People aren't the only legal entities that can end up in debt. Companies and corporations, even those that have been in business more than a century, can fall on crippling hard times. In fact, governments of states and countries can also end up in debt that can cost them and their citizens for generations.
It can feel like the whole world is against you when you have to struggle with debt. Creditors may be harassing you, and a bank may even be calling about foreclosure. At times like these, you may reach out for any help you can get. But is it the right choice?
It can be challenging for debt collection companies to stay on the right side of the law. These companies are required to follow the law that outlines how they can contact debtors and collect money. When they fail to do so, the Federal Trade Commission (FTC) can shut them down, ban them from operating and even file lawsuits against them. Below, you will find common illegal debt collection practices.
Many people in Connecticut go to college with the hope that their investment pays off. unfortunately, you may find that circumstances conspire against you and prevent you from repaying your educational debt. Contrary to popular belief, bankruptcy could be an option in select cases to help you get out from under your student loans.
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.