Connecticut Bankruptcy Law Blog

SOLVING CREDIT CARD DEBT PROBLEM IN CONNECTICUT

Monthly payments on credit card debt obligations have become the number one source of bank profits and money lost by Connecticut’s hard working middle class. The consumer credit card industry has replaced mortgage solicitations, as interest rates and profits on credit cards have reached record highs, while the costs paid by card issuers have remained at record lows.

CREDIT CARD DEBT IN CONNECTICUT

With mortgage rates at historical lows, credit card debt has become the major drain on middle class Connecticut families. Despite super low borrowing rates, credit card companies have not passed along low rates to consumers, but have instead continued to charge consumers the highest interest rates possible with no regulation in sight.

BIG BANKS BIG PROFITS, BEFORE/AFTER/STILL

By supporting the myth of an all-important “credit score” and raising interest rates, credit card issuers have boxed in millions of American families across the U.S., stuck between crippling, high never-ending monthly payments and the fabricated myth of credit score as a measure of holiness. The credit card industry has captured the mind and wallet of any middle class American who survived the subprime mortgage bubble.

FAILING FORECLOSURE MEDIATIONS IN WINDSOR, CT IN 2017

The first quarter of 2017 saw a large increase in foreclosures in Windsor, CT as home foreclosures rose 33% over rates found in the first quarter of 2016 with 44 new foreclosures commenced in the first 90 days of 2017. Savable Windsor homes continue to be lost to foreclosure. Homes lost to the foreclosure process increased as the insufficient options provided by the state's foreclosure mediation process failed to provide homeowners with the answers needed to prevent home loss to foreclosure.

FORECLOSURE RATES AND LOST FORECLOSURES FIRST QUARTER 2017, WEST HAVEN, CT

First quarter 2017 foreclosure rates in West Haven fell just over 20% from last year’s first quarter rates with 92 new foreclosures in 2016 and 73 new foreclosures in the first 90 days of 2017. Homes lost to foreclosure continued the rise seen in 2016 when 136 homes were lost to strict foreclosures and foreclosure auctions. Savable West Haven homes continue to be lost in foreclosure mediation. The loss of 36 homes in the first quarter of 2017 represents a 44% increase from the first quarter of 2016.

FIRST QUARTER 2017 FORECLOSURE MEDIATION RATES IN SHELTON, CT

Following a record foreclosure year in 2016, homes lost to foreclosure in the first quarter in Shelton for 2017 continued on pace with 2016. As mediation solutions failed to help Shelton homeowners in foreclosure, Shelton residents fail to retain savable homes. Homes lost to foreclosure remained at unacceptably high levels.

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