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Eliminating credit card debt in South Carolina

According to the Federal Reserve Bank of New York, credit card debt rose to $700 billion last year, and as of June, total revolving debt reached $906.5 billion. A slow but steady increase in the amount of debt indicates that people are using credit cards without paying them off more frequently, although the percentage of American households with outstanding credit card debt dropped by 10 percentage points from June of 2009, when it was at 44 percent.

Pulling data from Experian, CreditCards.com determined that the average credit card balance in 2014, which was $4,410, would take the average working person 13 months to pay off. Eliminating this debt would also cost them $327 in interest charges. Payment times were calculated assuming that 15 percent of median earnings went to eliminating card debt.

However, it's important to note that due to income and cost of living differences, areas with higher average debt may actually have an easier time paying it off. In Washington, D.C., the average outstanding balance per card is $5,046 per card, but since the area also has the highest median income in the country, it actually has the third lowest debt burden of all of the major metro areas studied.

The longer that it takes for someone to pay off credit card debt, the more expensive it can be to do so due to the accumulation of interest and, in some cases, late fees and other added charges. When people find themselves unable to make progress paying off their debts, filing for bankruptcy may be an answer. However, there are eligibility and other requirements that an attorney can explain when discussing the various debt relief alternatives that may be available.

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The Huggins Law Firm, PA

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