Sick of collection agencies calling you at odd hours? We have teamed up with respected South Carolina debt consolidation agencies to help you become debt free, regardless of your financial predicament.
For anyone who is looking into consolidation as an option, we can help. There are two distinct types of debt consolidation solutions: some involve loans, some do not. Either way, you need to have a stable source of income. An experienced debt consolidation professional can give you more information about which program is right for you.
Debt Management Plans (DMP) in SC
Would you like to get rid of debt in fewer months, with less interest and penalty fees? Then you may want to sign up for in a South Carolina debt management plan.
This DMP has many merits:
- Single Payment Per Month
- Reduced Annual Percentage Rates
- Forgiven Extra Fees
On top of that, this is one of the most affordable ways to consolidate debt in South Carolina:
- Enrollment: $70 or less
- Fee Every Month: $25-40
SC Debt Consolidation Loans
When you get a debt consolidation loan in SC, the loan is used to pay down your existing debts. Of course, this loan still has to be paid back. If you get a debt consolidation loan, you should benefit from reduced monthly payments and a lot fewer calls from collections companies. After all, your old debts will be repaid.
When you go with a loan that’s secured by collateral, there may be tax advantages. Unfortunately, if you fall past due on a loan like this, your home could go into foreclosure. Additionally, paying off a home equity typically takes 10-15 years, whereas paying off your card balances through debt management takes just 3-5 years.
When to Consolidate Your Debt
Do you know how much unsecured debt you have? Ideally, the amount of debt you owe monthly ought to comprise less than one third of your earnings. These debts include credit cards, loans, and rent or mortgage repayments. Let’s suppose you make $2,949 every month, the average in SC, then, ideally, you would spend less than $1,091 a month. Unfortunately, a large number of South Carolina residents are in severe debt, with debt-to-income ratios of 50% or higher. That means they are having to spend more than $1,504 per month!
South Carolina Debt Summary
- Monthly Income: $2,949
- Debt Per Person: $1,907
- Overall Debt Rank: 33
- Credit Rating: 665
- Bankruptcy Rate: 0.18%
- Annual Bankruptcies: 8,187