Debt Consolidation in Action: Connecticut

How Connecticuters are cutting through problems with debt.

Challenges with debt aren’t unique to Connecticut, but residents of any state often find themselves facing a similar set of challenges and financial circumstances. By and large, Connecticut borrowers are being proactive and facing these challenges head-on, so even though the average Connecticuter has student loan debt that’s higher than the national average (over $30,000 versus the national average of $26,529), they have default rate that’s lower than the national average (just over 10% versus the national average of 13%).

The information below is designed to help you understand the situation borrowers in Connecticut are currently facing with debt and how some are using credit counseling to overcome challenges with credit card debt. If you’re facing your own personal battle with debt, we can help. Call or complete an online application to request a free consultation with a certified credit counselor.

Debt Statistics in Connecticut

It’s good to note that the average credit card debt balance below puts Connecticut third in the country for high credit card balances. Only Alaskans and Coloradans have more debt.

  • verage credit card debt: $5,625 per borrower [1]
  • 90-day credit card delinquency rate: 1.27%
  • Average student debt: $30,191
  • Student loan default rate: 10.90%
  • % of homes underwater (mortgage more than value): 17.90%
  • Mortgage delinquency rate for underwater homes: 8.07%
  • Average debt in collections: $4,643

[1] http://www.washingtonpost.com/blogs/govbeat/wp/2013/08/20/ranking-the-states-credit-card-debt/

All other statistics are brought to you by America’s Voice on Debt (AVOD)

Credit Counseling in Action for Connecticut residents

The following case studies are from real Consolidated Credit clients who live in Connecticut. This can help you get a better picture of what you can expect if you are eligible to consolidate debt through a debt management program.

Michael from West Haven, CT

My credit cards were out of control and I was having trouble keeping up with the payments. Consolidated Credit put me on a plan that made it easy. Without their help I would have ruined my credit.

Where he started:

  • Total unsecured debt: $24,249.00
  • Estimated interest charges: $14,053.59
  • Time to payoff: 14 years
  • Total monthly payments: $969.96

After DMP enrollment:

  • Average negotiated interest rate: 8.95%
  • Total interest charges: $4,566.57
  • Time to payoff: 4 years, 5 months
  • Total monthly payment: $552.00
Time Saved:
9 years, 7 months
Monthly Savings:
$417.96
Interest Saved:
$9,477.02
Trent from Glastonbury, CT

We are grateful to be working with an honest, reliable, and effective debt reduction company like Consolidated Credit. Their program is really working for us!

Where he started:

  • Total unsecured debt: $20,798.00
  • Estimated interest charges: $12,099.42
  • Time to payoff: 14 years, 1 months
  • Total monthly payments: $831.92

After DMP enrollment:

  • Average negotiated interest rate: 6.67%
  • Total interest charges: $2,419.63
  • Time to payoff: 4 years, 4 months
  • Total monthly payment: $453.00
Time Saved:
9 years. 9 months
Monthly Savings:
$378.92
Interest Saved:
$9,679.79
Michelle from Colchester, CT

Consolidated Credit is fantastic and always makes me feel comfortable on the phone.

Where she started:

  • Total unsecured debt: $39,340.00
  • Estimated interest charges: $22,845.07
  • Time to payoff: 14 years
  • Total monthly payments: $1,573.60

After DMP enrollment:

  • Average negotiated interest rate: 8.97%
  • Total interest charges: $10,803.58
  • Time to payoff: 5 years, 5 months
  • Total monthly payment: $759.00
Time Saved:
8 years, 7 months
Monthly Savings:
$814.60
Interest Saved:
$12,041.49