WEST PALM BEACH, Fla. — Credit card debt can feel like a bad divorce, and this year it's about to get very ugly.
Coming off the holidays, credit card debt is expected to hit record levels in 2025. According to the National Retail Federation, between November and December of last year, spending was on track to reach nearly a trillion dollars.
Adding fuel to the fire, Florida is at the top of the naughty list for not paying down credit card debt in a timely manner.
According to Upgraded Points, a website that provides information about credit cards, travel, and reward programs, Florida's delinquency rate is 14.4%.
Other southern States like Georgia (16.5%), Alabama (16.3%) and Mississippi (17.9%) have a higher delinquency rate which is defined as falling behind on a credit card payment 90 days or more.
Sherron Permashwar, who goes by The Modern Savvy CPA, advises her clients who are trying to dig out of debt to always start by tracking expenses, even those that seem minute.
"If you don't track it and you don't put it down on paper, you're not going to know what you did. You don't think what you know, you see what you know," Permashwar said.
The Modern Savvy CPA said that once people see where their money is going, they can make a conscious decision to cut their expenses. She also advises those who use a credit card to try and pay it down weekly to keep the interest from accruing.
