The cost of health care is rising at a steady pace and is creating havoc for many South Carolina families. Unlike credit card debt, medical debt is usually accumulated from unforeseen illnesses or accidents. Whatever the case may be, tackling the debt head on may help lessen the burden on families and help them regain control of their finances.
The burden of medical debt
Credit card debt continues to burden many
Deep into the first month of the New Year, you may be pausing to see how your resolutions are coming along. Have you joined the gym yet? Is that closet organized? Are you connected with old friends? How about your finances?
Exempt property makes bankruptcy easier in South Carolina
Consumers overwhelmed by insurmountable debt often understand that bankruptcy is the most appropriate option for securing a better financial future, but many are hesitant to take the necessary steps for filing. People in South Carolina often worry that they will lose everything when seeking bankruptcy protections, and fear that they will be in an even worse position afterward. However, it is possible to keep certain exempt property during bankruptcy.
Average South Carolina consumer probably has more credit cards
The credit card market is growing, which could be a sign that the economy is more or less recovered from the Great Recession. Unfortunately, experts point out that delinquency rates are also up. Most South Carolina consumers try to use their credit cards as responsibly as possible, but with interest rates, these financial tools can quickly spiral out of control, complicating some people's already unstable financial matters.
In South Carolina, bankruptcy can lead to better financial future
The word "bankruptcy" is scary for many people. Pursuing bankruptcy is often unfairly perceived as an admittance of failure rather than the invaluable process that it can truly be. Those in South Carolina who are drowning in debt can utilize bankruptcy to create a better, more secure financial future for themselves.
