South Carolina Debt Settlement
South Carolina Credit & Debt Statistics
South Carolina has some of the lowest average credit among states in the country with an average credit rating of 657 per taxpayer. According to the annual Experian report, South Carolinians also carry an above-average level of credit card debt with around $6,200 being owed by each taxpayer in the state.
The state of South Carolina itself carries over $15,000,000 in debt which equates to over $3,000 per capita. This makes it middle-of-the-pack when compared to other states around the country, ranking 22nd overall in the list of states that owe the least amount of debt.
Explore Your Options for Relieving Debt
Below are brief descriptions of some of the most commonly used debt relief programs in South Carolina.
1. Make minimum monthly payments until the debt is repaid
This is often the worst strategy for relieving debt that one can use. Although making minimum payments each month may suffice the creditor, this strategy is actually the longest and most costly. If you’re struggling just to make the minimum payments each month, then another form of debt relief may able to offer you help in reducing those monthly costs.
2. Debt Management or Credit Counseling in South Carolina
Credit counseling programs are a form of debt management that is often offered for free. with these programs, you make a single monthly payment to a credit counseling agency who then redistributes those funds to creditors on your behalf, ideally while lowering the interest rates applied to those debts in the process.
These types of programs can help a debtor organize their repayment strategy, but they still have to pay back the entirety of the debt and the interest that’s been accrued. Additionally, these programs can take some time to complete as they are designed to range between 3-5 years in length. For getting out of debt quickly, there may be better options for you than a debt management plan.
3. South Carolina Debt Consolidation Cards or Loans
Debt consolidation is a form of debt relief that involves taking out a larger loan with low interest and then using that extra capital to pay off other unsecured debts that have higher interest rates. This form of debt relief combines multiple debts into a single repayment for the consolidation loan which can lower the amount being paid each month and reduce the total interest that’s allowed to accrue on the debt over time.
The problem with debt consolidation is that these low-interest cards and loans can be hard to qualify for, and if the loan is not repaid during the promotional time period, then the interest returns to a high rate anyways.
4. Debt Settlement or Debt Negotiation in South Carolina
In addition to reducing interest rates, debt settlement differs from the both credit counseling or debt consolidation in the sense that it can reduce the principal debt balance as well. With a lower overall balance and lower interest rates being applied, debt settlement is generally a faster and more affordable alternative to consolidation or counseling.
5. Declare Bankruptcy in South Carolina
When creditors are past the point of negotiating a settlement deal to repay a debt, bankruptcy can be a viable options for relieving unsecured debts. Formally declaring Chapter 7 or Chapter 13 bankruptcy puts a halt to the creditor collections process. The debtor may be relieved of some or all of the debt based on which type of bankruptcy they file for, but their credit history will be seriously damages for years afterward in the process.
Learn More About the Debt Settlement Process
Debt Settlement relieves debt through negotiation with creditors. A settlement deal is worked out with creditors to repay the debt for up to 50% less than the original amount owed. This is different from simply reducing the interest rate as with Debt Consolidation and Credit Counseling, which do not affect the total debt balance.
Why Would Creditors Agree to Settle for Less?
You might be asking, why would creditors accept a reduced payment to settle a debt when they can just sue a debtor for the full amount owed? Most credit establishments are willing to settle on a heavily reduced repayment. This is because a reduced balance is a better alternative than receiving zero dollars back if the debtor files for bankruptcy. The more a creditor believes you will file for bankruptcy, the more likely they are to accept the settlement deal.
By negotiating with your creditors to bring the debt balance down, South Carolina Debt Settlement can provide one of the quickest routes to being free from unsecured debts.
