From Charleston to Myrtle Beach, South Carolina debt relief programs offer consumers a way to consolidate monthly payments into one low amount.
On Google, searches for “South Carolina debt consolidation companies in my area” are exploding like never before. Especially as Covid-19 student loan relief and renters assistance programs expire and consumers are even more strapped for cash, consumers are in desperate need of credit card debt relief and consolidation programs. South Carolina residents that owe $10,000 or more in combined unsecured debt have options available as of 2022. Unsecured debt includes credit cards, medical bills, student loans, unsecured signature loans, payday, and finance company loans.
What are the best ways in South Carolina to consolidate debt?
The following page explains the different ways to consolidate debt in South Carolina. Debt consolidation programs include: (1) debt resolution, (2) debt validation, (3) credit card consolidation loans, and (4) debt settlement.
When are South Carolina debt consolidation loans a smart choice?
Consumers should only use South Carolina debt consolidation loans if they have a high credit score or if using the consolidation loan to build a high credit score. We say that because if you’re using the loan to reduce interest rates, you’ll only be able to get a low-interest loan with a high credit score.
Best place for a debt consolidation loan in South Carolina
The best place in South Carolina for a debt consolidation loan is through a local credit union. We warn consumers to avoid fintech and online lenders that charge high fees and interest rates, and sometimes hidden loan origination fees that come out of the funded loan.
Speak to a Debt Counselor about South Carolina Debt Relief Programs Today at (866) 376-9846.
- A+BBB Rated
- #1 Rated for National Debt Relief Programs at TrustedCompanyReviews.com
- Also a licensed debt management company
The rest of this page summarizes each debt relief program in South Carolina that’s available post-Covid-19. In addition, South Carolina debt collection laws get explained.
Debt Settlement South Carolina Options
Debt settlement South Carolina programs can cut balances down to a significant amount less than what a person owes.
For example, credit card settlements can result in a $10,000 debt getting settled for $7,000, including debt settlement company fees.
To compare the savings on each credit card relief program use this free online debt calculator.
Or, speak with a debt counselor for a free consultation at (866) 376-9846.
South Carolina debt settlement laws
Unless you’re using a lawyer for legal services, South Carolina laws prohibit debt settlement companies from charging up-front fees.
Prohibiting the charging of upfront fees to settle debt is a national debt relief law, but South Carolina enforces this law through the state Attorney General (AG) office.
If you’re considering debt relief services in South Carolina, visit:
- the Department of Justice’s website to find a non-profit consumer credit counseling company in South Carolina
- the Better Business Bureau to find an accredited debt relief provider that is highly rated
- Or, contact Golden Financial Services at (866) 376-9846. We can go over the best South Carolina debt relief programs and set you up with a top-rated company.
How does the South Carolina debt settlement program work? Visit this page and read more about debt settlement and how the program works.
Benefits of South Carolina debt settlement
- Get a low monthly payment.
- Debt-free in around 3-4 years.
- Pay less than the total amount owed.
Downsides of South Carolina debt settlement
- Negative effect on credit due to creditors not getting paid monthly.
- Potentially owe taxes on the amount saved.
- Could deal with creditor harassment and potentially get sued.
Benefits of an attorney-based debt resolution program:
- Get the lowest possible monthly payment.
- Plans last for on average three years.
- Pay a significant amount less than the total owed.
- Debts will get disputed before resorting to settlement. In many cases, debt will get invalidated and not have to be paid, resulting in additional savings.
- Additionally, the law firm disputes the invalidated debt from credit reports. It is important to know, invalidated debt cannot legally remain on a person’s credit report.
- Save more money than with debt settlement when debt is invalidated.
- Since you’ll be receiving attorney representation, creditors cannot contact you after being notified that you have attorney representation. All creditor calls will get directed to your attorney.
- There is no tax consequence or taxes owed on an invalidated account.
- Legal protection is included in case creditors issue a summons. An attorney will represent you if creditors violate South Carolina laws.
Downsides of Debt Resolution:
- Credit scores can go down over the first year of the program, due to late marks and collections appearing. After accounts are invalidated, these negative marks can fall off.
- There is no guarantee that creditors will settle for a certain percentage.
- Creditors can issue a lawsuit, although you will have legal defense provided.
South Carolina debt collection laws:
As you’re about to find out, South Carolina debt collection laws are amongst the best in the nation.
- Statute of Limitations on debt: South Carolina residents have the shortest timeframe available for the Statute of Limitations. Debt collectors can only come after consumers in South Carolina over an unpaid debt for three years. This Statute of Limitation applies to credit cards and medical debt, while auto loan debt is six years, and state tax debt is ten years.
- South Carolina law prohibits wage garnishment for debt collection and credit card judgments. This South Carolina law does not apply to defaulted federal student loan debt and taxes because these are government-issued debts. Golden Financial Services can help with federal student loan consolidation. South Carolina residents that owe $10,000 or more in student loans could be eligible for debt assistance.
- The Fair Debt Collection Practices Act (FDCPA): South Carolina debt collectors must stop calling you after being notified that you joined the debt resolution program and have an attorney representing you. To learn more about the debt resolution program, visit this page next. To learn more about the FDCPA, visit this page next.
What type of debt qualifies for South Carolina debt relief programs?
Almost any type of unsecured debt qualifies, including credit cards, medical bills, and unsecured loans. South Carolina debt consolidation programs can even help consumers deal with payday loans.
Unfortunately, payday loans in South Carolina can charge excessive fees. “According to the CFPB, payday loans in South Carolina carry interest rates costing up to 400%.” However, you can get rid of these expensive payday loans in a debt resolution program offered by Golden Financial Services.
South Carolina debt consolidation loan
You can use a balance transfer card or consolidation loan to consolidate high-interest credit cards.
Both options are intelligent choices if the interest rate on the balance transfer card or loan is less than the average interest rate on your existing cards. Also, make sure there are low to no loan origination fees attached to the loan. And understand the terms of the contract.
For example, there could be a 5% upfront fee for the amount transferred to the card with balance transfer cards. Also, if you don’t pay your balance in full on the balance transfer card within 12-18 months (i.e., the loan introduction period), the interest rate could go up to 25% or higher. You must know about these terms, so read the loan agreement or credit card contract carefully.
Before resorting to a consolidation loan, consider using the debt snowball method on your own. This option allows you to quickly pay off credit cards, improving credit scores at the same time. You may find it helpful to use this free snowball calculator tool at GoldenFS.org.
Best South Carolina Debt Relief, Consolidation and Settlement Company
Here at Golden Financial Services, we focus on debt reduction. South Carolina residents use our debt relief programs to reduce their balances.
So, we’re not the most prominent advocates of using a debt consolidation loan. In some cases, people are merely swapping one debt for another when using a loan unless they strategically use that loan to save money on interest.
South Carolina debt relief program reviews
Golden Financial Services has amassed hundreds of positive reviews online. Do a Google Search for Golden Financial Services and see for yourself.
In addition to positive online reviews, South Carolina debt relief programs offered through Golden Financial Services have the following credentials:
- A+ BBB rated
- #1 Rated by Trusted Company Reviews
- Five-star rated on Google and Yelp
- Close to twenty years in business