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Credit card debt can be dealt with a variety of ways

There are many types of debt an individual can accrue over a lifetime. Some financial obligations are considered "good debt," like mortgages and other loans, while other types are widely regarded as "bad debt" -- most notably, credit card debt. Thankfully, South Carolina residents have a variety of options available to them for dealing with this problematic type of debt.

When credit card debt is still in its nascent stages, before the situation becomes out of control, carefully planning out purchases is a good way to keep debt under wraps. Spreading large purchases out across several cards can help to keep from maxing out an individual card, which can be damaging to credit scores. Additionally, transferring a balance from one card to another with a lower interest rate can help individuals pay down debt more effectively.

Getting into the habit of paying more than the minimum amount can also be helpful, though it can be a slow way to address debt. Additionally, if spending habits are not addressed and dialed back to an appropriate level, all the payments in the world will not help to chip away at debt. Ultimately, while there are a variety of ways to deal with debt reduction, it is extremely important to understand how and why the debt is being created to begin with.

Of course, not every South Carolina resident dealing with credit card debt is doing so voluntarily. Situations arise that require funds not otherwise available, and debt is the outcome. In cases where debt becomes unmanageable, it is possible to see at least some outstanding debts forgiven through filing for Chapter 7 bankruptcy.

Source: mainstreet.com, "Why You Don't Want to Max Out Your Credit Card (and How Not To)", Bill Hardekopf, Sept. 2, 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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