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Debt Consolidation in South Carolina

There is no denying that America, as a nation, is currently suffering from incredible amounts of personal debt and there was undoubtedly a period when many households became slightly too relaxed about flashing the plastic. South Carolina has actually fared a little better than the national average of $53,850 with its own state average debt of $45,756 according to USA today. While this figure may be slightly more favourable, it is still a substantial burden and one that can lead to a lot of stress and discomfort for South Carolina families and households.

The standard household income in South Carolina is $59,904, which makes the household debt a huge percentage of that income. It's understandable that many families are struggling to keep up with monthly payments and one way to ease the burden is through debt consolidation. This is the process that allows various kinds of debt to be paid off using one umbrella type loan, leaving the debtor with reduced payments and just one creditor to pay each month. Another shocking statistic concerning South Carolina is that more than 40% of those residents with a credit file have debt in collections. This means that they are significantly late on due payment with an average bill of $5,200. These bills can come from a whole variety of areas including medical bills, credit card payments, parking tickets and membership fees to name just a few.

While the amount of debt appears high at first glance, the positive slant is that it is predicted that around 70% of most personal debt in the U.S is that of mortgage. This is sometimes labelled as positive debt, as it?s the kind of debt that provides families or household with a better standard of living and encourages future growth rather than inhibits it. Slow but steady recovery from the recession is also evident in the fact that since rates of unemployment in South Carolina reached its peak of 12% in 2009 the figure has gradually been coming down year after year. Through debt consolidation, it can be possible to reduce the amount owed and speed up financial recovery.


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Debt Consolidation In The News

Euro zone to decide terms of Greek bailout exit, debt relief in June

BRUSSELS (Reuters) - Euro zone finance ministers will decide next month on all measures, including further debt relief, needed for Greece to exit its bailout successfully, their chairman said on Thursday. Greece is due to exit the rescue program - its ...

Published:  Thu, 24 May 2018 20:02:00 GMT

CFPB Obtains Default Judgment In Lawsuit Against Debt Relief Companies

The CFPB has obtained a default judgment in the lawsuit it filed in October 2017 in Maryland federal district court against two commonly-owned debt relief companies, their affiliated payment processor, and three individual principals for alleged violations ...

Published:  Thu, 24 May 2018 17:42:00 GMT

Medical debt relief letters are arriving in Utahns mailboxes

(KUTV) Imagine opening up your mailbox to learn that your debt has been wiped out! It's a reality for hundreds of Utahns all thanks to an ongoing Get Gephardt campaign aimed at paying off medical bills for pennies on the dollar. Last week we showed you how ...

Published:  Thu, 24 May 2018 15:54:00 GMT

Debt Consolidation Credit Card Debt Relief An Option For Many Today

As Economy Picks Up Speed, Americans Pick Up Pace of Unloading Personal Debt LOS ANGELES, CA, March 05, 2018 /24-7PressRelease/ -- Debt consolidation and credit card debt relief programs have become increasingly sought after and used by more Americans as ...

Published:  Mon, 05 Mar 2018 00:07:00 GMT

Euro zone to unlock new loans to Greece, working on debt relief

BRUSSELS (Reuters) - Euro zone creditors are expected to disburse new loans to Greece this month and are working on debt relief measures, the head of the bloc's finance ministers said on Monday, steps that should help underpin its economic recovery.

Published:  Mon, 12 Mar 2018 13:40:00 GMT

Pain Relief for College Students Overburdened by Loan Debt

Legislators turn their attention to problems facing student borrowers, backing bills that would keep them from being overwhelmed by loan repayments New Jersey lawmakers, who were disturbed in the last legislative session by the practices of the agency that ...

Published:  Thu, 12 Apr 2018 05:00:00 GMT

Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative

The joint IMF-World Bank comprehensive approach to debt reduction is designed to ensure that no poor country faces a debt burden it cannot manage. To date, debt reduction packages under the HIPC Initiative have been approved for 36 countries, 30 of them ...

Published:  Wed, 07 Mar 2018 16:00:00 GMT

Student Loan Debt Relief Operations Allegedly Bilked $95M From Borrowers

The federal government and 11 states have joined together to accuse 30 purported debt relief operations of using deception and false promises to swindle more than $95 million from student loan borrowers. "Operation Game of Loans" - the eyeroll-worthy ...

Published:  Fri, 13 Oct 2017 10:44:00 GMT

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