Types of Debts Eligible for Settlement in South Carolina:
- Old repossessions & judgments
- Credit cards & department store cards
- Personal lines of credit & signature loans
- Private student loans in default
- Other types of unsecured debts
Types of Debts Ineligible for Settlement in South Carolina:
- Medical & hospital bills
- Credit Union debts
- Mortgage loans
- Car loans
- Federal student loans
- Other types of secured debts
South Carolina Debt Settlement Services by City
- Columbia Debt Settlement
- Charleston Debt Settlement
- North Charleston Debt Settlement
- Mount Pleasant Debt Settlement
- Rock Hill Debt Settlement
- Greenville Debt Settlement
- Summerville Debt Settlement
- Sumter Debt Settlement
- Hilton Head Island Debt Settlement
- Florence Debt Settlement
Be sure to check with your South Carolina debt counselor as this is not an exhaustive list.
Figure Out What’s Best for Your Finances
Are legitimate financial hardship conditions burdening you?
Most debts in South Carolina come from a sudden loss of income, medical bills, or divorce. Each of these constitutes a legitimate financial hardship that can put serious strain on a household budget. If you’re buried in debt because a hardship circumstance and you’d rather not file for bankruptcy in South Carolina, then Debt Settlement could be a viable form of debt relief.
Are you committed to getting relief from your debts?
Debt Settlement system is not a “free ride” for South Carolinians who don’t feel like repaying their debts. It’s an aggressive form of debt relief that can present an occasional challenge. Your level of commitment with the program is often the most important factor in how well the settlement process goes. For those who are committed to staying the course until they’re free of debt, a settlement program could get you out of the red at a lower cost and more quickly than any other debt relief option in South Carolina.
Are your debts primarily from credit cards?
Most forms of unsecured debt can be negotiated through settlement. This includes department store cards, personal lines of credit, signature loans, repossession deficiencies, financing contracts, and other miscellaneous bills. The greatest settlement deals tend to come with credit card debts. So, if a large portion of your debt is in credit cards, you may have great results from a South Carolina debt settlement program.
Can I Trust New Era?
When looking for a debt settlement company to handle your negotiations, it’s always a good idea to check out the businesses’ complaint history and average customer rating with other South Carolinians. This can be done by checking into their rating with the Better Business Bureau (BBB). By also asking these 14 important questions, you can gauge where a debt settlement company’s true interests lie.
New Era Debt Solutions has an A+ with the BBB and has settled more than $250,000,000 in debt for our clients. In association with Consumer First Legal Network (CFLN), our team of debt experts has helped South Carolina consumers for over 20 years. Browse through our Testimonials page to see what past clients have had to say about our debt settlement services.
Here’s what makes New Era different:
No Fees Paid Upfront. Debt settlement is a service that can only legally be charged for after the settlement is complete as per an FTC ruling effective October 27, 2010. Any company that tries to charge you any upfront fees for settlement is acting both unethically and unlawfully.
- All in-house service. Several “debt settlement” corporations you may talk to are only sales groups who look for settlement leads to sell or pass your off to a different company to handle the settlement. This creates a situation where your financial data may be passed around between multiple third parties. Often the sales group has close to no control over how the debt is settled in the end. At New Era, we handle your program from start to finish with an all in-house team of debt experts.
- No “add-on” fees. Some debt settlement agencies try to circumvent the law by charging administrative fees, signing fees, and consultation fees that are not part of the settlement fee. At New Era, we charge only a settlement fee, which you do not pay until your debt is settled.
- Experience. With the crash of the sub-prime mortgage industry in South Carolina in the 2000’s, mortgage industry professionals made a change. They re-geared their businesses to do debt settlement instead. These fledgling companies do lack the experience and the connections that come from years of working in the industry that lead to your the settlement deals in South Carolina. New Era has been settling debts since 1999. Our team of debt negotiators has settled more than $250,000,000 in debt during our decades in the industry.
New Era negotiators have years of experience landing some awesome settlement deals in South Carolina. In our experiences, the most successful South Carolina debt relief clients are those who are ready and willing to respond immediately.
Call us today for a FREE debt analysis in South Carolina. We’ll show you how much time and money you can save with the right form of debt relief. Contact New Era Debt Solutions to get started.