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Debt often comes with a divorce

South Carolina residents who have never had debt problems before could suddenly find themselves facing trouble when going through a divorce. If one partner does not work or makes less money, paying for fees associated with dissolving a marriage and living expenses when down one salary can be difficult. This is why one could start incurring serious credit card debt.

Unfortunately, some women do not have credit established in their own name. This can make life after divorce especially challenging for some, so it is important to start establishing credit while in the planning stages of a divorce. This includes finding out one's existing credit score.

A spouse who makes less money may have some help after dividing property and assets, but couples without a prenuptial agreement must also assign any debt that exists. One should figure out what is in his or her name and one's credit score. If credit card debt already exists, a couple could consider splitting the responsibility when paying for multiple cards. Instead of putting every expense on a credit card, one might want to consider loans, which can end up being less expensive. Peer to peer lending platforms could be for some people a better option than bank loans and credit card debt, and more people have started using this model since the financial crisis.

Finding a job and supporting oneself or children is often tough if an ex-spouse has not worked while being married and raising a family. If credit card debt becomes unmanageable after a divorce or for other reasons, there are options that can provide relief from worries and creditors. A attorney who has experience in bankruptcy law can discuss how in some cases filing can put at least a temporary halt to collection activities and creditor harassment.

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The Huggins Law Firm, PA

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1812 Lincoln Street
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Columbia, SC 29201

Phone: 803-764-1558
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