CredAbility, a non-profit credit counseling agency, conducted a study of 25 metro areas in the United States to determine the financial standings of major cities across the country. According to the study, Palm Beach, Broward, and Miami-Dade counties ranked highest in overall consumer credit card delinquencies. South Florida also ranked fourth of the 25 metro areas with the highest number of bankruptcy filings during the first quarter of 2012.
Much of the credit problems in South Florida can be attributed to lenders handing out credit cards to freely during the recession. Many South Floridians used their credit cards as spending money as they suffered pay cuts and job losses. Over time lenders began taking steps to hold borrowers to higher standards and not lending out money as freely as before. The financial problems for many South Floridians are not expected to ease up until the job market becomes more secure, which could take a couple more years.
To read more on this story visit: http://www.sun-sentinel.com/business/fl-worst-credit-rating-20120515,0,2146740.story?track=rss
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.
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