Reed Law Firm, P.A. is a federally designated debt relief agency. We proudly help people file for bankruptcy relief under the U.S. Bankruptcy Code.
image description
Giving You Hope For a Debt-Free Future

Posts tagged "Credit card debt"

Some South Carolina residents drowning in credit card debt

According to the financial world, the American consumer is doing well. Unemployment is down, consumer spending is up and credit is readily available. While this may be good news to some South Carolina residents, it can also be a concern for others. Some residents are discovering that they are drowning in credit card debt and auto loans with no apparent way out.

Credit card debt and the typical South Carolina family

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.

More consumers able to pay off credit card debt with savings

The country is experiencing decreases in unemployment and increases in household income, both positive signs for consumers in South Carolina and elsewhere. However, many families are still struggling financially, particularly when it comes to credit card debt. Consumers in the nation have over $900 billion in credit card balances, which roughly equates to $7,300 per household. While this amount is increasing, a growing of people have adequate savings to pay off their credit cards if necessary.

Bankruptcy attorney helps clients decide issues re collateral

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.

Settling credit card debt in South Carolina

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.

Holiday spending might be problematic in South Carolina

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.

Monthly credit card balances a problem in South Carolina

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 card debt carries heavy burden in South Carolina

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.

Ways to manage credit card debt

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.

South Carolina credit card debt reaches record amounts

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.

image description

Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
Columbia Law Office Map

Reed Law Firm, P.A.
1807 West Evans Street,
Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
Florence Law Office Map

Reed office

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Subscribe to This Blog's Feed FindLaw Network