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Credit card debt is on the rise

Many people in South Carolina rely on their credit cards for both everyday and major purchases. Consumers often use them as a way of conveniently making purchases online and in stores without having to bother with managing cash. While credit cards definitely have their advantages, they can lead to unmanageable debt for some people.

When the markets crashed in 2008, many people struggled to rebuild their financial lives. As a result, they became very cautious about going into debt. However, a recent report reveals that consumer credit card debt is now over $1 trillion in the United States. While some financial experts interpret this figure as a sign of consumers being in good financial shape, other analysts have indicated that some people are still mindful of the recent recession and reluctant to overspend.

While plenty of individuals are capable of managing their credit card bills, this is not the case for everyone, particularly those who are struggling with unemployment. In addition to their financial challenges, these people often have to deal with creditor harassment and possible damage to their credit histories. Over time, the situation can escalate, making it very difficult for an individual or couple to get out of debt.

Bankruptcy is an effective method for resolving a high level of credit card debt. In many cases, it is possible to file for someone to file bankruptcy and still keep his or her home, car and other possessions. This option can also help people get a financial fresh start, allowing individuals and couples to rebuild their credit, finances and lives.

Anyone who is considering bankruptcy may benefit from speaking with an experienced bankruptcy attorney. The lawyer may be able to review the client's situation and make recommendations regarding the available debt relief options, including Chapter 7 and Chapter 13 bankruptcies.

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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
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925-D Wappoo Road
Charleston, SC 29407

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