Reed Law Firm, P.A. is a federally designated debt relief agency. We proudly help people file for bankruptcy relief under the U.S. Bankruptcy Code.
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Giving You Hope For a Debt-Free Future

SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Consolidation can help ease credit card debt

There are a variety of types of debt an American can carry, some good, and some bad. By far the most troublesome for many South Carolina residents is credit card debt -- high interest rates and the constant temptation to use plastic can be a dangerous combination for some. Thankfully, there are many strategies available to help counter the effects of bad debt and get back on the right financial track, including bankruptcy filing and consolidation.

Typically, consolidation begins with finding a card onto which all outstanding balances can be moved. This can be done by utilizing a balance transfer card, a low interest card, or an existing card already in your name. Which card is chosen depends upon several factors.

A balance transfer card can be helpful if one can be located that does not require a balance transfer fee. These fees are typically applied when transferring individual balances, though some cards exist that waive these fees. A low interest card is also useful, though qualification for such a card requires a credit check, and a poor credit score can limit access to such cards. Finally, using a card already in your name can allow you to skip the credit check and the balance transfer fees, but it must have enough credit to accommodate all the debt you wish to move over.

It is not always possible for a South Carolina resident to avoid credit card debt, but it is possible to deal with such debt in expedient ways. While balance transferring and consolidation can be useful, it is also helpful to keep all your options open. A bankruptcy filing can help to consolidate debt and even erase some existing debt, depending on the nature of the money owed.

Source: lowcards.com, "What Is the Best Way to Consolidate Credit Cards?" Natalie Rutledge, July 8, 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
Columbia Law Office Map

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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