Is there a maximum amount of credit card debt I can have?

In Florida, there is no maximum amount of credit card debt that you can have. However, the law does limit how much interest a credit card company can charge on your balance. Florida law places a maximum interest rate of 18% on most consumer credit card loans. As a result, the total amount of credit card debt you can accumulate in Florida is largely determined by your ability to pay back what you borrow. Additionally, the federal government has passed legislation that limits how much a creditor can take from you for defaulted credit card debt. It is important to remember that credit card debt can have long-lasting consequences. If you are carrying too much debt, try to pay more than the minimum payments required each month. Additionally, speak with a credit counselor or seek other debt relief options to make sure your debt does not become unmanageable. Lastly, be aware of the laws when it comes to credit card debt in Florida, so that you do not get overcharged with interest or subject to unfair practices with creditors.

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Is there a maximum amount of credit card debt I can have?

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