Credit cards are a common financial tool for most Connecticut residents and others around the country. Many consumers love the convenience of using a card to buy items or services, while others enjoy amassing points to gain rewards from purchases. However, rampant or uncontrolled use of credit cards can lead to problems. To avoid the need for debt relief, experts warn against the danger of having too much credit card debt and how to eliminate it.
Many residents in Connecticut and all around the country are anxiously awaiting their tax refunds, if they were so fortunate to receive one. While some taxpayers plan to use their refunds to go on vacation or remodel their homes, others may decide to save the money or use it to pay off some bills. However, there are individuals who need the refunds to help them take the steps toward getting their finances back on track. This group of people has waited for the refunds to file for a Chapter 7 or Chapter 13 bankruptcy because they could not afford it before.
When most people speak of debt, it is usually in negative terms. However, financial analysts do not see all debt as inherently bad. In fact, increases in consumer and business debt are often viewed as signs of a growing economy. Eventually, however, debt relief may be sought by Connecticut consumers and others around the nation when the level of debt has created financial problems for them. Experts strongly suggest taking steps to eliminate consumer debt in order to achieve other long-term financial goals.
Recent data revealed that consumers in this country have exceeded $1 trillion in credit card debt. This translates to roughly $9,000 of debt for each household, according to reports. Understandably, this has propelled many families across the nation into the need for debt relief. There are, however, several cities that far exceed the average level of household debt. Unfortunately, two cities in Connecticut are in the top 10 in the nation with the highest averages.