MIAMI (CBSMiami) — In Florida, the average credit card balance is a little over $5,500 and experts say we are in danger of creating more debt.

“We are going to see an explosion of credit card debt,” said Deanne Butchey, FIU’s Department of Finance Professor.

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Many folks have benefitted from stimulus money, child care money and other government packages but those safety nets are ending or have ended.

Butchey told CBSMiami, “The concern is if you had savings, if you had money from stimulus package or tax credits that was OK, but very quickly, that money is running out. So, unfortunately, people are going to be racking up that credit card debt.”

Americans owe $807 billion dollars on almost 506 million card accounts.

The median debt per American family is $2,700, while the average debt stands at $6,270. That $5,500 number for Florida debt puts us ninth in the nation.

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“We have to recognize that stimulus money has dried up. people need to finance their way of life and probably they are going to do it through credit card debt,” Butchey said.

Then there is inflation, which has jacked up prices and we are entering the holiday season, where plastic flies often online.

“The wonderful thing about Prime is you spend $10 today, and tomorrow you spend another $10, those dollars add up. Added up on your credit card where the average credit card rate—compounded daily—is 18-and-a-quarter percent, mighty stiff when you compare it to car loans and home mortgages.”

A monthly credit card balance can quickly get out of control.

“People forget credit card debt is extremely expensive,” said Butchey.

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The good news is that people are generally paying down their credit card debt and the delinquency spike some analysts feared at the beginning of the pandemic has yet to happen.