Debt is different in every state. The laws and statutes in South Carolina aren’t the same as, say, North Carolina. You can’t just rely on a generic, cookie cutter solution. If you want to eliminate your debt, it requires a specialized, location-specific approach. Here’s what you need to know about South Carolina debt relief.
South Carolina borrowers have one of the highest average debt amounts in the nation—7th overall with $5,389 per borrower (compared with the national average of $4,965). They also have nearly the lowest average credit scores in the U.S., ranking 48th with 671. The debt delinquency rate is also 18% higher than average, with 0.67% of borrowers late on a payment by 90 days or more. The average income per person in SC is $25,521, and 15.3% of residents are living below the poverty line—much higher than the national average of 12.7%.
On the plus side, the statute of limitations for debt collection in South Carolina is much lower than most states. For ordinary breaches of contract, creditors have just three years to file suit from the time of delinquency. If a judgment has already been rendered against you, whether in or outside of South Carolina, the statute becomes 10 years.
No matter how dire your financial situation may be, there’s always a solution. No one has to stay in debt forever, and there are steps you can take towards consolidating your debt into a single monthly payment, as well as perhaps reducing your debt in order to be able to pay it off more quickly. But first you need someone who understands debt in South Carolina and the subtle differences that set it apart from other states and their debt situations.
Our experts understand the ins and outs of South Carolina debt law and can provide you with the assistance you need to reduce and/or consolidate your debt, and put you on the path towards one day getting rid of it for good. Contact us today for a free consultation.