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South Carolina credit card debt: Cancel Christmas?

Credit card debt and Christmas can be synonymous for South Carolina residents. With the allure of great deals and the pressures of finding the perfect gift, many shoppers can get caught up in the moment, but then receive the shock of their lives once they open their credit card statements. Recent reports show that many Americans are well on their way to incurring new credit card debt this year because from July to September the average credit card debt per borrower has increased by almost five percent.

One surprising thought also came out of the report. Out of the people surveyed, 45 percent wished they could skip right over Christmas because of financial concerns. Although this will likely never happen, it does show Americans are well aware of the pressures upon them to spend more than normal during the holidays.

Retailers are one of the worst instigators of the holiday spending sprees. With the increase of Black Friday sales that are slowly creeping into the Thanksgiving holidays, it can be difficult to pass up some of the lower prices that occur during this time. However, showing some restraint can help consumers avoid the mires of credit card debt. At about the same time last year, 14 million Americans stated they were still trying to pay off the Christmas before. With the new numbers being reported, it is likely many will be in that same position this year.

Avoiding credit card debt around the holidays can be difficult. For South Carolina consumers buried under mounds of debt and who don't see a way out, bankruptcy may be a viable option. This can allow people to discharge many of their debts and find a huge weight of debt lifted from their shoulders. Filing for bankruptcy can allow people to get back on their feet and hopefully avoid the future allure of serious debt.

Source: Deseret News, "In our opinion: Christmas credit card debt a tradition we could do without," Nov. 26, 2012

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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
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Florence, SC 29501

Phone: 843-679-0077
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