HILLSBOROUGH COUNTY, Fla. — A new report from WalletHub reveals Florida is facing a serious issue with credit card debt. That report shows the Sunshine State now ranks as the second most financially distressed state in the country.
As part of our Price of Paradise series, we are committed to helping you navigate the high cost of living here in Florida. Many families in our area told us they are overwhelmed.
ABC Action news spoke to Brandy Lynn Culpo, a single working mother trying to keep up with bills.
WATCH full report by Keely McCormick
“Mortgage or rent, electric, water, internet, phone, and especially if you have children, you cannot live without those,” Culpo said.
She has five children and works long hours cleaning rental homes across the Tampa Bay area. She said some months, the money just does not stretch far enough.
“The rise in cost and necessities, but not the rise in pay, it is a struggle sometimes,” Culpo said.
She is not alone. WalletHub's latest report shows Floridians are under financial strain. Chris Lupo with Wallethub said several factors go into that ranking, one of which is credit card debt.
“People are relying more on their credit cards for everyday expenses, not realizing the average interest rate on a credit card is 22 to 23 percent,” Lupo said.
That is true for Culpo as well.
“If you fall short on your check and your electric bill is 40 or 50 dollars over budget, you look to your credit card. Eventually, it stacks up,” Culpo said.
Once it does stack up, she said it's hard to dig yourself out. Lupo said it takes careful budgeting to do so.
“Cut out the non-essentials and things adding to your debt…. Put all bonus money towards your debt," Lupo said.
If you are struggling to pay down debt or even build a budget, you are not alone. There are free resources to help you navigate. The University of Florida IFAS Extension provides free one-on-one financial help through a program called Master Money Mentors.
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