Connecticut residents love to see their state ranked near the top of many lists. It is always encouraging to know that one’s state may rank highly as a good place to live or have wonderful educational facilities. However, being close to the top on certain rankings isn’t always positive. As many consumers are struggling financially and in need of debt relief, it is not edifying to see the state nearly top the list of areas with the most credit card debt in the nation.
In the latest data provided by a credit card analysis company, Connecticut had the second highest credit card debt in the country. While the nation’s average credit card debt was over $6,300, Connecticut’s average was over $7,200. One possible contributor to a higher level of debt was a state’s cost of living. Connecticut reported a cost of living that was almost 9 percent higher than the country’s average.
Alaska topped the list with an average of over $8,500 in credit card debt, with Iowa having the lowest average at just over $5,100. The Federal Reserve reports show that the country has now topped $1 trillion in credit card debt. Over half of those with balances are unable to pay those balances in full each month. These consumers are then met with significant interest payments and a seemingly never-ending cycle of debt.
For those struggling to manage their finances, a Connecticut bankruptcy attorney can provide some answers to improve the situation. An experienced lawyer can discuss several debt relief options and help develop a plan suited to someone’s specific needs. Reaching out for assistance is the first step to getting back on track financially.