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Debt Management Archives

Budgeting is one of the first important steps for debt management

There are many different kinds of debt that people can hold, but the high interest rates that credit cards can bring can be among the most difficult to manage. Those who owe money to Connecticut banks and credit card companies would benefit from taking a serious look at their finances and budgets. The best debt management solutions depend largely on on the debt load, type and repayment abilities.

Is loan consolidation a good debt management practice?

Those dealing with financial issues can often be confused by conflicting advice from ads, banks, financial advisors and even loved ones. One of the most common debt management practices Connecticut residents use to deal with credit cards and other unsecured balances is debt consolidation. While this might seem like an easy win on the surface, it is important to carefully consider the pros and cons of any debt management tactic.

Claire's works toward debt management after bankruptcy filing

When a business is forced to close its doors, defining how to handle the debt it holds is one of the main challenges. While bankruptcy filings provide some debt management standards, agreements with creditors are still important to reach. Claire's Stores, which have several locations in Connecticut, have recently filed for bankruptcy and reached an agreement with creditors to restructure debt of around $1.9 billion.

Understanding debt management for student loans

As millions of people in the United States struggle with student debt, many questions may arise. One of the common ones for those seeking debt management is the consequences of not paying their student loans. Low interest rates on this kind of debt can make repayment easy to put off for some people, though the amount and terms on a student loan can influence the impact of unpaid loans on Connecticut residents.

Practical tips for effective debt management

For Connecticut consumers who are having a hard time gaining control of their debt, it's important to know that there are ways to ease those struggles. By learning and implementing practical debt management skills and tactics, consumers can not only get their debt under control, but can also build an emergency savings fund and strengthen their credit. Here are some practical tips that can make a big difference in debt control. 

Some communities have different debt management needs

A recently published article looks at the financial challenges facing low-income households, especially those of African Americans. According to the author, systemic discrimination has created significant disparities in regard to debt and wealth. For many in Connecticut, debt management is an urgent need. 

Here's one key to effective debt management

For many Connecticut residents, paying down debt is a high priority. But knowing how to get started on that task can feel overwhelming. There are multiple ways to effectively pay down debt, but all require that the consumer begins from the same place. In order to succeed at debt management, it's necessary to understand the full scope of what you owe. 

Which generation struggles the most with debt management?

Connecticut consumers of all ages and from all walks of life struggle with debt. However, there are certain groups that seem to have a harder time with debt management than others. According to Experian, people who are part of Generation X have more debt and lower credit scores than baby boomers or Millennials. 

Could your tax return help in your debt management efforts?

Tax season is just around the corner, and many Connecticut residents are already planning how to spend their returns. For those who are struggling with debt management, an influx of cash could take a nice bite out of an existing debt load. Understanding the best way to allocate a tax refund can help consumers make the most of this and any other windfall.

Handling debt management with bad credit scores

Trying to gain control over debt is important, both for financial stability and peace of mind. For many Connecticut residents, debt management becomes more challenging once their credit scores drop. Fortunately, there are still a number of tactics that can be used to gain control over debt, regardless of one's credit scores. 

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