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Reducing credit card debt in South Carolina

According to a report from Creditcards.com, 21 percent of those who carry credit card debt believe that they will never get out of it. That is up from 9 percent in 2013. However, there are steps that an individual can take to overcome a large debt. The first step is to create a budget, get better at tracking expenses and look for balance transfer offers whenever possible.

Those who have late payments on their record may wish to talk to their creditors about rectifying the situation. The credit card company may agree to wipe the missed payment from the cardholder's credit report or mark it as paid as agreed. This could result in an increase in a borrower's credit score that may make it easier to manage credit and overall finances.

A credit card balance transfer may enable a borrower to go from paying a penalty interest rate of 28.45 percent to zero percent interest. Borrowers should also note that balance transfers may come with a 3 percent transfer fee. That would mean paying $5,150 over 12 months to pay off a balance of $5,000 instead of $5,803 over that same period for those with a 28.45 percent rate.

Those who are struggling with credit card debt may wish to consider filing for bankruptcy. Doing so may make it possible to get that debt discharged, which means a borrower has no further obligation to repay it. In most cases, creditors may not contact a debtor while a bankruptcy case is pending. An attorney may be able to review the case to determine which type of bankruptcy may be best for a particular debtor.

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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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Charleston Office