The Best Connecticut Debt Consolidation Companies of 2020

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.

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 Rank2

Source: World Population Review

Connecticut Credit Card Debt Statistics

Average Credit Card Balance690
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 Rate3.79%
Avg 15 yr Mortgage Rate3.28%
Median Home Value$244,800
Avg Outstanding Mortgage Debt$224,928
Difference Between Value and Mortgage Debt$19,872
Avg Homeowner FICO Score717

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Connecticut

Payday Loan Legal StatusLegal
Max Payday Loan Amountnan
Max Payday Loan Termnan
Max Payday Loan APRnan

Source: Connecticut Government Website

Unemployment and the Economy of Connecticut

Poverty Rate – Population10.50%
Poverty Rate – Population – Rank48
Poverty Rate – Family7.50%
Poverty Rate – Family – Rank46
Unemployment Rate (March 2020)3.7
Unemployment Rank22
GDP Growth2.2
GDP Growth Rank39

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Connecticut

Percent of Population with Student Loans57%
Average Student Loan debt$38,510
Average Debt of New Graduates (2017-18)$38,669
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)59%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)12
Percent of Graduates at Schools with Usable Data58%
Nonfederal debt of graduates, as percent of total debt37%
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-Based77%

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 Living127.7
Cost of Living Rank43
Grocery Cost Index114.2
Housing Cost Index144.7
Utilities Cost Index128.1
Transportation Cost Index111.8
Miscellaneous Cost Index113.7

Source: World Population Review