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Dealing with credit card debt

Households in South Carolina that have around $15,000 or $16,000 in credit card debt are in line with the national average, but repaying that debt still may be a heavy burden. Furthermore, average interest rates mean that if paid at the minimum, the credit card holder might end up paying twice as much back than the amount originally borrowed over a period of several decades. There are a number of strategies that consumers can use to pay down their credit card debts sooner and with less expense.

Making even small increases in the amount paid off each month can significantly add up over time. If the amount owed is on several cards, another option is to pay off the card with the highest interest rate first. A third alternative is to use a balance transfer to a card with a 0 percent interest rate.

Usually, these offers are for people who have good credit and whose debt load is proportional to their income. Credit cards with balance transfer offers can be found online or through an individual's bank. However, in some cases, even this is not sufficient for consumers who need to get their credit card debt under control.

People who are struggling to make payments may wish to consult an attorney. In some cases, based on the person's income and the amount of debt, an attorney might recommend bankruptcy as a possible course of action. People may hesitate to file for bankruptcy, believing that they will lose everything they own, but this is not necessarily the case. For example, it may be possible to keep a home and a car under some circumstances. Furthermore, while a bankruptcy stays on a person's credit report for up to 10 years, people can begin rebuilding their credit within a short time after declaring bankruptcy.

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The Huggins Law Firm, PA

Columbia Office
1812 Lincoln Street
Suite 201
Columbia, SC 29201

Phone: 803-764-1558
Fax: 803-764-1563
Columbia Bankruptcy Office

Columbia Office

Charleston Office
925-D Wappoo Road
Charleston, SC 29407

Phone: 843-509-0039
Fax: 866-481-2325
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