On behalf of Law Offices of Mark M. Kratter, LLC on March 01, 2012
There are perhaps few things more terrifying than the constant calls of debt collectors and letters filled with dire warnings. Fortunately, more and more Connecticut residents are gaining some control over their financial obligations. In fact, according to Equifax, which is a credit reporting service, consumers in the state have paid down their credit card debt and outstanding financial obligations by a significant amount.
In the Bridgeport-Stamford-Norwalk area, residents managed to cut their consumer debt by 10.5 percent. In other parts of the state, consumers cut their debt by up to 15.6 percent. The numbers represent a change from the fourth quarter of 2010 to the fourth quarter of 2011.
Nationally, consumer debt reached a peak of $12.4 trillion in October 2008. That number includes mortgages, auto loans, credit card bills, and other forms of debt. However, Equifax has found that since then, overall debt has declined by 11 percent, or by more than $1 trillion.
Yet, the total amount of outstanding credit card debt across the country still stands at more than $800 billion. It is also certainly true that many Connecticut residents continue to struggle with their debt burden. In some cases, when debt becomes too much to handle, debtors may wish to consider the possibility of declaring personal bankruptcy. Despite any stigma that may have been attached to filing for bankruptcy, it can serve as a valid option for certain consumers as it puts an end to creditor harassment and sets the petitioner back on the road toward financial independence.
Source: Hartford Business Journal, "CT consumers cut their credit-card debt," Feb. 21, 2012
