As we approach 2025, credit card debt is projected to reach unprecedented levels, particularly in Florida, which is struggling with a staggering delinquency rate of 14.4%. The National Retail Federation reports that holiday spending surged toward a trillion dollars last year, contributing to this financial strain. The situation is even grimmer in southern states like Georgia, Alabama, and Mississippi, where delinquency rates are alarmingly high, exceeding 16%. Financial expert Sherron Permashwar, known as The Modern Savvy CPA, emphasizes the importance of tracking expenses meticulously. She suggests that individuals should document every expenditure, no matter how small, to gain insight into their spending habits. This awareness can empower them to make informed decisions about cutting unnecessary costs. Additionally, Permashwar recommends making weekly payments on credit cards to mitigate accruing interest, helping consumers regain control over their financial situation and avoid falling deeper into debt.
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