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Credit card debt does not need to mean a bad credit score

Nearly everyone carries some kind of debt in the modern era. It is well-known to South Carolina residents that credit card debt is one of the most common types of debt out there, and very difficult to expunge. Thankfully, many options are available for individuals struggling with a high level of credit card debt, including financial strategies, debt consolidation and bankruptcy.

Keeping on top of a credit score is a good way to start planning a debt reduction strategy. A credit score can be influenced by a number of factors, including late or missed payments and maxed cards. In some cases, it is a good idea to look at ways of improving a credit score in the short term in order to allow for more positive growth in the future.

Asking for a higher limit on a credit card can improve the "credit card utilization rate," which dictates part of how a credit score is calculated. The more available and unused credit a card has, the better the score. Opening a second line of credit can also be helpful, as it improves a credit portfolio and increases the number of on-time payments associated with a credit account.

Credit card debt can be a heavy burden for a South Carolina family to bear. With interest rates at an all-time high, the future can seem bleak if the debt can't be brought under control. Residents struggling with out-of-control debt might benefit from considering the above strategies, and learning more about additional options like consolidation and bankruptcy.

Source: money.usnews.com, "Do These 3 Things to Improve Your Credit Health", Bethy Hardeman, April 10, 2014

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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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