Analyzing credit card habits by state

Florida residents are likely aware that accruing too much credit card debt is not ideal. The high interest rates and charges for late payments may make it difficult to keep up with existing debt balances let alone pay them down. However, Florida is among the states that are among the worst when it comes to credit card habits according to a study from SmartAsset.

The study looked at a variety of data including credit card debt per capita as well as credit card debt as a percentage of income. Finally, it analyzed the percent of delinquent debt in a state along with its credit card utilization rate. It used data from every state except for New Jersey, New Hampshire and Delaware. Along with residents in North Carolina and Georgia, Florida residents tend to have trouble paying their credit card bills on time. Residents of Midwestern states are likely to be the most responsible with their credit card debt.

Iowa, Minnesota and Nebraska were among the states with the best credit habits according to the study. Despite its reliance on credit cards, Alaska residents were among the best when it came to paying off their debt in a timely fashion. Only 28.7 percent of payments were made late while only 5.4 percent of credit debt in the state is 90 days or more past due.

Filing for Chapter 13 bankruptcy may make it easier to pay down both secured and unsecured debt. Chapter 13 bankruptcy may allow an individual to make payments over a period of three or five years. If there are any remaining unsecured debt balances such as a credit card balance owed, some could be discharged. Bankruptcy may also put a stop to wage garnishment or postpone attempts to foreclose on or repossess property.