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South Carolina debt relief: Consumer debt at all-time high

National statistics may be a cause of concern for consumers in South Carolina. Recent research shows that consumer debt is at an all-time high and borrowing has risen to a staggering $2.75 trillion. The Federal Reserve reported that consumers have increased borrowing by over $14 billion from October of last year to September of this year. Consumers who find themselves in serious debt may be able to seek debt relief through a variety of options such as bankruptcy.

The majority of the borrowing came from student and auto loans. Although credit card borrowing also rose by over $3 billion, usage actually has fallen off sharply since the credit crisis of 2008. Just a few short years ago, consumers had over $1 trillion in credit card debt. On the other hand, student loan debt and auto loans have risen by 22 percent over the last four years. These numbers are likely due to job loss and Americans choosing to go back to school.

Economists are hopeful that consumer spending will soon increase because spending drives about 70 percent of the economy's activity. Many consumers appear hesitant to continue spending money because of the news about the looming fiscal cliff. Tax increases and spending cuts could soon affect Americans if Congress and the current presidential administration fail to come to a budget agreement soon.

South Carolina consumers overwhelmed by financial problems may want to look into debt relive through the option of bankruptcy. With the holidays looming and the temptation to use credit cards or loans to get through these expensive times, consumers can unwittingly find themselves in debt. Consumers in this situation who are seeking debt relief may want to research their options and find the route that best suits their financial situation.

Source: Ctpost.com, "US consumer borrowing rises to record $2.75T," Martin Crutsinger, Dec. 7, 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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Reed Law Firm, P.A.
1807 West Evans Street,
Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
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