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FLORIDA - Florida has been ranked as the most financially stressed state in the U.S. according to a recent WalletHub report.
The state's residents are grappling with rising costs of living, high credit card debt, and stagnating wages.
WalletHub’s Financial Stress Index reveals that Florida’s position at the top is due to various factors, with credit card debt being a major contributor.
With average credit card interest rates between 22% and 23%, many Floridians rely on credit for daily expenses, which adds to their financial burden.
Experts from WalletHub suggest that reducing non-essential spending and focusing on paying down high-interest debt can help alleviate some of the financial pressure.
Chris Lupo from WalletHub emphasized the importance of budgeting and making extra payments toward outstanding debt to regain control.
Florida’s financial challenges are exacerbated by its high cost of living, which has steadily increased over the years.
Despite the strain, resources are available to those seeking help, including free financial counseling programs offered by organizations like the University of Florida’s Master Money Mentors.