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Giving You Hope For a Debt-Free Future

SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Advice for South Carolina residents seeking serious debt relief

High levels of debt can make life miserable for many in South Carolina. In an effort to assist struggling consumers, the Better Business Bureau (BBB) has issued a range of debt relief tips and tactics to help consumers get control of their debt and work toward saving for their future. The issue is of concern to many across the nation, as the average household currently holds nearly $16,000 in credit card debt.

As with any major financial undertaking, the first step is a full accounting of the household financial scenario. Include all accounts, whether they are secured or unsecured debt. By taking the time to collect all of the information and compile a list of debts and assets, it becomes easier to choose a path to debt relief.

The BBB advises consumers to aggressively tackle the debt with the highest interest rate first. The majority of the monthly debt expense should be put toward that account, with lesser amounts allocated for other debts. It is important to pay at least the minimum payment on all account, in order to incur penalties and fees.

In some cases, no measure of effort will be sufficient to pay down existing levels of debt. This can be the case in South Carolina families that have experienced a job loss or unexpected illness or injury, or who have other factors that severely limit their ability to meet their financial obligations. In such cases, filing for personal bankruptcy may offer the most expedient and effective path to lasting debt relief.

Source: tylerpaper.com, "BBB offers advice to help manage credit card, loan debt," April 7, 2013

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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
Florence Law Office Map

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