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Credit card debt becomes an issue around the holidays

As the 2014 fiscal year comes to a close with the onset of the holiday season, Americans across the nation seem to be exacerbating their debt issues. It may come as a surprise to South Carolina residents that credit card debt typically jumps up at this time of year, but in a year underscored by serious debt, this could be dangerous ground for American families. Thankfully, those laboring under unendurable debt have options open to them, from consolidation to bankruptcy.

According to recent studies, it appears that the lessons hard-learned by the post-recession world of 2013 have been forgotten as of this year. CardHub reports that end-of-year credit card debt has spiked an astonishing 55 percent over last year's numbers. As of this writing, it seems that Americans will have racked up an additional $60 billion in brand-new credit debt by the end of this year. 

However, this is not entirely due to the "generous" tone of the holiday season. Issues like underemployment and unemployment, not to mention lengthening wage gaps, are forcing many American families to shore up household necessities like food and medical expenses. In fact, 18 percent of polled Americans now presume they will never be able to pay off their accrued debt. 

Thankfully, for South Carolina residents who count themselves among that 18 percent, options are available to address credit card debt that seems insurmountable. Services exist to help individuals and families address their debt issues to determine what the best course of action will be. Many times, Chapter 7 bankruptcy can be instrumental in paying down or otherwise forgiving existing debt, allowing Americans to get back on the right fiscal path. 

Source: New York Post, "Credit card debt surges as the year comes to a close", Catherine Curan, Dec. 14, 2014

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Reed Law Firm, P.A.
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Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
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Florence, SC 29501

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