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How to Get Debt Relief in South Carolina

Dena Standley | October 19, 2022

Dena Standley
Legal Expert, Paralegal
Dena Standley, BA

Dena Standley is a seasoned paralegal with more than 20 years of experience in legal research and writing, having received a certification as a Legal Assistant/Paralegal from Southern Technical College.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

SoloSuit is on its way to rescue you from debt

Summary: If you're struggling with debt in South Carolina, SoloSuit can help you find the relief you need.

Debt challenges can cause tremendous stress that can affect all areas of life, including mental and physical well-being. Debt relief programs assist consumers in handling their debt by offering various strategies that help make debt repayment more manageable.

South Carolina residents have hundreds of debt relief companies that offer their services either for free or at a small fee. Before enrolling in a program, you need to check if you qualify. You are eligible for a debt-relief program if you:

  • Are barely paying the minimum amount on all your debt.
  • Manage to stay up-to-date with the repayment but hardly getting your basic needs met.
  • Have been trying to cut down on your debt, and haven't succeeded.
  • Feel overwhelmed and are considering bankruptcy.

According to The Federal Reserve Bank of New York, South Carolina has the 7th highest credit card debt level in the country. In addition, they have more delinquent debt than the national average. Debt-relief programs have helped many South Carolinians get out of debt by implementing some of the ideas we will discuss.

Let's get right into it.

Using credit counseling services to receive guidance

Credit counseling offers consumers direction on how to manage their debt. Reputable credit counseling organizations have counselors trained and certified in money and debt management, consumer credit, and budgeting. These counselors review your entire financial situation and help you develop a customized plan to manage your debt.

In South Carolina, credit counseling can be found in many universities, credit union offices, housing authorities, military bases, and county offices. Examples of reputable credit counseling organizations include Origin in Charlton, Consumer Credit Counseling Service of Beaufort, and United Ministries in Greenville. The National Foundation of Credit Counseling is another resourceful organization that can recommend a reputable credit counseling company in your area.

Learn about the credit counseling process

Once you decide to work with a credit counselor, you will schedule an appointment and 30-60 minute session to lay the groundwork. Here is a step-by-step process:

  1. Discuss your financial situation with a credit counselor: They will evaluate your credit, debts, and budget to gauge where you are and assess which debt relief option would work.
  2. Weigh your options: The credit counselor will explain the options available and give you all the information you need to make an informed decision. They will help you understand the difference between debt settlement, debt consolidation, and bankruptcy.
  3. Choose a debt-relief plan: Once you choose an option, you can work with them, or they will refer you. Most credit counseling organizations provide debt management services. If you opt to work with them, they will advise you to enroll in their program.

The debt management option entails giving the company permission to talk to your creditors and work out a new plan of how you will make the payments. They can also get a better deal by negotiating lower interest rates or requesting them to stop adding penalty charges.

Only allow the credit counseling agency to contact your creditors after confirming that all the debts are rightfully yours. You can verify a debt by sending a Debt Validation Letter. The following video explains how to draft the letter.

Use debt consolidation as a debt-relief option

Debt consolidation is a popular option for South Carolinians because it has some irresistible benefits. For instance, it does not hurt your credit score as much as debt settlement and bankruptcy. Debt consolidation entails paying back what you owe with a lower interest rate. You may also enjoy reduced monthly payments and clear your debt faster. Below are two methods you can use to consolidate your debt.

Perform a credit transfer and clear the pending debt interest-free

You can only qualify for this method if you have a good credit score. Balance transfer credit cards carry a 0% APR (Annual Percentage Rate) on any balances when you open an account. The higher your credit score, the longer your 0% introductory period; these periods range from 12–24 months. Performing a balance transfer carries a fee for every balance that you move. The charges range from $2.5 to 3% of the transferred amount.

The process involves opening a balance transfer credit after the card company checks your eligibility and you review the rates and terms you will get. Next, transfer the balances to this account and note the time you have to pay off the debt. If time runs out before clearing the debt, you may receive an even higher interest rate than you originally had. But if you pay off the debt within that period, you will have saved hundreds of dollars.

Take a lower interest personal loan to pay off the other debts

Taking a personal loan also requires a good credit score because the higher your credit score, the lower the interest rate. The best APR is 5% or less, but an APR of 10% and below is also efficient in giving you some debt relief. Look for another debt relief option if you receive a rate of 10% and above.

Before settling on a specific loan, shop around for the best rate and terms. Next, apply for the loan, and once approved, pay off all the debt that qualifies for consolidation. Debts that do not qualify for consolidation are called priority debt, while those that qualify are referred to as non-priority debt. The table elbow gives you some examples.


Debt Consolidations Qualified Debt

Priority

Non-Priority

Secured loan

Medical bills

Mortgage

Credit cards

Rent and utilities

Store cards

Student loan

Overdrafts

Maintenance payments

Catalog payments



As you choose this option, keep in mind that the monthly payments may be higher to enable you to clear the debt in a few years. You get the greatest financial benefit if you can pay back the loan in five years or less. A more extended period can mean the overall amount you'll pay will be higher than the original debt.

Explore these South Carolina debt relief programs

As a South Carolina resident, you may be eligible for special financial assistance programs, especially if you are struggling with debt. Check out these South Carolina debt relief programs to see if you qualify:

Use SoloSuit to respond to debt collectors or creditors

Sometimes debt collectors and creditors may be on your case before you can choose a debt relief option to manage your debt. SoloSuit's software can help you draft various documents to send as a response. Send our Debt Validation Letter to force them to verify that the debt is yours. Respond to a debt lawsuit by using . To learn more about how to respond to a debt lawsuit, check out this video:

What is SoloSuit?

SoloSuit makes it easy to fight debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.

SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

Respond with SoloSuit

"First time getting sued by a debt collector and I was searching all over YouTube and ran across SoloSuit, so I decided to buy their services with their attorney reviewed documentation which cost extra but it was well worth it! SoloSuit sent the documentation to the parties and to the court which saved me time from having to go to court and in a few weeks the case got dismissed!" – James

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