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Debt Management Archives

Prepare for retirement debt management while working

Owing money just before and during retirement is more common than people may think. In fact, 2016 data showed that 70 percent of U.S. households headed by people between 65 and 74 years of age were holding some amount of debt. Even for households headed by individuals 75 and over, 50 percent held debt. Retirees in Connecticut have some unique challenges when it comes to debt management as they typically have a fixed income.

The effects of student loan co-signing on debt management

When children or relatives go off to college, it is often an exciting and expensive time. Some people may be approached during this period to co-sign on a student loan or on student loan refinancing. Since student debt is a common debt management issue across Connecticut and the United States, it is worth looking into the specific risks of this decision before choosing to do so.

Balancing debt management with long-term savings

Fitting debt into a monthly budget can be a difficult task. Many people in Connecticut struggle with balancing debt management with other priorities, like saving for the future. Here are a few tips for those struggling with saving for retirement and paying off debts.

Aging Americans face unique debt management challenges

Dealing with debts can be challenging for anyone, but those who are close to retirement might find it particularly challenging. While most people in Connecticut hope to retire without owing money, the reality for many is that this is not possible. Despite this, there are some debt management tips that those nearing retirement can consider to manage both their future savings and outstanding balances.

Tips and habits that can help with debt management

As of 2017, American households carried a collective $13 trillion in household debt, according to the Federal Reserve Bank of New York. These numbers no doubt signal that Connecticut families who are struggling with debt are not alone. Luckily, there are some debt management tactics people can use to lighten their financial load.

Credit card debt management tips

There are many questions people have when facing credit card debt. Is it a good idea to continue using credit cards with balances owing? Does asking for a credit increase negatively impact a person's credit score? Here are some credit card debt management tips that may help those in Connecticut facing these often complicated issues.

Planning can help seniors avoid medical debt management issues

Many individuals in the workforce get used to the perks of having a job, from reliable health insurance to a steady paycheck. But what happens when retirement hits at the same time medical bills skyrocket? It is critical for aging individuals in Connecticut to understand as much as possible about Medicare and debt management options when preparing for retirement.

Many Americans may be struggling with debt management, data shows

Many Americans face various types of debt, from mortgages and student loans to outstanding balances on consumer credit cards. New data shows that, collectively, Americans are projected to hold an estimated $4 trillion in consumer debt by the end of this year. Connecticut residents facing debt management challenges may wish to understand these trends in order to see how their amounts owing compare to others in the country.

Generation Z has unique outlook on finance and debt management

As times change, young people face an increasingly different economy than the generations before them. The newest generation to begin entering adulthood is called Generation Z, and financial experts have identified some beliefs, challenges and strengths this generation seems to demonstrate when it comes to financial literacy and debt management. According to research on this demographic, here are a few common money mistakes and misconceptions young Connecticut residents may have.

Some credit counselors can hurt, not help debt management

What should a person do when facing seemingly insurmountable debt? For many Connecticut residents, seeking the advice of a financial adviser or credit counselor is a step in their debt management process. Those looking to bring in a professional should be aware of the difference between credit counselors who are independent or nonprofit advisers versus those who work for a financial institution. 

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