Debt involves so much more than simply owing money. For many people in Connecticut, debt is a source of frequent worry and an obstacle that prevents them from moving forward in life. From enjoying little things like dinner out with friends to making big life steps such as buying a home, sometimes it simply gets to be too much. Securing the right kind of debt relief can help some of these individuals not just get a better grip on their finances, but also better enjoy their lives.
When considering whether to file for bankruptcy, it is not unusual for someone to hear advice about contacting creditors in an effort to have debts lowered or forgiven. But is debt relief and forgiveness a myth, or can indebted Connecticut residents really get their amounts owing reduced by a credit card company? The truth is that debt forgiveness can happen, depending on the lender, but it often comes with some strings attached.
Debt often seems like a strange, unexplainable creature for many Connecticut consumers. While most people try to avoid taking on too much debt, many find that their balances continue to build until they reach a breaking point. Although it might feel like an impossible situation, there are many debt relief options -- including bankruptcy -- that can help consumers achieve the best possible financial future.
For those in Connecticut who've been wondering about the history of consumer credit, a recently published article could shed a great deal of light on that topic. It may be hard to believe in the age of easy-access credit, but there was a time in American history when credit was extended from one party directly to the other, requiring a face-to-face transaction. In today's world, credit cards are seemingly everywhere, and consumers can expect to never lay eyes on the people who process those accounts and bills. Learning more about the history of credit can also illuminate the need for debt relief.
Many Connecticut residents are struggling to keep their heads above financial waters. Some are merely experiencing minor setbacks and simply have to cut back on spending a bit to get things back on track. For others, however, additional measures might be necessary, such as exploring debt relief options, including the possibility of filing for Chapter 7 or Chapter 13 bankruptcy.
When most Connecticut residents think about insurmountable debt, they often envision an individual who has embraced indiscriminate spending and other questionable actions. In reality, however, many people find themselves in serious need of debt relief, even those who have carefully managed their money throughout their adult lives. According to a recent survey, 38 percent of Americans who have a credit score at or above 660 are currently struggling with high credit card debt.
Virtually all Connecticut residents have struggled with debt at some point in their lives. Whether debt comes from an unexpected medical issue, a college education or simply the need to replace a car engine, it can be stressful to live with the knowledge that those bills are out there, just waiting to be repaid. Many people are not even aware of how they got into serious debt problems. They seek debt relief services, which can relieve some of the pressure. That said, unless a consumer is fully aware of how he or she got into trouble in the first place, there is a significant likelihood that high debt will return in the years to come.
Earning a college degree is an exciting accomplishment, and one that can have a marked impact on an individual's future success. However, the fruits of student labor are often delayed for several years, as new graduates enter the Connecticut workforce and take entry-level jobs. During those early years, many people rely on credit cards to make ends meet, with the belief that they will soon enjoy increased earnings as they move up the ladder in their chosen field. Unfortunately, that outcome will not go as planned for some, and the need for debt relief will be significant.
Anyone who has ever received a telemarketing call knows that those who initiate them can be unrelenting. Even if you put your number on the "Do Not Call" list, they seem to find you. Some of the least desired calls in Connecticut are from debt collectors.