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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.

 

Report: CT's debt costs likely will grow faster than its revenues

Despite a 12-month surge in state tax receipts, Gov. Dannel P. Malloy's budget office warned Thursday that Connecticut's pension obligations and other debt will grow faster than revenues in ...

Published:  Thu, 15 Nov 2018 14:06:00 GMT



Hamden Looks to Collect Taxes on Out of State Registrations

... to catch people who register their cars out-of-state and avoid paying local taxes. It's a similar battle other communities in the state have waged, as NBC Connecticut Investigates has revealed. On ...

Published:  Wed, 14 Nov 2018 19:16:00 GMT



Significant Change In Connecticut Budget Deficit

HARTFORD, CT - Connecticut's upcoming budget crunch ... changes- such as the changes made to the pass-through entity tax- are working and helping taxpayers," said OPM Secretary Ben Barnes.

Published:  Wed, 14 Nov 2018 07:37:00 GMT



Connecticut's economic growth picks up speed, but still lags behind much of the country

Finance and insurance, which have a big presence in Connecticut, shrank during the three-month period. The speed of economic growth determines many other factors: the amount of money consumers have to ...

Published:  Wed, 14 Nov 2018 17:08:00 GMT



Norwalk revaluation could impact your taxes

The Tax Assessor's Office will announce mill rates May 6 and mail tax bills June 10, 2019, according to Stewart. Under Connecticut law, municipalities must revalue all real property at least every fiv...

Published:  Thu, 15 Nov 2018 12:37:00 GMT



Surging tax receipts dramatically shrink hole in next CT budget

State tax revenue projections surged again Tuesday, shrinking the projected shortfall in the upcoming two-year budget - and leaving Connecticut with a nearly $2.1-billion war chest to combat the ...

Published:  Tue, 13 Nov 2018 12:28:00 GMT



Tudor Jones Says Trump Tax Cut May Cause Debt Bubble to Pop

The hike in interest rates triggered by faster growth from U.S. tax cuts may cause the bubble in credit to ... Jones said Thursday at the Greenwich Economic Forum in Greenwich, Connecticut. "From a ma...

Published:  Thu, 15 Nov 2018 08:37:00 GMT



Trump must avoid gas tax trap Democrats are setting for him

Even red states like Texas and Kansas have joined blue states like Connecticut and Maryland in spending more than half of their gas tax and registration hauls on use other than highways.

Published:  Thu, 15 Nov 2018 06:00:00 GMT



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