Credit card debt is among the most difficult types of debt to erase, considering high interest rates and monthly payments. Connecticut residents understand the challenges associated with carrying debt, as the average household carries some $8,000 or more in credit cards alone. For those seeking debt relief, there are a variety of options, from consolidation to Chapter 7 bankruptcy.
Financial struggles happen to many people across the country, including here in Connecticut. When your situation makes it difficult to meet your mortgage loan obligations, you probably become fearful that you could lose your home. If that happens, you may be able to take advantage of several mortgage loan debt relief options.
Millennials in Connecticut and elsewhere around the country have come of age in a financially turbulent time. They have seen major economic downturns and soaring levels of national debt. Many of this demographic group are bewildered about their own personal debt, whether it be student loans, mortgages or credit card balances. In fact, recent studies show that more millennials are in need of debt relief as a result of their handling of credit card debt.
Struggling with debt issues is not an unknown concept to many Connecticut residents. Unfortunately, any number of events could lead to a person facing insurmountable bills and accrued debt that leaves them feeling lost. Luckily, finding debt relief is not impossible, but it is important not to be taken in by options that may not help.
Topping a national list typically brings celebration to a city. Metro areas are proud to proclaim the news when they have been recognized as a best place to live or an area where the best schools are located. However, being number one on some lists may bring cause for concern. Connecticut has two cities in the listing of areas with the highest credit card debt. This level of debt may leave some consumers searching for debt relief.
Being saddled with a mountain of credit card debt is quite common for many Connecticut residents and others across the country. Consumers frequently get bombarded with advice on how to reduce or eliminate this type of debt because it can become quite expensive if not paid in a timely manner. One suggestion to provide debt relief from growing credit card balances is to consider taking out a personal loan.
Many Connecticut residents and others across the country use their credit cards primarily for large purchases so that they can take advantage of mileage or other reward programs. They are able to pay the bills in full and not incur interest or increasing balances each month. However, there is an increasing number of people who are forced to use their credit cards for basic monthly needs. These consumers are likely struggling to make ends meet and are in need of debt relief.
According to recent financial indicators, the economy is improving in several areas for residents of Connecticut and elsewhere around the country. However, what about those individuals who are not seeing any progress in their finances and are, in fact, in need of debt relief to ease their struggles? For many, a debt consolidation loan is a way to minimize the number of payments required each month as well as possibly paying a lower amount of interest overall.
Many Connecticut residents and others around the country carry a significant amount of credit card debt from month to month. If those consumers were told the interest rate for their credit cards was to be capped at 15%, it would apparently be good news for them at first glance. Since some of the cardholders with large balances are often in need of debt relief, this seems like a positive move for them. However, that plan could end up causing more financial strain on the very people it seemingly would help.
According to 2018 year-end reports from the Federal Reserve, total revolving debt for the nation has exceeded $1.05 trillion. Of that amount, credit card debt accounts for $870 billion of the total. Connecticut residents and others across the country have nearly 480 million active credit card accounts. While some consumers are able to pay off their balances each month in full, others may just be trying to keep their heads above water financially and are in need of debt relief.