, South Floridians reduced their credit card debt in November by 13.5 percent from a year earlier. The balance on the average credit card in Broward, Palm Beach and Miami-Dade counties fell to $4,552, down from $5,264 in November 2012, CreditKarma.com reported.
Other debt balances, including mortgage debt fell from $191,970 to $184,061. Student loan balances also declined 2 percent from a year ago. The average student loan balance was $30,768 in November, a $752 drop from the $31,520 balance 12 months earlier.
Auto loan debt increased in South Florida, up $923 from a year ago. New car sales have also increased as the economy continues to improve. According to CreditKarma.com’s CEO, South Floridians are taking out more car loans because lenders are offering these to consumers with modest credit ratings. Some car dealerships are even offering 0 percent loans, making these type loans good to have.
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.