credit card debt

When young adults graduate from high school and begin their college careers, money is not always at the front of their minds. In the past, some college students in Connecticut and across the country succumbed to temptation by accepting credit card offers, only to later find themselves knee-deep in credit card debt by the time they graduated. With the federal passage of the Credit Card Act a few years ago, it is more difficult for college-age students to receive a card. But difficult is not the same as impossible.

Consumers in Connecticut and across the country responded to the economic recession by slashing their credit card debt. According to a recent survey, the number of families with a card balance fell sharply between the years of 2007 to 2010. The survey reports that, as of 2012, only 39.4 percent of families carry a credit card balance, down from 46.1 percent in 2007. While this improvement is certainly welcome, paying off credit card debt is not a realistic possibility for everyone.

Connecticut high school students may be bombarded with credit card offers before going to college, but avoiding credit card debt is a good way to get your financial future off to a good start. Making good financial decisions early is a way to help young adults avoid the trap of credit card debt and ensure they can begin their adult lives with a clean financial slate.

One of the predicaments that Connecticut residents may face is that of credit card debt. Unfortunately, credit card debt can be intensely stressful due to the constant harassment of creditors. However, it is possible to gain control over the debt by taking some simple steps.

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.

Connecticut residents are gradually paying off their debt while showing an interest in spending more. In late November the New York Federal Reserve Bank said mortgage debt in the United States dropped from July to September. Consumer debt is 0.6 percent lower as compared to the second quarter, primarily due to a 1.3 percent drop in mortgage loan debt.