With a decent estimated credit score of 684, and 11% declining credit, Connecticut looks to be livable. However, some of the residents feel otherwise owing to the high cost of living. This is why this state is having budgetary problems and many people are leaving this state – certainly highly successful people who create jobs. These accomplished professionals are leaving this state in a lurch.
Connecticut ranks 14 in credit card debt and has an estimated average debt of $6,939 per person. Though the cost of living is much higher in comparison to Colorado, the debt per person is clearly less.
Groceries, health care, housing, transportation, and utilities are all expensive, which creates a huge gap between income and expenditure. High taxes also do not give people the much-needed reprieve.
People may have to get new lines of credit just to be able to pay for basic needs and utilities like gas, heat, and electricity though this would be rare and extreme.
When this happens, payment becomes difficult, owing to different interest rates on different cards, and several payments that need to go out every month. Such scenarios may sometimes lead to a payment getting delayed, or missed, which can cause the credit score to dip, and a negative comment to appear on your credit report.
Personal Loans to Pay Off High-Interest Credit Cards
When you have debt on several credit cards with high-interest rates, it makes sense to pay them down quickly.
A personal loan may be a sagacious option, as these have a fixed term and fixed interest rate. The interest rate depends on your credit score. If a personal loan as low as $3,000 can save you from paying high interests or can prevent delinquency, it looks like a good option.
You can use the loan amount to pay down the debt on the high-interest credit cards. Do not close the cards after you have paid down the debt. While paying down the debt can improve your credit score, keeping the cards open can add to your positive credit history.
Paying off the Personal loan can always be discussed with your lender. Several lenders offer assistance to be able to set the amount and the term as per your convenience, which will help you save money in the long run.
Personal Loans for Home Improvement
You bought that dream home you wanted, but need money to get a few things fixed to make it livable. Personal loans can be a fantastic option for home improvement.
You can budget the amount required for your home improvement, and sign up for a personal loan accordingly, instead of depleting your line of credit.
Best Banks for Personal Loans in Connecticut
Finding the best rate for personal loans? This list is a great place to start:
Savings Institute Bank and Trust Company
With Savings Institute Bank and Trust Company, you can get a free CashBack Checking and no-fee checking when you take out a loan.
Union Savings Bank
Union Savings Bank lets you borrow as little as $500 on a personal loan, a great financial relief when emergency comes.
People’s United Bank National Association
With over 400 branches, the People’s United Bank National Association is the largest bank in the list. It also offers the widest range of services which even include investment and insurance.
A residency-exclusive bank, Liberty Bank is most known for its checking account with a $100 signup bonus. However, it also has competitive rates for personal loans.
Through its in-house wealth management services, Farmington Bank exceeds expectations as you also get advice before you get a personal loan.
First County Bank
First County Bank makes it hard for you to say no with their sophisticated identity theft protection, ensuring that only you get to use your personal credit balance.
Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.