2023 saw Americans rack up more credit card debt than ever before, more than $1 trillion.
A recent survey from WalletHub found several Florida cities, including Cape Coral, at the top of the list of cities with the most unsustainable debt.
Coming in at 5th place was Cape Coral, with an estimated payoff time of 89 months, that’s nearly 7 and ½ years.
Miami topped the list, with nine years to pay off debt, and Port St. Lucie was in 4th.
“It’s a mix of inflation, the fact that student loans are coming back, and insurance rates throughout the state of Florida. It’s a confluence of all three of them and, unfortunately, it’s putting people under,” said Zach Zermay, a Consumer Protection Attorney who often represents people in deep credit card debt.
If your debt becomes overwhelming and you start receiving calls from creditors, Zermay says it’s important to document everything.
“The number one thing, treat it like you’re dealing with the police. Everything you say can and will be used against you in the court of law,” Zermay said.
The Fair Debt Collection Practices Act makes it illegal for debt collectors to harass or threaten you when trying to collect on a debt.
The Consumer Financial Protection Bureau says there are rules about how often a collector can call you and what time of day.
