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Speeding up credit card payoff

Many people in South Carolina struggle with credit card debt. These are often responsible consumers who have had bad luck and are unable to keep up with their payments. Unfortunately, missing credit card payments often makes it very difficult to get caught up, as card companies add interest and fees to the original principal and this compounds over time.

People who have credit card debt can sometimes address the problem by negotiating with their credit card company. A customer who isn't yet late on payments may be able to persuade the credit card company to move the bill due date to one that is more convenient. Another option is to speak to a customer service representative and ask if fees can be waived or if the credit card company can reduce the customer's interest rate.

Efforts to curb or reduce credit card debt doesn't always work, however. One reason is that the credit card company may be unwilling to work with somebody who has a poor payment history. In such cases, the situation may worsen as the ccompany begins to report delinquencies to the credit bureaus. This damages the customer's credit and, in some cases, can trigger higher interest rates on other credit cards.

Another alternative has nothing to do with making requests of the issuer. When the credit card debt becomes overwhelming, filing for bankruptcy may be a viable alternative. Under Chapter 7, a debtor's non-exempt assets are sold by the trustee with the proceeds going to creditors. There is usually quite a bit of debt that remains, and the balance of most unsecured debt will be discharged. An attorney can assist in determining if this would be a good choice.

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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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