Household debt in Connecticut and the rest of the United States rose to its highest level at the end of 2022 since the financial crisis that sparked the 2008 recession. The average household had debt totaling $142,680 at the end of the year. Many consumers cannot...
Debt Management
Medical debt falls, but the problem persists
Far fewer people in Connecticut and around the country have medical debts on their credit reports according to a report released on Feb. 14 by the U.S. Consumer Financial Protection Bureau. The figures show that the number of Americans with credit reports containing...
There is a new Connecticut Homestead Exemption!
The Connecticut legislature recently enacted a new homestead exemption, which will come into effect in October of this year. This is great news for anyone with large amounts of debt as well as anyone who has been contemplating declaring bankruptcy. Here’s what to know...
How over-limit fees work in Connecticut
If you have a credit card, you can decide to enter a "credit card over-limit" agreement with your credit card issuer in Connecticut so that your card can never be declined when making payments. But, this option comes with penalties and extra fees that could be...
Dealing With Debt Collection Calls
If you receive a call at your Connecticut residence from a debt collection firm, it’s generally a good idea to listen to what that company has to say. Even if you don’t owe anybody money, ignoring collection calls will most likely lead to more calls, letters or other...
Is social media getting in the way of debt management?
Debt is nothing new, but the levels of debt that many Americans now have are much higher than in the past. Credit card debt reached a record high of $834 billion in 2018, and student loan delinquency rates are not looking good either. The reasons behind these growing...
New consumer protection rules could help with debt management
People in Connecticut with past-due bills are likely already familiar with creditors and their sometimes harassing collection attempts. While there are rules in place that are meant to protect consumers from abusive debt collection practices, the protections are not...
Can I use a personal loan for debt management?
Juggling multiple monthly payments for various debts can be more than just stressful -- it can be financially crippling. Personal bankruptcy can be an effective debt management solution for Connecticut consumers who can no longer keep up with their monthly payments,...
Can I get out of foreclosure without filing bankruptcy?
Virtually no one plans to fall behind on their mortgage, and learning that you may lose your home because you did can be devastating. While bankruptcy is a valid choice for Connecticut homeowners who hope to stop foreclosure, it is not the only option at their...
What are the first debt management steps people can take?
Facing debt from multiple sources can be overwhelming. Some Connecticut borrowers are able to get a handle on their amounts owed with some simple debt management planning and cutting back. For others, the debt load is much heavier and can require more action, up...
