Resolvly on South Floridians and Debt Resolution Companies

As outstanding personal debt obligations continue to grow, South Floridians are increasingly looking for strategies to limit the many negative consequences associated with unmanageable personal debt. According to recent statistical analyses, the average citizen residing in Miami-Dade or Broward County holds upwards of $30,000 in personal debt. This level of personal debt affects the local economy in a myriad of ways, some of which are much more obvious than others.

Whether the personal debt comes in the form of credit cards, student loans, automobile payments, or outstanding bills, economists have long studied the adverse economic impact accompanying substantial personal debt obligations. Due to chronic stress, anxiety, and uncertainty, employee productivity dramatically declines while consumer spending tightens.

Since the economic effect of widespread personal debt reaches even those with no debt obligations to speak of, perhaps it is not all that surprising that many employers and other third-party organizations have taken action to address the issue. While Resolvly, a debt resolution company based in Boca Raton, Florida, notes that there is evidence of a nationwide uptick in third-party involvement, the level of activity in the South Florida area has been noticeably greater.

South Floridians, of course, recently endured a devastating hurricane season that caused a tremendous amount of damage. As Resolvly points out, the economic cost of the recent hurricane season is difficult to calculate even now, but there is no doubt that many South Floridians took on even more debt in an effort to prepare for, and then recover from, one of the most powerful storms to ever strike the region.

Many employers throughout the region have acted with compassion and empathy, recognizing the difficult circumstances their employees are facing. South Florida companies have drawn on a variety of strategies to reduce the economic burden of their employees, with many companies using whatever resources available to them to offset the debt accumulated during the lead-up to, and aftermath of, the most recent hurricane season.

A number of South Florida companies have since implemented informational training sessions and seminars designed to educate employees about the many different strategies available for managing outstanding personal debt obligations. Employees not only learn critical skills for dealing with their personal debt during their sessions and seminars; they also have the opportunity to connect with third-party organizations in the community as well as those that specialize in debt resolution.

While the personal debt obligations held by South Floridians has continued to grow in recent years, there is ample reason for optimism among residents. Recent economic analyses reveal that even though the debt held by South Floridians approaches $30,000 on average, a breakdown of the total shows that area residents have taken on debt in a much more responsible manner compared to their peers on the national level.

With increasing evidence of responsible financial behavior, most experts predict the current level of personal debt held by South Floridians to sharply decline in the near future.