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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.


A hidden perk for money managers amid Connecticut's cap on state and local tax deductions

Hedge fund and private equity managers in Connecticut may have more to like about the state's novel workaround for a new cap on state and local tax deductions. Not only do those who live and work in t...

Published:  Fri, 21 Sep 2018 09:09:00 GMT

Rep. DeLauro: Trump tax bill threatens 200K Connecticut jobs

President Donald Trump says his tax cut will bring jobs back to Connecticut, but a report released by Rep. Rosa DeLauro says otherwise. Rep. DeLauro says Trump's tax law is actually encouraging ...

Published:  Thu, 20 Sep 2018 11:34:00 GMT

Car taxes a hot topic among CT voters

Each night this week during Dinnertime Debate Channel 3 has been looking at issues important to voters in the upcoming election and one of the most talked about is the car tax. Prospect Street is righ...

Published:  Thu, 20 Sep 2018 14:49:00 GMT

New Tax Break For Private K-12 Tuition Begins This School Year

The state set up its 529 program years ago to align with the federal law, so this recent federal expansion triggered an automatic expanded state tax break for K-12 tuition, the Connecticut Department ...

Published:  Tue, 18 Sep 2018 11:37:00 GMT

Connecticut governor contenders clash over tolls and taxes

NEW HAVEN, Conn. (AP) - The two major party candidates hoping to become Connecticut's next governor clashed once again over tolls and taxes in their second one-on-one debate. Republican businessman Bo...

Published:  Mon, 17 Sep 2018 18:40:00 GMT

Lamont offers tax cuts, plans for economic growth

he would end the state's business-entity tax and push other efforts to strengthen Connecticut's economy. In a multi-part program released in a late-afternoon statement, Lamont said he wants to increas...

Published:  Wed, 19 Sep 2018 15:25:00 GMT

Lamont offers more tax relief in jobs plan

... as the capital base component of the corporation tax, which is a levy on a business's net worth or capital holdings. Connecticut imposes the nation's highest rate at 0.31 percent.

Published:  Wed, 19 Sep 2018 14:49:00 GMT

DeLauro Says GOP Tax Cuts Imperil Jobs

WASHINGTON, DC - Congresswoman Rosa DeLauro released a report this week claiming Connecticut is at risk of losing as many as 199,200 jobs due to tax changes signed into law by President Donald Trump a...

Published:  Fri, 21 Sep 2018 02:00:00 GMT

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