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Debt Consolidation
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Many Connecticut Residents Struggling with Debt

The providers of CareOne Debt Relief Services® have firsthand knowledge of how it feels to be in debt. Many of us have been there, and we talk with people every day who are facing similar challenges. We know what it takes to get out of debt and this experience is what motivates us to provide the best service and support possible. We also know that not every situation is the same, which is why we’re committed to providing multiple solutions and to listening to the unique circumstances of each of our customers.

We hear from Connecticut residents every day, and we know that many people in that state continue to struggle during these tough economic times, despite the state’s reputation as one of the wealthiest in the nation.  For instance, the Connecticut unemployment rate reached its lowest point in 2012 at 7.7% in March, but it has been steadily increasing and is currently at 8.1%, just below the national average of 8.2%1.  The “Constitution State” also has the fourth highest cost of living in the nation; which is one possible contributing factor to why the state also has the 3rd highest amount of credit card debt per capita2. As manufacturing jobs continue to leave the state, it’s easy to see how many residents could find themselves experiencing financial hardship.

According to the U.S. Census, the state has the dubious honor of having the widest income gap of any state in the Union4. This is particularly evident in the region stretching from Greenwich to Bridgeport (the State’s most populated city5); if this region were a country it would be the 14th most unequal area in the world, ranking just below Brazil4.

CareOne’s internal data supports the notion that many families may be struggling to achieve the “American Dream” that many of their neighbors have. For example, 69.2% of Connecticut residents own their own home, a statistic that is three percentage points higher than the national average6, but the majority of Connecticut residents seeking debt relief rent rather than own their own home and may be having a hard time making ends meet without this valuable asset.  CareOne providers have also seen that the average number of individual debts reported by Connecticut residents seeking debt relief increased 30% from 2010 to 2011 and was 19% higher than our national average. During that same time period the average amount of debt they reported also increased by 14% and was 36% higher than our national average.

If you are facing the same challenges as many other Connecticut resident and are looking for help understanding debt consolidation, we encourage you to call one of our Certified Personal Finance Counselors®. They’ll review your unique situation, provide a free debt analysis and walk you through all your options.  Together, you can work to find a customized solution to help you get back on track and work toward a debt-free life.

For further reading on debt in other New England states see our articles on Maine, New Hampshire, Vermont, Massachusetts and Rhode Island


1 Bureau of Labor Statistics, http://www.bls.gov/eag/eag.ct.htm
2 MSNBC, http://bottomline.msnbc.msn.com/_news/2012/01/27/10191533-plastic-fanatics-states-with-the-most-and-least-credit-card-debt?lite
3 HartfordBusiness.com, http://hbweb.sx2.atl.publicus.com/article/20110207/PRINTEDITION/302079993
4 CTDataHaven.org, http://ctdatahaven.org/know/index.php/File:CT_Counties_and_Most_Populous_Cities,_2000-2010_Change.pdf
5 Bloomberg Businessweek, http://www.businessweek.com/news/2011-12-15/capital-of-u-s-income-gap-festers-amid-connecticut-mansions.html
6 U.S. Census, http://quickfacts.census.gov/qfd/states/09000.html
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