Credit card debt is a source of embarrassment for many in South Carolina
In a recent survey, it was discovered that more people are embarrassed by the amount of credit card debt they have than their weight.
Many people in South Carolina struggle with large amounts of credit card debt. Although many people share this same difficulty and often find that their financial future is compromised because of it, a recent poll conducted by the National Foundation for Credit Counseling revealed that Americans are more embarrassed by the amount of credit card debt they have than how old they are or their weight.
Each of the 2,100 respondents who participated in this survey were asked if they would be most embarrassed to admit their credit score, bank account balance, weight, age or the amount of credit card debt they carried. Of those who participated, 37 percent reported that they were most embarrassed by their credit card debt and 30 percent claimed that they were most ashamed of their credit score.
Why embarrassment is counterproductive
Although some may think that shame may inspire those who have large amounts of credit card debt to pay off what they owe, embarrassment can actually lead to actions that stunt the repayment process, states U.S. News. For instance, when a person is in debt and is ashamed of it, he or she may ignore the problem until it becomes unmanageable. Those who desire to get out of debt should:
- Put their embarrassment aside
- Remember that many other people are in the same situation
- Keep in mind that the amount of credit card debt they owe is not a reflection of their personal character
Additionally, debtors should remember that they cannot change their past actions, but that they can still plan for a financial future free of debt.
Bankruptcy may be a viable solution
Those looking for a debt relief solution after large amounts of credit card debt have been acquired may benefit from filing either Chapter 7 or Chapter 13 bankruptcy. According to the Federal Trade Commission, during the Chapter 7 bankruptcy process, a person’s non-exempt assets may be sold by a court-appointed official or turned over to his or her creditors. Comparatively, when a person files Chapter 13 bankruptcy, the court devises a repayment plan that spans over a three to five-year period that requires the debtor to use his or her future income to pay off his or her debts.
Although both Chapter 7 and Chapter 13 bankruptcy can provide debtors in South Carolina with financial relief, the decision to file should be approached with careful consideration. If you are overwhelmed by credit card debt and believe that filing bankruptcy may benefit your personal situation, speak with an attorney who can help you understand the implications associated with this legal process.
Keywords: bankruptcy, Chapter 7, debt