From the Bradenton Herald we have a report on how at least the state is better managing its debt.
Florida's state debt has dropped 3 years in a row, now down to 24.6 Billion.
As debt collection attorneys in Tallahassee, we wish we could see some of the debtors we see struggling with debt follow the example of the state.
The main ways the the state has managed to get its debt under control, according to this article is
1. Refinance expensive debt with lower interest debt.
2. In the face of declining revenues, spend less on projects that you have trouble getting debt for.
If a reputiable creditor won't extend you debt its probably not a good idea to hunt for someone that will. The example the article uses is that the sate was unable to borrow money for its school construction fund due to declining revenue, therefore, it did not borrow, and the overall debt has declined.
Some things, for a state, or a company, or an individual, simply have to wait for us to continue to pull out of this recession and get back on solid footing.
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