Debt Consolidation For Connecticut Residents

Money Fit by DRS Inc. has proudly helped many Connecticut residents live debt free!

Connecticut Debt Consolidation
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For decades, Connecticut residents have turned to Money Fit by DRS to provide incomparable service and results when it comes to helping in managing their debt consolidation needs. Whether seeking consolidation from credit card debt, student loans, collection accounts, or other types of unsecured debt like payday loans or overdue medical bills, individuals and couples in Connecticut will find Money Fit more than willing and able to help our neighbors in the Constitution State!

Working with nonprofit debt consolidation services like Money Fit can provide consumers with valuable rewards such as peace of mind, greater financial control, and automated payment distribution to creditors.

Money Fit is here to assist anyone in need to develop the behaviors, skills, and knowledge needed to repay their debt and live a life free of debt for good. Whether or not you work with us as a debt management client, we still offer several educational resources available to increase your personal finance skills.

Additionally, you can expect that we show you the same respect and compassion we would show our own family members dealing with difficult financial issues. Although counselors at Money Fit work can work with thousands of individuals each year, we know our client’s finances are personal and unique. Before offering the best solution to your financial challenges, we listen to you. We are very aware that you know your financial situation better than anyone.

Our Credit Counselors achieve their required certification through independent third-party programs to assure we are prepared as well as possible to assist our clients in their unique financial needs.

Pandemic Poses Many Unique Financial Challenges for Connecticut Residents

The pandemic caused by COVID-19 had drastic financial implications for the state of Connecticut in 2020.

Early in 2020, when COVID-19 lockdowns went into effect, Connecticut saw a large spike in unemployment insurance claims, and while the long-term economic impact isn’t fully known, it will certainly have a lasting impact.

COVID-19 Impact on Unemployment Rate in Connecticut

September 2019 – August 2020 – Data From stlouisfed.org

Money Fit has compiled resources for individuals that have been negatively impacted financially by COVID-19:

Connecticut Statistics Highlighting The Need For Personal Debt Consolidation

When it comes to the amount of credit card debt carried from month to month, the average Connecticuter is very middle-of-the-road among all states, ranking 23rd of 50 at just over $7,000.  The median household credit card debt in Connecticut is thousands of dollars lower than the average, meaning that those who do carry credit card debt carry a lot of it.

Connecticut Economic Trends and Financial Crises

Like many states, Connecticut has had to grapple with the challenge of raising the state minimum wage without negatively impacting area businesses. Nearly one in ten Connecticut workers earn the state’s minimum wage. Not surprisingly though not directly connected, the state’s poverty rate also equals one in ten households. While the state’s poverty rate ranks fourth lowest in the U.S., it is still sobering to imagine one in ten people you pass in the street is living in poverty.

Connecticut Economic Trends Zeroing in on Future Crisis

Periodic recessions are a fact of US economic history. On average, the US has gone through an 11-month recession every 5 years since the end of World War II. The Great Recession ended in June 2009, marking the beginning of one of the longest periods of sustained, albeit moderate, economic growth in US history. When a recession arrives, it typically brings a lowering of Gross Domestic Production by just over 2%, leading to unemployment growing by just over two percentage points. That means nearly 4 million workers will lose their jobs nationwide or nearly 40,000 Connecticuters.

When recessions hit, credit card payment defaults increase, as do home foreclosures and personal bankruptcies. Since it is always better to prevent problems than solve them, Money Fit encourages Connecticuters to accelerate their consumer debt repayment sooner than later. When a household loses income, the likelihood of meeting debt obligations drops significantly, often eliminating even the possibility of successfully working with a credit counseling agency.

Connecticuters can be confident that regardless of the financial challenges headed your way, Money Fit will have nonprofit programs and services to help you address your debt, budgeting, spending, and savings struggles.

Getting Help With Debt In Connecticut

Money Fit recommends that our Nutmegger friends take care when considering the services of debt consolidation organizations. Regrettably, many for-profit businesses and even some nonprofit agencies have weak performance track records where debt settlement is concerned. Many will promise to relieve you of the necessity to pay half of your debt but usually fail. For consumers feeling overwhelmed by massive credit card debts, it sounds too good to be true. Unfortunately, it usually is.

Dealing with large debt loads can be tiresome and stressful. Too often, we hear often from frightened consumers who had tried other solutions before contacting Money Fit. Many times, their debt has increased to the point that even our programs are difficult to match, and bankruptcy appears to be the only option left.

Whenever you choose to work with an organization promising to help you with your debt, be sure to understand the effect of their programs on your future credit rating, your wallet, and your finances generally. Be sure to get a written explanation of all involved fees and to confirm the agency is licensed by Connecticut’s Department of Banking, such as Money Fit and its parent company, Debt Reduction Services. Don’t be shy when asking about fees and promised results. This is, after all, your own money, and you want to improve your financial situation, not make it worse.

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We provide debt consolidation to all Connecticut Residents. If you’re from one of the cities listed above you can read detailed information as to the statistics behind why debt consolidation is needed by many individuals in your area. Remember, you are not alone in your goal to live debt-free!

Additional Resources

Connecticut Debt Consolidation

Debt
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Consolidate your debt into a more affordable monthly payment.

Connecticut Debt Consolidation

Credit Report
Review

Receive free, unbiased, factual advice from an award-winning non-profit organization!

Connecticut Debt Consolidation

Debt
Management

We work with your creditors to reduce payments and fees.

Connecticut Debt Consolidation

Payday
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Get help with your payday loans and break the borrowing cycle!

Connecticut Debt Consolidation

Budget
Calculators

Our free budget calculators will help you track where your money is going and get you ahead with your finances.

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Money Fit
Academy

Courses and other resources to provide you with a financial toolbox.

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