It is not unusual for individuals to have a modicum of debt accumulated. However, for some South Carolina residents, credit card debt could be a serious concern and cause them to face substantial financial troubles. In such cases, individuals may wish to look into debt relief options that could potentially help their cases. More individuals may be facing overwhelming debt according to recent reports.
Those reports indicated that the level of household credit card debt was the highest it has been since 2009. It was also reported that by the end of last year, revolving debt — such as debt from credit cards and other personal lines of credit — had increased to $936 billion. That was a $6 billion increase just from November to December of 2015.
It was also noted that individuals who may not have considerable net worth are, on average, affected more by the debt situation. Reportedly, individuals with few assets are often those in the worst financial situations and may only be able to make the minimum payments on credit card balances, many of which have high interest rates. As a result, it was reported on average that these individuals could be facing more than $10,000 in credit card debt alone.
If South Carolina residents are in a position where they feel they may not be able to get out from under considerable credit card debt, they may wish to consider their options. Information on bankruptcy and other avenues for debt relief could help them find the path that may best suit their particular cases. Additionally, discussing their situations with experienced bankruptcy attorneys may allow them to gain personalize insight regarding their potential outcomes.
Source: New York Post, “Credit debt at its highest since the 2009 recession”, Gregory Bresiger, Feb. 27, 2016