 With the struggling economy, many people are finding themselves deep in credit card debt. Therefore, consumers are forced to turn to debt consolidation in order to get control of their finances. However, before a person decides to consolidate their credit card debt, they need to be aware of the credit... |
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Living with debt is by no means easy. There’s the constant concern of living paycheck to paycheck and the never ending issue of covering monthly bills and living expenses. While most of us pride ourselves on being self-sufficient, it’s hard to ignore that we all sometimes live well beyond our means.... |
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| South Carolina |
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There were a lot of changes recently to the bankruptcy law that make filing a much more difficult process for South Carolina consumers. The reason for this was pretty clear: Congress, with a push from the credit card industry, felt that people were too quick to declare bankruptcy when they encountered money troubles. This being the case, they thought that it was necessary to take steps to encourage consumers to seek debt consolidation and budgeting help, and the first way to achieve this was to make bankruptcy a less attractive option. How Congress Did It A) Increase the costs associated with filing – from attorney fees to court costs to adding in expensive credit counseling sessions before and after filing, bankruptcy is a lot more expensive today because of the new law. B) Force more people into Chapter 13 bankruptcy – Under this bankruptcy type, a consumer is required to pay off part of what is owed, possibly all of it, on a debt repayment arrangement. For people who earn more than the median income in South Carolina, it his very possible that you could be forced into Chapter 13 instead of Chapter 7 bankruptcy thanks to the new laws. Featured below is South Carolina median income information as of 2006: 2-person families: 45,233 3-person families: 51,525 4-person families: 59,663 5-person families: 55,134 6-person families: 60,783 7-or-more-person families: 47,140 Feel free to learn about some of the other credit debt concerns for South Carolinans: South Carolina Consumer Credit Counseling Services South Carolina Bankruptcy Laws South Carolina Debt Collection South Carolina Bankruptcy Figures 2004: 15,280 2005: 15,352 2006: 6,047 South Carolina is a state that has one of the lowest bankruptcy rates per capita in the country, and credit card debt experts have a lot of difficulty explaining this phenomenon. After all, the unemployment and poverty rates in South Carolina are high relative to the rest of the nation. Moreover, the state does not have the same favorable debtor laws that other states enjoy. The bankruptcy rate fell even further with the implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act in October of 2005. Overall, personal bankruptcy filings fell by 60 percent in 2006, as more South Carolina consumers turned to debt management firms for help instead. |
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Credit is a useful tool and when handled responsibly allows us to obtain credit cards, loans for homes, cars and other big ticket items. The better we handle our credit, the better the terms that are offered to us from lenders including higher credit lines and lower interest rates.
If, however, a... |
The dismal economy is having an adverse effect on people around the globe with millions facing tremendous amounts of debt. For many, escaping their debt seems like a far off dream but it doesn't have to be! By applying a few simple guidelines to your spending habits, you can begin to reduce credit card... |