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.