Study hints at tough economic situation in Florida

Americans were hit hard by the economic recession, and many Florida residents felt the effects in the housing market, the loss of jobs and the loss of revenue for the construction industry. While the national economy has hinted at a small recovery as numbers stabilize, many in Florida are still feeling the impacts of a struggling economy, as evidenced by a recent study done by Florida International University in which the outlook for the state’s economy looked bleak. Many residents who have considered personal bankruptcy may be able to relate to the results of the study.

According to the study, Florida’s unemployment rate has dropped over four percent since the worst point in 2010, but has been stagnant for three months. The unemployment rate sits at 7.1%, over a full percent higher than what is considered “healthy” for a state economy.

Poverty in the state has almost doubled in a period of four years, leaving close to a quarter of Floridians living in Poverty. The state also sits in second place for the highest number of residents under the age of 65 that lack health insurance. The study also highlighted the problem with credit card debt by pointing out that the average debt of Floridians increased by 24 percent over the last decade.

Tough economic conditions may make it hard to put food on the table and meet all the obligations the average family has. Bankruptcy may offer a fresh financial start to those who are struggling under the smothering weight of mounting debts and collection agencies.

Source: The Florida Times-Union, “Poor report card for Florida’s economy,” September 2, 2013