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Emergency funds may help to avoid excessive credit card debt

In recent times, many South Carolina residents have experienced financial hardships. It has been reported that many people have more credit card debt than savings. This can be an unhealthy financial situation. Some people have resorted to using their credit cards for emergency financial support when life confronts them with those unexpected surprises.

One means of getting one's finances back on track is to start establishing a fund for emergencies. The ideal situation is to have emergency funds equal to three months of living expenses when there is no family to support. Once there is a family, the fund should be equal to six months of living expenses. Considering some of the emergencies that may occur when one least expects it may provide motivation to start that emergency fund.

Medical emergencies can never be planned and may include expensive ambulance rides or major surgery. An emergency fund may be a safety net in case of job loss or having to relocate. When one is dependent on a reliable vehicle, major repairs may be necessary without warning. The last thing one wants to think of is losing a family member who may live in another state or even another country. Long distance travelling has become very costly.

Then there will always be a constant increase in living expenses, along with household repairs that are never expected. Working on building that fund for emergencies and reducing credit card debt may help South Carolina residents avoid getting into a state of overwhelming debt. People who are unfortunate enough to be immersed in debt may want to seek legal advice for ways to correct the situation and set about establishing a stable financial future.

Source: usnews.com, 7 Life Surprises that Require an Emergency Fund, Holly Perez, March 7, 2014

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Columbia, SC 29210

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Florence, SC 29501

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