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Connecticut

With its 5,544 square miles Connecticut is the 48th largest state in the USA. Or to put it another way, it’s the third smallest, surpassed in smallness only by Delaware and Rhode Island.

Connecticut’s state animal is the sperm whale. Its state ship is the USS Nautilus, which was America’s first nuclear powered submarine and was built in Groton. And the state was one of two, along with Rhode Island, that never ratified the 18th amendment to our Constitution which was Prohibition. And it did give birth to America’s oldest public library.

Connecticut’s population as of last year was estimated to be 3,596,000. Is that it’s the birthplace of our 43rd president, George H.W. Bush. Its name comes from the Indian word “quonehtacut.” This translates into long, tidal river, which of course is the Connecticut River.

Connecticut’s residents have an average credit score of 705 making them “excellent” credit risks. However, their average credit card debt is $5324 or somewhat above the national average of $4927 per borrower.  The average Connecticut household has an income of $64,247 and 70% of its residents own their own homes. The state borders on Long Island Sound and the Atlantic Ocean and as such its residents and visitors a variety of beaches and seascapes.  Connecticut is the home of numerous workers who commute from cities such as Hartford and New Haven to jobs in New York City.

Bridgeport is Connecticut’s largest city with a population of 139,000, followed by New Haven with its population of approximately 124,791 and then Hartford with 124,397.

The state continues to struggle with unemployment, as its rate is currently around 8%. Its largest city, Bridgeport, has an unemployment rate of 12.3%, while Hartford has an astonishing 15.8% unemployment rate, meaning that approximately one out of every six residents are unemployed. New Haven is closer to Bridgeport with a current unemployment rate of 12.2%.

Why these high unemployment rates? For one thing, the state has one of the worst business climates in the US. In fact it ranks the worst or 50th in annual economic growth. Between the years 1996 and 2006 – or before the Great Recession – the number of small businesses in Connecticut declined by 2.2%, while the experience of all 50 states was  an increase of 10%. Only the states of West Virginia and Ohio did worse than Connecticut.

Debt Relief Services & Options in Connecticut

Available Debt Relief Options in Connecticut

There may be help available for those Connecticut residents struggling with unsecured debts if you qualify. A good option for debt relief is a credit counseling company. You can search for one here.

Credit card debt settlement is a way to reduce your debts with the creditor or collection agency to only pay back a fraction of the original amount owed. This method works because you pay less yet the creditor still recovers some of their loss.

However, you may not have to even apply for credit card debt settlement if the statute of limitations is up in your state and the debt no longer appears on your credit report. Legally, credit companies must recover the debt in a period of time specified by the state or the debt is no longer recoverable after this time period. Read on to find out if the statute of limitations is up for you.

Debt Collection

(This is intended to be a helpful and informational debt resource for Connecticut consumers and does not constitute legal advice.)

Connecticut follows the set of federal laws dealing with collection agencies (and law firms that collect debts) that are collectively known as the Fair Debt Collection Practices Act (FDCPA).

No creditor shall use any abusive, harassing, fraudulent, deceptive or misleading representation, device or practice to collect or attempt to collect any debt.

Maximum Interest Rate a Collection Agency Can Charge in Connecticut: 8%

Connecticut Debt Help Law

Connecticut Wage Protection: 75% of weekly disposable income (income after taxes), or 40 times the state or federal minimum hourly wage, whichever is greater.

Statute of Limitations

A statute of limitations is a law that sets forth the maximum period of time, after certain events, that legal proceedings based on those events may be initiated. For debt, the statutes of limitation apply to the maximum period of time after a consumer has become delinquent on their payments. The key point to remember is that you are considered delinquent not from the date of your last payment, but rather the day after you have gone past due. In other words, if you made your last payment on 3/3/03 and your next payment was due the same day of the next month, the statute of limitations on the debt would not start running until 4/4/04. The statutes of limitations vary from state to state and depend on the type of debt and where the original transaction took place (i.e. if you took the loan out in Texas but currently live in Connecticut, the applicable statutes of limitations would be Texas’).

Oral Agreements: 6 years
Written Contracts: 6 years
Promissory Notes: 6 years
Open Accounts (credit cards): 6 years

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