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 relief needs. Whether seeking relief 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!
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.
Credit Card Debt Consolidation is a Pressing Need for Connecticut Residents in 2022
In Connecticut, the average cardholder’s credit card debt as of 2022 was $7,721. That number looks to rise in a post-pandemic world, as consumer spending begins to roar back. The key concern is the reliance on credit cards is increasing while inflation and other economic crisis such as high-energy costs and global instability appear to be cemented in for 2022 due in large part to the Russian invasion of Ukraine.
Consumers that can manage their debt by slowing or stopping their credit card use, and focusing on paying it off, could find themselves in a considerably better financial picture than those who don’t. Especially if any other market disturbances arise. A credit card debt consolidation program, such as the program offered by Money Fit, can help speed up the repayment process.
Payday Loan Consolidation Gives Connecticut Residents a Fresh-Start
Payday loans & other short-term loans can help get consumers out of an immediate bind. However, recent trends show that many consumers find themselves relying on taking out one loan, to pay another loan, and continuing this expensive cycle until they either exhaust their budget or are forced into finding alternate means of resolving their loans.
Thankfully, Money Fit specializes in payday loan consolidation and helping Connecticut residents escape the vicious borrowing cycle that occurs when trapped in payday loans or other unsecured installment loans.
Getting Help With Debt In Connecticut
Money Fit recommends that our Nutmegger friends take care when considering the services of debt relief 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.
A Pandemic That Posed Many Unique Financial Challenges for Connecticut Residents
The pandemic caused by COVID-19 had drastic financial implications for the state of Connecticut, beginning 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.
While the pandemic isn’t over, jobs and employment have made a drastic comeback as the US and world move towards the endemic stages of dealing with the virus.
Money Fit has compiled resources for individuals that have been negatively impacted financially by COVID-19:
- Average Credit Card Debt By State
- How Connecticut’s Poverty Rate Compares to That of Other States
- How to Verify a Debt-related Organization is Licensed to Do Business in Connecticut
Additional Links & Resources:
We provide debt relief 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 relief is needed by many individuals in your area. Remember, you are not alone in your goal to live debt-free!