Many people in South Carolina have credit card debt that they can't afford to pay off in full each month. However, outstanding credit card debt does not necessarily have a negative impact on every person's credit score. As long as credit card debt is managed properly, a person can maintain a relatively good FICO score.
Nobody plans to undergo bankruptcy, so filing for it can be stressful and difficult for South Carolina debtors. Despite the stresses involved, however, bankruptcy is a legal process that requires honest and accurate disclosure of all of the petitioner's debts and assets.
When married couples in South Carolina are facing the death of one spouse due to a terminal illness, a question often arises as to who if anyone will be responsible for debt that has been incurred through a credit card issued solely in the name of the dying spouse, even if the surviving spouse has been listed as an authorized user. Some issuers will attempt to go after the survivor, although in most cases he or she is not legally responsible for the debt.
Many young people in South Carolina and in other states are faced with filing bankruptcy in order to clear their debt and begin repairing their finances. Sometimes this option comes up due to unexpected losses, such as totaling a car when money is still owed on the vehicle. While many young adults may feel like they have no options left other than personal bankruptcy, it is still important for them to determine if they really need to file.