A recent WalletHub analysis paints a concerning picture for Florida’s credit card debt landscape. The state witnessed a staggering $3.1 billion increase in credit card debt during the second quarter of 2024, securing the third-highest rank nationwide for debt increases.
The average Floridian household now grapples with a credit card debt burden of $9,095. This alarming surge comes despite a national trend of slowing credit card debt growth.
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Nationwide, the increase in credit card debt during Q2 2024 was approximately $36 billion, marking a 17% decrease compared to the same period in 2023. While the total credit card debt sits at a substantial $1.28 trillion, it remains 13% below the inflation-adjusted peak observed in December 2008.
On an individual level, the average household credit card balance, after adjusting for inflation, hovers around $10,680. This figure offers some relief, being $1,991 below the peak reached in Q4 2007. However, the persistently high average credit card interest rate, currently at 22.76%, continues to strain borrowers.
Preliminary data for July 2024 reveals a mixed bag. While a new record high was set for the month in absolute terms, when adjusted for inflation, the increase in credit card debt was only 4% compared to the same month last year.
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With interest rates remaining elevated, experts advise individuals struggling with credit card debt to explore balance transfer credit cards.
Many of these cards offer 0% APR for up to 21 months, coupled with no annual fee and low balance transfer fees, providing a window of opportunity to pay down debt more aggressively.
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