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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.

 

CT sales-tax cut boosts boat sales

Connecticut's recent sales-tax cut on new- and used- recreational boat sales is raising the sales tide, the state's watercraft dealers say. The Connecticut Marine Trades Association (CMTA), an Essex t...

Published:  Thu, 12 Jul 2018 08:59:00 GMT



CT diesel fuel users face their first tax hike in five years

Connecticut's truck drivers and other motorists that use diesel fuel faced their first tax hike this week in five years, paying an extra 2.2 cents per gallon. The Department of Revenue Services set th...

Published:  Fri, 06 Jul 2018 02:00:00 GMT



Alliance: 41 Towns Deny Property Tax Exemptions for Nonprofits

HARTFORD, CT - Every four years since 1965, nonprofits have been required to remind municipal tax assessors why they should be exempt from property taxes. But according to a member survey conducted by ...

Published:  Mon, 09 Jul 2018 01:00:00 GMT



Some Republican gubernatorial tax proposals more serious than others

If you are lining up behind a Republican candidate in the coming gubernatorial primary because they vow to eliminate the state income tax, plan to be disappointed. Several weeks ago, as the 2018 campa...

Published:  Mon, 02 Jul 2018 13:22:00 GMT



Progressive income tax proposal would sink Illinois

Instead of reforming public employee pensions and Medicaid, some people are promoting a progressive income tax constitutional amendment - a code phrase for another massive tax increase. The adoption o...

Published:  Wed, 04 Jul 2018 22:02:00 GMT



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