Florida is the southernmost region in the United States (continental part – Hawaii is the most southern state). It is the 3rd most populated and 8th most densely populated state in the country. It is soaking up jobs from politically correct northeast cities and it just a powerhouse in the tourism industry.
With its favorable climatic conditions, subtropical environs and places such as the spectacular Everglades National Park, Florida enjoys a thriving tourism sector, attracting visitors from all over the world. The state’s economy also relies on agriculture, winter harvest, amusement parks and transportation sector, which was developed in the late 19th century.
As of 2016, the GDP of Florida was $926 billion, making it the fourth largest economy in United States and unlike California, it has a middle class and does not lead the country in poverty like that west coast state does. The economic development of the state is driven by various sectors including construction, healthcare, aerospace, commercial space, international banking etc.
State’s unemployment rate sits at abysmal 11.5% and per capita personal income at $39,563. Florida is one of the seven states in the country that does not enforce personal income tax. The state has a high-credit card debt and second-highest credit card delinquency rate.
Personal Loan for Credit Card Debts
With unprecedented growth in credit card delinquency in Florida, many people seek help from personal loans to pay off their debts. High interest rates and low employment has been the leading cause of Floridians depending on their credit card to manage household expenses.
However, it is now time to come out of the vicious circle of credit card debt and live a life of freedom. Debt consolidation loan offered via personal loans can help you restructure your finances and manage outstanding bills. By utilizing personal loans to pay off credit card debts, you can enjoy lower interest rate and repayment plan that suits your monthly budget. You can also benefit from lower APR on your loan than what you are paying on your current debt.
According to analysts, despite an unemployment that is not as amazing as it could be and a higher bankruptcy rate than some people would like (nonetheless, it is a powerful state is doing much better in job creation and business growth than New York, Maryland, and so on), the state economy is expected to hit a $1 trillion mark in 2018.
The tourism sector will continue to grow steadily, infusing confidence in its people to consider paying off their ongoing credit-card debts with the help of a personal loan. If your debt is spread across multiple credit cards, consider merging your financial liability into one so that you have a single payment to make.
Best Banks for Personal Loans in Florida
Getting a personal loan won’t be a hassle with these six banks in Florida:
Florida Community Bank
Offering one of the most comprehensive lists of finance-related services, Florida Community Bank never fails to impress customers with their highly-rated services.
Citizens First Bank
While their APY for their savings accounts is pretty low, Citizens First Bank more than makes up for it with competitive rates for personal loans and other loan products.
Having been in the business for 90 years, Seacoast Bank boasts a lot of convenient banking features and waivable fees. You can also get a 0.25 percent interest discount on your loans should you meet certain qualifications.
CenterState Bank is your go-to bank when you want everything done in one place. Aside from loans and debit accounts, they also offer insurance and investment services.
A formidable institution in Florida, Mercantil Bank wants banking to be a breeze for you with their text and email notifications and their autopay feature.
Stonegate Bank offers a wide array of services from personal loans to IRAs. They are known for their low-interest rates and high-yield savings account.
Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.