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.
Recent reports stated that by the end of this year, consumer debt in the United states could reach $1 trillion. If so, this amount would be the highest it has ever been. Accumulating debt is an issue that stretches across the country, and the average household reportedly has over $9,500 in credit card debt. When individuals struggle to repay debt, the ongoing balances also take on interest, which is often at high rates.
If individuals only make minimum payments on thousands of dollars of debt, it could take upwards of a decade to pay off their balances. In addition, individuals could also end up paying thousands more due to the added interest. If a payment is missed, individuals could be negatively affected for some time, and their credit scores could lower.
Rather than feeling trapped by monthly payments and high interest rates, individuals may wish to consider debt relief options. Bankruptcy is an avenue that could prove immensely beneficial for qualifying individuals by allowing them to more easily pay back debt or have it discharged entirely. This route could also take considerably less time than attempting to pay off balances on one’s own. If South Carolina residents are interested in this type of option, they may wish to gain more information from available sources.
Source: wisebread.com, “6 Scary Facts About Credit Card Debt”, Dan Rafter, Sept. 21, 2016