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Debt Consolidation in Connecticut

Connecticut MapOver 77 million Americans are in debt from overextended credit cards, medical bills, utility bills and even child support payments. Of the consumers in Connecticut who are in debt, 74.4 percent are behind in their mortgage payments.

Considered one of the wealthiest states in the nation with the third-largest number of millionaires per capita in the country it also has the greatest disparity in incomes among its residents of any state.

Consumers who find themselves in the midst of a credit crunch have options. They can seek out credit counseling, apply for debt consolidation programs or if necessary, apply for bankruptcy. While deciding how best to handle their debt, consumers do have protections in place.

Many credit counseling services in the state offer a free counseling session to consumers who are struggling. These agencies often are able to help consumers negotiate lower payments to creditors and consolidate their debt into one convenient monthly payment. Consumers can pay off debt in as little as two to four years using one of these services.

Consumers who do not qualify for debt consolidation may have to claim bankruptcy. Chapter 13 bankruptcy allows consumers to work toward paying off debt while still keeping possessing of certain personal property, including homes. Chapter 7 bankruptcy is for those consumers who wish to absolve their debt without repaying anything to creditors. Those who opt for bankruptcy can expect it to negatively affect their credit rating for up to seven years.


Budget clues, guide dog fraud and the grocery tax is dead. Last week in Connecticut politics.

The proposed grocery tax that was universally panned was never a serious option in the first place, Gov. Ned Lamont now tells us. Speaking of food, Lamont wants to put the state on a diet, a "debt die...

Published:  Fri, 15 Feb 2019 06:59:00 GMT

Charlie Munger says California, Connecticut have been 'stupid' for driving rich people away

Who wouldn't want rich people" California and Connecticut have two of the highest tax burdens in the country, according to WalletHub. The burden in California is 9.57 percent while Connecticut's is 1...

Published:  Fri, 15 Feb 2019 04:15:00 GMT

Lamont proposes to jettison business-entity tax

The state Capitol in Hartford. Gov. Ned Lamont on Thursday unveiled a valentine of sorts for small businesses in Connecticut: doing away with the state's business-entity tax, a pass-through tax levied ...

Published:  Fri, 15 Feb 2019 11:26:00 GMT

More CT lawmakers seek end to wealthy estate tax

For years, minority Republicans in the General Assembly have fought to repeal Connecticut's tax on inheritances of the wealthy. This year they are not alone. A growing number of Democrats want the leg...

Published:  Tue, 12 Feb 2019 10:50:00 GMT

Mark Conrad: Tolls are not the solution to Connecticut's transportation-related financial problems

Tolls are simply another tax which the residents of Connecticut cannot afford. First, we must address the excessive waste in our transportation system. "Connecticut spends $99,417 per mile of road in ...

Published:  Fri, 15 Feb 2019 14:45:00 GMT

Lamont tells CT to expect lean spending, sales tax expansion

In a lead-up to his first budget next week, Gov. Ned Lamont asked Connecticut residents Monday to brace for a lean spending plan that overhauls service delivery, restructures pension debt and ...

Published:  Mon, 11 Feb 2019 15:48:00 GMT

New Connecticut Bill would Add a 50% Tax to Ammunition

Hartford, CT --( state representative Jillian Gilchrest is proposing a 50% "sin tax" on ammunition. House Bill (HB) 5700 has been introduced to the Connecticut State House of ...

Published:  Fri, 08 Feb 2019 07:24:00 GMT

Governor Cuomo's Aggressive Theory of Tax Flight-And Why He's Wrong About How to Stop It

Tax flight cannot explain a $2.3 billion budget shortfall. The bottom line is that New York's estimate was off, while other states, like Connecticut, hit or even exceeded targets with similar demograp...

Published:  Fri, 15 Feb 2019 11:17:00 GMT

Progressives ready to battle Connecticut's rich over taxes

A major liberal block in the House of Representatives unveiled a series of tax proposals Thursday that could put them at odds with Gov. Ned Lamont and other of their fellow Democrats in the legislatur...

Published:  Thu, 14 Feb 2019 14:08:00 GMT

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