Connecticut

Debt collector calls are something many Connecticut residents may have experienced. For all the collectors who are seeking repayment of a debt through the normal channels, some debt collectors take their actions much too far, resulting in a headache for consumers and possible legal trouble for those responsible. Any resident burdened by credit card debt or experiencing trouble paying their bills may wish to research bankruptcy as a viable option.

A new bill proposed by the governor of Connecticut may help owners struggling through the foreclosure process. The governor has leveled blame against bank mediators for often prolonging foreclosures, because banks do not often send the same mediators to meetings or do not ensure those mediators possess the legal authority to negotiate a deal with homeowners. The bill would force banks to send only qualified mediators allowed to enter a settlement with a homeowner.

A new study found sobering statistics concerning credit card debt affecting younger generations across the country. Connecticut students and younger adults already in the workplace may find the trap of credit easy to fall into. Credit card debt can be difficult to shake, but for those whose debts far exceed their ability to pay, options such as bankruptcy protection can help them confront their debt in a responsible manner as they get back on their feet financially.

Connecticut foreclosure filings have finally slowed down. Although they are slightly up from 12 months ago, the overall news is positive compared to the high spikes earlier in the summer. In 2011, the number of foreclosure filings was listed at 1,278. This year, the number rests at 1,299.

Many Connecticut residents may have struggled with credit card debt at one time in their lives. However, it could be important to note that some of those credits charges may have been fraudulent. When a credit card number is stolen, many charges come from sex-related internet sites. Although the credit card company will deny the charges, collection companies may step in and purchase the fraudulent debt for relatively little money in order to attempt to force the consumer to pay off the credit card debt.

Connecticut residents may avoid filing for personal bankruptcy because they believe it will prevent them from purchasing a home for many years. Although a bankruptcy will stay on an individual's credit record for at least seven years, filers can actually begin to apply for mortgages as soon as a year after filing for bankruptcy, as long as they have shown that they are working to improve their credit and overall financial status.

While some states are seeing lower numbers of foreclosure, Connecticut is turning out to be the opposite. Currently, the state has seen a foreclosure increase of 38 percent. In the south central region of the state, those numbers have increased a whopping 75 percent, from 481 foreclosures in 2011's first quarter to 851 in 2012's first quarter.

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.

Even as the national economy begins to rebound, many Connecticut residents continue to face economic hardship. Often through no fault of their own, many have found themselves unable to meet their financial obligations, such as paying off their credit card bills or making the monthly mortgage payment. However, fewer residents found themselves filing for bankruptcy in 2011 according to a new report released recently.

In these tough economic times, many Connecticut residents have become all too familiar with foreclosure proceedings. Whether it happens to a relative, a neighbor or themselves, many residents have been affected by foreclosures in one way or another ever since the housing crisis began in 2008. In that vein, readers of this blog may be interested to hear of the financial problems faced by the town manager of Enfield, Connecticut.