If you’re one of the many Connecticut residents struggling with medical, student, credit card, payday or other types of loans, you’re one of many. Even though The Constitution State has a fairly strong economy with 2.2% GDP growth, and a relatively low unemployment rate of 3.7%, 10.50% of residents live below the poverty line. Many have trouble with debt.
The average Connecticuter has $10,877 in personal debt, plus $225,386 of mortgage debt for homeowners. On average, Connecticut residents carry a credit cardd balance of $7,258 and 57% of Connecticuters have student loan debt – $38,510 worth to be precise. Every year approximately 6,008 Connecticuters declare bankruptcy. Fortunately, there are plenty of Connecticut debt consolidation options to help you get back on track financially.
So whether you live in Bridgeport, New Haven, Hartford, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.
Table of Contents
The Best Debt Consolidation Companies in Connecticut (updated 2020)
Finding a legit debt consolidation firm can be tough. We’ve done the research and picked the [n] best debt consolidation firms in the state of Connecticut. Our criteria includes online reputation, breadth of services offered, and demonstration of expertise. All have at least an A rating with the Better Business Bureau.
Money Management International, Inc.
1224 Mill St Bldg B Ste 224
East Berlin, CT, 06023-1159
(800) 308-2227
http://www.moneymanagement.org
Rating: 9.6/10
Connecticut Debt Statistics
| Total Debt | $38,756,156 |
| Debt Per Capita | $10,877 |
| Debt Per Capita Rank | 2 |
Source: World Population Review
Connecticut Credit Card Debt Statistics
| Average Credit Card Balance | 690 |
| Average Credit Score | $7,258 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 2 |
| Avg Credit Score Rank (1=Highest Score) | 12 |
Source: Experian
Mortgage Debt in Connecticut
| Mortgage Debt Per Capita | $225,386 |
| Avg 30 yr Mortgage Rate | 3.79% |
| Avg 15 yr Mortgage Rate | 3.28% |
| Median Home Value | $244,800 |
| Avg Outstanding Mortgage Debt | $224,928 |
| Difference Between Value and Mortgage Debt | $19,872 |
| Avg Homeowner FICO Score | 717 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Connecticut
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | nan |
| Max Payday Loan Term | nan |
| Max Payday Loan APR | nan |
Source: Connecticut Government Website
Unemployment and the Economy of Connecticut
| Poverty Rate – Population | 10.50% |
| Poverty Rate – Population – Rank | 48 |
| Poverty Rate – Family | 7.50% |
| Poverty Rate – Family – Rank | 46 |
| Unemployment Rate (March 2020) | 3.7 |
| Unemployment Rank | 22 |
| GDP Growth | 2.2 |
| GDP Growth Rank | 39 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Connecticut
| Percent of Population with Student Loans | 57% |
| Average Student Loan debt | $38,510 |
| Average Debt of New Graduates (2017-18) | $38,669 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 59% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 12 |
| Percent of Graduates at Schools with Usable Data | 58% |
| Nonfederal debt of graduates, as percent of total debt | 37% |
| Fall enrollment – Undergraduate total (IPEDS) | 170,266 |
| Tuition and Fees (in-district/in-state) | $24,378 |
| Total Cost of Attendance (on-campus) | $47,519 |
| Percent of Institutional Grants that are Need-Based | 77% |
Source: Value Penguin, TICAS
Cost of Living in Connecticut
| Annual Mean Wage (All Occupations) | $60,780 |
| Median Monthly Rent | $1,803 |
| Value of a Dollar | $0.92 |
| Cost of Living | 127.7 |
| Cost of Living Rank | 43 |
| Grocery Cost Index | 114.2 |
| Housing Cost Index | 144.7 |
| Utilities Cost Index | 128.1 |
| Transportation Cost Index | 111.8 |
| Miscellaneous Cost Index | 113.7 |
Source: World Population Review