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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

Betsy Devos Sued Again Over Delays In Student Debt Relief

Secretary of Education Betsy DeVos was hit with another lawsuit Tuesday claiming she failed to cancel student debt owed by people whose for-profit colleges have been shut down. The new lawsuit ...

Published:  Tue, 13 Nov 2018 13:37:00 GMT

Borrowers Face Hazy Path as Program to Forgive Student Loans Stalls Under Betsy DeVos

The relief program, called borrower defense, became a popular way for students to seek debt forgiveness after several major for-profit schools went bust in recent years. During the Obama administratio...

Published:  Mon, 12 Nov 2018 19:24:00 GMT

Lawsuit seeks to force Betsy DeVos to cancel defrauded students' loans

The lawsuit states DeVos hasn't implemented the protections since the ruling, preventing elligible borrowers who attended school on about 1,400 campuses between November 2013 and November 2015 from re...

Published:  Tue, 13 Nov 2018 17:16:00 GMT

Vermont's Attorney General Warns of Student Loan Scams

T.J. Donovan said Tuesday that his office, and colleagues around the country, have been hearing from borrowers who thought they were dealing with debt relief companies or paperwork completion provider...

Published:  Tue, 13 Nov 2018 18:49:00 GMT

Jim Ross: Bank consolidation boosts local lending power

"It makes us competitive on deals we couldn't do before WesBanco. In fact, we've approved a loan that's more than triple our previous legal lending limit," said Geoff Sheils, Huntington market preside...

Published:  Tue, 13 Nov 2018 21:42:00 GMT

DeVos sued for allegedly failing to comply with judge's order to cancel student debt

Last month a court ruled that the Obama-era debt regulations had to be implemented after over ... the Department of Education seems determined to deny student borrowers the financial relief to which t...

Published:  Tue, 13 Nov 2018 22:30:00 GMT

DeVos Sued For Continuing To Collect Loans From Defrauded Students

In October, a federal judge ruled that an Obama-era student loan relief program should go into effect immediately. But a group of advocates in California claim that rule has yet to be implemented. The ...

Published:  Tue, 13 Nov 2018 22:50:00 GMT

Defunct UT Bank sues Woyome over GHC 9.4m debt

In the case of CDH Holding, the Receivers want to recover an alleged debt of ¢100 million from that holding company ... An order for payment of Interest on the sum of GH¢9,461,505.81 referred to in re...

Published:  Wed, 14 Nov 2018 02:33:00 GMT

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