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Credit card debt rising rapidly

In the wake of the recession that began in 2008, many Americans felt the need to "tighten their belts" and address their spending habits in a responsible way.  However, as some South Carolina residents may already be aware, the trend toward consumer spending -- and more importantly borrowing -- is on the upswing.  Credit card debt and other forms of debt are mounting, in some cases to heretofore unseen levels. 

A recent study suggests the current household debt is decreasing, down 15 percent from the pre-recession levels of 2007.  However, consumer debt -- made up predominantly of student debt, credit card debt, and auto loans -- is definitely on the rise.  According to the study, total consumer debt has reached a startling total of $3.2 trillion -- an all-time high. 

Student debt is considered to inhabit a slightly different spectrum than other forms of debt.  Called "good debt" by economists, student debt represents an investment in the future -- presumably, one will see a return on an investment in a degree or diploma.  However, goods purchased through the use of credit cards tend only to depreciate in value, even large-ticket items like vehicles. This is why credit card debt is widely considered "bad debt" by economists. 

While the growth of credit card debt nationwide is a concern, the reason South Carolina residents may accrue debt may not be the fault of poor spending decisions.  Regardless of the reason, support is available for individuals who struggle with large debt loads.  Consolidation, counseling and Chapter 7 personal bankruptcy are all available options for individuals looking to discharge or otherwise deal with their personal debt issues.  

Source: businessweek.com, "Consumer Debt Hits an All-Time High", Allison Schrager, Sept. 30, 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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Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
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