Credit cards make it easy to acquire both wanted and needed items. While it may still be a few days until payday, the South Carolina resident can simply stop by the grocery store and stock up by charging items on the credit card. Additionally, rather than waiting until funds are available, one can go ahead and purchase a new outfit or other desired item. These may seem like small things, but over time, the South Carolina consumer can find him or herself with more debt than can easily be handled.
In some cases, individuals find themselves in credit card debt due to overspending and not paying attention to the family budget. In other cases, the individual’s financial picture suddenly changes due to the loss of a job or divorce. Others find it necessary to use credit cards to pay for medical expenses. Regardless of the reason behind the credit card debt, the outcome is still the same.
One of the first signs of trouble is when the individual is able to make only the minimum monthly payments on the accounts. When this is no longer possible, the individual is faced with collection calls and the inability to get out from under this debt. At this point, credit cards have become more of a burden than a convenience. In fact, credit card debt in the United States has reached its highest level in over 10 years. The typical family now carries a credit card balance exceeding $8,000.
Many South Carolina families have discovered that credit card debt can have a negative impact on the family. At the point when this debt becomes too much to handle, it is time to take action. Experienced legal counsel can assist in determining which options are appropriate in a given situation.
Source: ABC News, “Credit card debt surpasses $1 trillion in the US for first time”, Nataly Pak, March 16, 2018