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, but some people are trying a different route first. Personal loans for debt consolidation are becoming an increasingly popular choice.
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 disposal. Loan modifications and short sales can keep you from dealing with foreclosure without going down the bankruptcy path.
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 to and including bankruptcy. Here are some of the first steps people should take to manage their debt, whether it is large or small.
When people visit a professional to discuss financial issues, they are usually hoping to come out with some enhanced knowledge and and an awareness of the next steps to tackle their challenges. A debt management plan is a common way that professionals will work to address manageable debt for Connecticut clients. Here are a few things people should know about these plans in order to decide if this is the best path to take in their situation.
One of the biggest challenges for people facing high debt loads is deciding whether to aggressively pay down debt or save some money to avoid needing another loan in the future. Connecticut individuals facing this debt management dilemma should consider many factors when deciding whether to save or pay down debt. Steps can include reviewing their cash flow, clarifying access to lower interest credit and reviewing household budgets.
The high cost of education and limited opportunity to earn income can make it difficult to have a healthy financial life in college. For Connecticut students, graduation often comes with major debt management questions. How much should they set aside for savings versus debt repayment? What does a healthy budget look like? Here are a few tips that can help recent graduates get off on the right financial foot.
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.
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.
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.
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.