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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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