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October 2017 Archives

Easy tips to get out of debt

A Northwestern Mutual survey of 2,700 people over the age of 18 revealed that about 75 percent of the respondents struggled with debt. Furthermore, 40 percent said that debt was a cause of stress. The average amount of debt that they carried was $37,000 not considering mortgages. About half carried at least $25,000 in debt. Despite that, many people still make nonessential purchases that may make it harder to pay down what they currently owe.

Common errors debtors make

Data from Wallethub indicates that consumers in South Carolina and around the country may be extending themselves too far into credit card debt. With the possible of interest rates rising in the future, individuals could be paying hundreds of dollars in extra interest payments each month. One reason why Americans are in debt is because they fail to understand the root cause of it.

Older Americans carry credit card debt longer

Consumers in South Carolina and around the country charged more than they have since the early days of the Great Recession in 2016 and added $87.2 billion in credit card debt, and a study released on Sept. 11 by the personal finance website Wallethub.com predicts that total credit card obligations in the United States will surpass $1 trillion by the end of the year. Rising interest rates could make this debt expensive to pay off as another sobering study released by Creditcards.com suggests that most Americans carry revolving debt for two years or longer.

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
Map & Directions

Charleston Office