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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.

 

Connecticut boat dealers seeing effects of tax cut

A cut in Connecticut's sales tax on marine vessels, set for July 1, already has begun to provide a much-needed boost to Connecticut's boating industry, according to boat sellers. Kathleen Burns, executive director of the Connecticut Marine Trades ...

Published:  Wed, 16 May 2018 14:26:00 GMT



Fitch: Connecticut should not expect tax revenue boon from sports betting

Legalized sports gambling could be in the cards for Connecticut, but it will not likely create a jackpot of tax revenue for the state, said one of the country's major credit rating companies. Tax revenue generated from sports gaming is expected to be ...

Published:  Sun, 20 May 2018 04:00:00 GMT



Eversource rate hike request prompts letter from CT senator

"Connecticut consumers are living with a slower growing economy ... Blumenthal also pointed out that Eversource has greatly benefited from a dramatic drop in the federal tax rate as a result of Congressional action last December.

Published:  Mon, 21 May 2018 08:12:00 GMT



Legislative Changes to the Connecticut Income Tax

On May 9, 2018, the Connecticut legislature unanimously passed the "Act Concerning Connecticut's Response to Federal Tax Reform" (the "Act" ). The Act includes a series of Connecticut income changes that either diminish the impact that the ...

Published:  Thu, 17 May 2018 15:20:00 GMT



Old Lyme taxes up less than 1 percent

The Board of Finance later on Monday night set the tax rate for next year at 21.91 mills ... the town hired a specialized attorney and a new third-party administrator, PASI, a Connecticut-based company, to ensure compliance, Reemsnyder said.

Published:  Mon, 21 May 2018 19:16:00 GMT



Feds OK all 72 CT "˜opportunity zones'

Connecticut has won federal approval of its 72 "opportunity zones'' (OZs) statewide, making them eligible to lure tax-favored private investment to improve housing and jobs in the neediest areas, authorities say. Gov. Dannel P. Malloy on Friday announced ...

Published:  Fri, 18 May 2018 13:22:00 GMT



How to Minimize Social Security Taxes

The states that tax Social Security income include Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont and West Virginia. [See: 13 States Without Pension or Social Security Taxes.]

Published:  Mon, 21 May 2018 09:44:00 GMT



Future Of Connecticut

The news can't get any worse for Connecticut -- or maybe it could ... I was talking with a friend of mine in town about the car tax increasing 28 percent, and he said, "It's not all that much in dollar terms." He is right. But this is the state of a ...

Published:  Mon, 21 May 2018 11:12:00 GMT



Task force to study tax impact of nonprofits on local area

Norwich - How does the taxation of nonprofits affect communities in southeastern Connecticut Can the rules regarding tax-exemption be made more predictable for nonprofits A new task force is being formed to consider these and other questions after ...

Published:  Sun, 20 May 2018 14:31:00 GMT



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