In South Carolina, when one files a personal bankruptcy, one of the benefits available is that a secured loan transaction can be erased simply by returning the collateral that stands as security for the loan. Thus, surrendering a car will put to rest the creditor's claims. There may be a deficiency amount that the creditor will claim, but in a Chapter 7 straight bankruptcy, the bankruptcy attorney will see to it that any deficiency will be discharged as an unsecured debt.
Credit card debt can put a damper on anyone's finances. For many people, credit cards are sometimes utilized to purchase necessary items before payday. With continued use, however, consumers may overuse their cards while incurring high interest rates that their credit card companies charge. For many, paying off this debt is a top priority; therefore, South Carolina residents are advised to understand their options when settling credit card debt.
For as much joy as the holiday season can bring, for many families, the end of the year can harbor something much darker -- debt. Consumer debt tends to rise drastically around the end of the year as South Carolina families attempt to handle all of the end-of-year obligations. For many people, even moderate credit card debt can lead to years of financial insecurity.
Popular media often portrays credit card debt as the result of irresponsible spending and splurging. This can leave many people feeling alone and isolated in their debt when they have to use credit cards for necessities. Consequently, it can be incredibly difficult for South Carolina debtors who have trouble surmounting monthly balances.
Credit cards often seem like a lifeline when people in South Carolina have trouble making ends meet. While lines of credit can be invaluable tools for building a credit report or making sure there is food on the table, they can also impose a heavy burden. As household debt recently hit a record high, some economists worry that more consumers might be struggling with staggering monthly bills.
Many households in South Carolina and around the country use credit cards as part of their overall financial resources. If used properly, they can be a valuable tool in a family's budget. However, many consumers accumulate a large amount of credit card debt by paying only the minimum due each month. Unfortunately, unless action is taken to break this cycle, the debt will continue to grow. Financial experts suggest several tactics for reducing or eliminating credit card debt.
Having a credit card in one's wallet may provide a sense of security. What if one has an emergency, runs short of cash or comes across an unbeatable bargain? However, according to new data from the Federal Reserve, many in South Carolina and across the country may be placing themselves in financial jeopardy by carrying a high balance on those credit cards.
Most people have heard the advice that it is best to pay off any credit card balance monthly. However, for those who must use their cards regularly for household expenses or are maxed out because of an emergency, that may be an impossible task. Those in South Carolina dealing with multiple credit cards with high balances and outrageous interest may already know they are in trouble, but for those who are uncertain, financial advisors warn of these indicators.
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.
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.