As a Connecticut resident, you likely find it extremely difficult, if not impossible, to live without credit. Cash has become almost irrelevant in today’s economy, and having good credit is one of the best things you can do for yourself.
In the years before your parents’ death, they may have accrued significant credit card and medical debt. Like other Connecticut residents in the same situation, you may wonder if you are required to continue making payments on the debt your parents left behind.
If you are a Connecticut homeowner facing difficult financial times, you may be able to qualify for the new Relief Refinance Program to avoid foreclosure of your home. As TSP Mortgage explains, the Relief Refinance Program went into effect on Nov. 1, 2018, and replaces the now defunct Home Affordable Refinance Program, popularly known as HARP, that went into effect in 2009 after the housing bubble burst in 2008 and existed through 2018.
Connecticut residents who have fallen into debt may find themselves being pestered by debt collectors or collection agencies. While in many cases these instances are just annoying, they can be potentially harmful and frightening if the collector uses tactics that are considered illegal.
If you are one of the numerous Connecticut residents struggling with rising credit card balances and other debt, you may have quite negative feelings about the amount of debt you have accumulated, often out of necessity. Although most people keep their financial situations private and refuse to share their fears and concerns with others, it may help you to know what a recent survey of Americans revealed about the feelings they have with regard to their personal debt.
There are several reasons homeowners take out a second mortgage on their homes, including but not limited to skirting homeowners' insurance requirements, utilizing the equity in one's home or borrowing against the home. Whatever your reason for pulling out a second mortgage on your Connecticut home, do not feel bad if your second mortgage has put you in over your head debt-wise. Also, know that relief options are available to you that do not involve foreclosing on your home.
You may have some familiarity with the concept of payday loans, especially if you are not a native Connecticut resident and come from a state where payday loans are legal. State laws restrict payday lending to protect you and other consumers from the egregious abuses that often accompany such loans. However, as previous posts on our blog have explained, there are other ways that vulnerable consumers can be victimized by predatory lending.
When Connecticut residents realize they are overwhelmed with credit card debt, they may sometimes feel like this debt will never go away. However, there are several strategies people can use to remove this debt.
It is likely that many Connecticut residents either have one or more student loans or know someone who does. The overwhelming level of debt and difficulty paying it off has been well-documented recently in both national and local news.
One of the first things you might want to do after a bankruptcy discharge is to repair your credit. As you know, getting approved for a loan is one of the most effective ways to do this. You and other Connecticut residents may find it encouraging to learn that you may have many borrowing options after a bankruptcy. However, you should also learn how to recognize a valid lender from one that is considered predatory.