There are certain events in life that put a financial strain on New York residents' lives. Often, these events are beyond a person's control. For example, sometimes a medical issue can be so severe that even with insurance, people rack up debt and have a difficult time paying all their bills. Or, people lose their job and can no longer afford to pay their bills. Divorce is another life change that can have a financial effect. As two people learn to live separate lives, bills can go unpaid or simply be forgotten about.
Balance transfers and credit card debt
Credit card debt is a big problem for many in this country -- including New York residents. People rely on their credit cards to pay bills, for consumer spending or to pay off medical debt. On average, an American with a credit card holds a balance of at least $6,700. However, many people have much more than that. In fact, balances are particularly high this time of year after holiday spending. Some reports claim that Americans charged as much as $37 billion during the fourth quarter -- which included the holiday spending.
Business bankruptcies down in 2013
The last few years have been difficult ones for many New York residents. The economy has been shaky and jobs have been hard to come by. Many people have been left dealing with a large amount of debt that they just can't seem to pay back. New York businesses have not been immune from the hardships of the so-called Great Recession either. Many have piled up large amounts of debt as they have tried to make ends meet until the economy turned around.
Steady decrease in bankruptcy filings in some New York cities
Residents of New York understand that debt can be a major pitfall in life. In an attempt to get their life back on track, some have decided that filing for personal bankruptcy would be their best bet. For some, this is their opportunity for a fresh start, while for others debt reconstruction is their only option. Paying off debts can be a difficult task when a person is unemployed or underemployed. This is why it is important that debtors understand their rights and options in these situations.
Reducing credit card debt in the New Year
Residents of New York have several things they hope for in the New Year. Some have aspirations of love, more family time and even a new career. One thing that most Americans would like is less debt and more control over their finances. When someone is dealing with financial difficulties, it is often an issue that affects other components of their life. By getting their debts under control, debt reduction could be achieved.
