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credit card debt Archives

Many in South Carolina consumed by credit card debt

Credit cards have their advantages. They are a convenient way to get the things consumers need or want when they are short of cash. People in South Carolina may use their cards for daily expenses like groceries or eating out, or they may save their available balances for vacations or back-to-school shopping. However, consumer advocates warn that carrying too much credit card debt means risking serious financial consequences.

Credit card debt help for consumers in Columbia, South Carolina

Financial advisors often warn consumers never to charge more than they can pay off right away. Though many may open credit card accounts with the intention of following that advice, it often becomes too tempting -- or necessary – to pay only the minimum amount and carry a balance. This is why millions of Americans, including many in South Carolina, are trying to manage credit card debt that has gotten out of control.

Anchoring on minimum payment prolongs credit card debt

Credit card debt is one of the most common financial burdens for people in South Carolina and across the country. In fact, statistics show that the average family carries a credit card balance of about $16,000. This may be spread over multiple cards. More startling is new research showing that many Americans may have a psychological block preventing them from paying down their debt.

Credit card debt climbing in Columbia, South Carolina and beyond

For many people, shopping is relaxing and satisfying. Even when money is tight, people in Columbia, South Carolina, walk the mall or scroll through websites looking for a good deal. This is because consumers seem to be more liberal with their credit cards than in recent years. According to a report from WalletHub, credit card debt is soon expected to pass the trillion-dollar mark.

Payday loans hurt more than they help

Money struggles are an issue for many South Carolina residents. Living paycheck to paycheck simply seems to be the norm these days. What happens, though, when funds run out before the next payday? Quite a few people tend to turn to payday loans, but in the end find that they hurt more than they help.

Emotional spending may lead to credit card debt in South Carolina

Strong emotions, whether they are excitement or stress, seem to drive Americans to overspend. Almost half the people in the country admit to emotional spending. If someone in South Carolina is low on cash, it is common for him or her to pull out the credit card and charge whatever is desired. This may make a person feel better until the credit card debt becomes overwhelming.

Reaching the limit: Credit card debt in the year ahead

If you are like most people in the country, you spend an average of about $98 a day. You may not even think about it when you pull the credit card from your wallet to make those purchases. Whether it is a new TV or dinner out, Americans are using their credit cards more freely than ever before.

How Columbia residents can avoid holiday credit card debt

With the holidays in full swing, many people are wondering how to get through the coming weeks without taking on additional debt. For those in Columbia who are concerned about their financial stability and fearful of accumulating more credit card debt, the following tips may offer some assistance. With the right blend of motivation and effort, it is possible to take control of one's finances and regain stability.

Credit card debt could cause issues for South Carolina residents

The idea of never getting out from under serious credit card debt is a fear that plagues many Americans. South Carolina residents, as well as others, may find themselves facing debt balances totaling in the thousands, and they may feel as if there is no way out. However, struggling with debt is not an issue that affects just a few, and there are options available for confronting those liabilities.

Bankruptcy may help South Carolina residents discharge debt

Many individuals may feel it is a good practice to avoid discussing finances. However, avoiding this topic could lead individuals to struggle with money problems and feel as if they are on their own. By opening the discussion, parties may realize that many individuals, South Carolina residents included, have difficulties dealing with outstanding debt. 

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Reed Law Firm, P.A.
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Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
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Reed Law Firm, P.A.
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Florence, SC 29501

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