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Debt Relief Programs in South Carolina: The Basics

Here at Debt Quest USA, we understand that debt is a problem across the country. However, we also know that the average amount of debt varies from state to state and that each state has different laws regarding debt and the bankruptcy process. This makes debt management in South Carolina different from, say, New York. Other factors that may influence the average amount of debt in a state include the median household income and the unemployment rate.

South Carolina’s unemployment rate is on the lower side at just over 3%. The credit score for a person living in South Carolina is an average of  670. This is where an agency that offers debt management services in South Carolina can help. An agency, such as Debt Quest USA, can help you become debt free through programs such as debt consolidation, consumer credit counseling, debt settlement as well as bankruptcy in South Carolina.

 

Debt Collection in South Carolina and How State Laws Affect It

It is important to know about some laws when seeking debt relief in South Carolina. The state adheres to a set of federal laws called the Fair Debt Collection Practices Act, or FDCPA. These laws deal with collection agencies and the law firms that collect debt. In addition to these federal laws, South Carolina has placed limits on the amount of interest that a debt collection agency may charge to a maximum of 8.75%. South Carolina also has wage protection of 75% of disposable weekly earnings or 30 times the federal minimum wage.

To get a more full understanding of the laws regarding debt collection in South Carolina, it is recommended that you seek legal advice from an attorney or a company that provides debt management services in South Carolina.

Statute of Limitations in South Carolina

The statute of limitations in South Carolina for debt relief are based on a maximum period of time in which legal actions may be taken against the consumer. These statutes of South Carolina are based on a period of time after the debtor has become delinquent on their payments. Statute of limitation laws vary, so it is important to look for help from a trusted agency that offers debt management in South Carolina.

Debt Relief in South Carolina and How Debt Quest USA can Help

If you are looking to become debt free in South Carolina, Debt Quest USA can offer you help with a professional debt management program in South Carolina. There are a variety of program options available to you when seeking debt relief, including: debt consolidation in South Carolina, credit counseling, debt settlement in South Carolina and bankruptcy in South Carolina (including both bankruptcy chapter 7 and bankruptcy chapter 13).

The Types of Debt Relief in South Carolina

There are several options available to help you manage your debt. After examining your personal debt situation, a trained professional from a debt relief agency will be able to help you decide with course of action is best for you, whether that is debt settlement or a debt consolidation loan in South Carolina. The good news is, several of these debt relief options can help you save money in the long-run.

Debt Consolidation in South Carolina

One option for debt management in South Carolina is debt consolidation. A debt consolidation loan in South Carolina is when all of your debts are consolidated into a single loan that generally has a lower interest rate. This makes payment of your debts more affordable.  South Carolina debt consolidation programs are perhaps the most common form of debt relief utilized in the state to help people become debt free. When working with a debt consolidation company in South Carolina, that agency will negotiate the terms of the consolidated loan on your behalf with your creditors.

There are a few other points that are important to understand when using debt consolidation loans in South Carolina to become debt free. In some cases, once you have paid down enough of your debts through debt consolidation in South Carolina, some debt consolidation companies in South Carolina may choose to move to debt settlement in South Carolina with your creditors. However, not everyone will qualify for debt settlement. It is also important to note that debt consolidation loans in South Carolina do not lower the total amount of debts owed, just the interest rate on your debt. To better understand which debt management program in South Carolina is best for you, consult with a trusted debt relief company.

 

Debt Settlement in South Carolina

This particular option for debt management in South Carolina is when a debt relief company negotiates with your creditors on your behalf to lower the principal amount of debts owed. The company may also be able to lower the interest rate on those debts. Because this type of debt relief eliminates some of the debt you owe through debt forgiveness, this option can be very appealing. Unfortunately, not everyone will qualify for this type of debt relief. More often than not, debtors will qualify for a South Carolina debt consolidation program, such as a debt consolidation loan. By working with a trusted debt relief agency, you will be able to learn if debt settlement or a debt consolidation loan in South Carolina is the best option for you.

Consumer Credit Counseling

At Debt Quest USA, our goal is to help you get back to a state of financial health. That is why consumer credit counseling is such a great solution for so many debtors. Credit Counseling is when a debt relief agency provides you with classes on how to better manage your finances, including any current debts. The hope is that by taking credit counseling classes, you will be able to better handle your finances on your own in the future. Consumer credit counseling is often used in conjunction with other forms of debt relief, such as debt consolidation in South Carolina or debt settlement in South Carolina.

 

 

Bankruptcy in South Carolina

Filing for bankruptcy in South Carolina should be considered your last resort after having exhausted all other forms of debt relief in South Carolina. This is because the bankruptcy process can have long-lasting negative effects on your credit score.

Filing for bankruptcy in South Carolina includes two core options: bankruptcy chapter 7 and bankruptcy chapter 13. Before filing for bankruptcy, it is best to consult with a trusted agency that provides debt relief programs in South Carolina or a bankruptcy attorney to make sure there are no other options available to you, such as debt consolidation.

We know getting a handle on debt can be a very stressful situation and that is why it is best to consult with a trusted debt relief company, such as Debt Quest USA. By speaking with a licensed and knowledgeable debt program official, we will be able to understand your unique circumstance. Once the official has analyzed your personal debt situation, they will be able to recommend the best option for debt management in South Carolina that you should take, whether that is debt consolidation in South Carolina, credit counseling, debt settlement in South Carolina or bankruptcy.

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How Much Can You Save?

How much debt do you owe?

$1

$100k+

What is your desired
monthly program deposit?

$1

$5000

Debt Quest Debt Settlement

$500

Your monthly
program deposit

$5,750 Savings

Your Savings

39 months to pay off your
current debt listed above.

Your monthly program deposit:
$500

Your Savings:
$5,750 Savings

39 months to pay off your
current debt listed above.


Debt Consolidation or Credit Counseling

$500

Your monthly
payment

You pay $14,478 more

No Savings

79 months* to pay off your
current debt listed above.

*Assumed average interest of 15%

Your monthly Payment:
$955

No Savings:
You pay $14,478 more .

36 months to pay off your
current debt listed above.

*Assumed average interest of 15%


Paying Minimum Monthly Payments

$500

Your monthly
payment

You'll Pay $29,199 More than you owe currently

No Savings

9 years* to pay off your current debt listed above.

*Assumed average interest of 20%

Your monthly Payment:
$500

No Savings:
You'll Pay $29,199 More than you owe currently.

32 years* to pay off your current debt listed above.

*Assumed average interest of 20%

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