In a Nutshell

TurboDebt is now serving Connecticut with its expert debt relief services. On average, we save clients about 46% of their total debt before fees. Our programs are tailored to each individual’s personal finance situation, and with our transparent strategies, we look forward to helping Connecticut residents become debt-free in the shortest amount of time possible. Whether you’re struggling with credit card debt, medical debt, payday loans, or other unsecured debts, we can help you break free from the cycle of debt.

Read on to learn more about debt relief options in Connecticut, statistics, and key financial hardship resources, and get in touch today for a free consultation.

Connecticut: The State and Its Economics

Connecticut recently ranked 35th in the United States based on its economic outlook and competitiveness. Yet, the “Constitution State” enjoys an average personal income upwards of $80,000, which is the highest in the nation. Its main population center is the city of Bridgeport, and the state’s capital is Hartford. Many Americans are familiar with the state, especially the town of New Haven and its style of pizza enjoyed up and down the whole country.

It is not a right-to-work state, and as of December 2019, Connecticut had a fairly low adjusted unemployment rate of just 3.8%. Additionally, Connecticut residents currently enjoy a relatively high average credit score of 725, and last year had an average total debt of $107,301, which was a 0.9% increase from 2021.

How Does Debt Relief Work in Connecticut?

Debt relief comes in many forms and relieves a person of debt or money owed to various lenders. Most often, this will provide relief from credit card debt, medical bills, mortgage repayments, payday loans, and other unsecured debts.

Landing on the right debt relief option for Connecticut residents will require personalized research, but fortunately, TurboDebt is here to help, thanks to its free consultation and comprehensive debt relief program.


Connecticut’s Debt and Finance Stats

As we begin offering debt relief in Connecticut, it’s important to understand the key financial and debt-related statistics specific to the state. Our research is part of the foundation that allows us to offer the best debt relief program across the country.

Average Consumer Debt

When combining the amount of average debt in Connecticut, that is, auto loans, student loans, mortgages, and the amount owed on credit cards, we get an eye-popping figure of $302,052.

Credit Card Debt

The average credit card user in Connecticut owes over $7,304 to credit card companies, with a typical average credit limit available to them of $18,783. Connecticut residents typically have around three credit cards open, on average also.

Auto Loan Debt

Connecticut drivers had an average auto loan debt of $17,115. This was below the national average of $20,987.

Mortgage Debt

Connecticut’s real estate market has had its struggles in recent years. Even still, the median-priced home in the Constitution State went for a whopping $258,000 as far back as 2018. That figure continued to climb with the rest of the nation’s prices during the pandemic and subsequent supply chain issues. As a result, Connecticut residents, on average, have $242,139 in mortgage debt.

Student Loan Debt

Connecticut residents who also happen to be college graduates carry a large amount of student loan debt, which is, on average, $35,494. While Connecticut colleges may be some of the greatest in the nation, so is the debt that comes with attending these fine institutions, it seems.

Household Debt

Mortgages, personal loans, vehicle loans, school loans, credit card balances, and overdrafts on bank accounts are all examples of household debt. Household debt is usually classified into two types: secured and unsecured debt. In 2022, Connecticut households had $107,301 in debt, on average.


In 2022, the American Bankruptcy Institute reported a total of 2,512 filings for bankruptcy across Connecticut. 1,942 of those were for Chapter 7, 22 were for Chapter 11, and Chapter 13 filings numbered 548.

Average Income and Employment

Connecticut has the fourth highest mean income in the United States at $115,337, behind only Washington DC ($133,587), New Jersey ($117,868), and Massachusetts ($115,964).

As of February 2023, Connecticut’s unemployment rate was 4%, putting them at 40th in the nation.

Credit Scores

Connecticut residents have an average credit score of 725. While this number is in the good credit score range of 670 to 739, it is on the higher side of this range.

Identity Theft

The FTC saw 8,129 identity theft complaints from Connecticut in 2022. This is on the lower end of cases in comparison to other states like California, which had over 125,000 complaints, while neighbors Rhode Island had 2,420 in 2022.

Banking and Tax Info

Connecticut residents pay a graduated income tax, ranging from 3% to 6.99%. Connecticut also has a 7.5% corporate income tax rate. Connecticut also has a 6.35% statewide sales tax but no other local sales taxes. Drivers pay an extra 35.75c per gallon at the pumps, while property taxes currently sit at 1.79%.

In 2021, 4.4% of Connecticut’s population was considered unbanked. Interestingly this number is a 4% decrease from 2019.

Top Types of Debt to Get Relief from in Connecticut

If you’re a Connecticut resident looking for debt relief, know that the options below are among the best for tackling debt. Each will vary in terms of aggressiveness, meaning they have different speeds to pay off debt, and will be better suited toward varying amounts of debt. If you’d like to learn more about which might be right for your unique situation, don’t hesitate to reach out for a free consultation.

Credit Card Debt

Credit card debt relief is just one service that TurboDebt offers to all Connecticut residents. Unfortunately, credit card debt is one of the most prominent types of debt Americans face, with the total for 2023 being just under $1 trillion. It is also the number one type of debt that we enroll in our program.

If you are in Connecticut and are finding it increasingly harder to pay off a credit card, then it’s time for a free consultation with one of our amazing team members who will help you move toward debt-free living once more.

Divorce Debt

One of the main reasons for most divorces typically stems from one issue - finances. Then there are the immense costs of getting a divorce that often worsens a couple’s financial situation.

Seeking a divorce costs each partner an average of $15,000 but can get as high as $100,000 in more complex situations.

TurboDebt will be there to help and enroll you into a Connecticut-focused debt relief program designed specifically to help people going through a divorce. TurboDebt knows divorce is a very stressful time for a couple but will be there to help with the financial aspects of it.

Business Debt

Did you know the average American small business owner has roughly $195,000 in business debt? And when you consider what the general rule of thumb financial experts say about business debt being within 30% of a business’s capital, it’s frightening. Exceeding this share can drastically impact a business's credit score and make lenders overly cautious when it comes to providing loans.

In Connecticut, business owners may seek TurboDebt’s debt relief programs to help lower their amount owed to lenders and pay it back in a more manageable payment.

Medical Debt

It is estimated that 41% of Americans have some form of healthcare debt. So there’s a reason why we constantly hear about the cost of medical bills and insurance seemingly always going up.

Settling medical debt can take a long time, especially when certain conditions have vital yet costly treatments or procedures attached to them. TurboDebt will be there to connect Connecticut residents with a medical debt relief program that works for them so that they can get a fresh start.

Homeowner Debt

Mortgage debt continues to cripple the financial well-being of many Americans, as it remains the largest type of debt we face. Americans' average mortgage debt is $220,380, which continues to rise yearly.

At TurboDebt, we offer Connecticut homeowners debt relief programs specifically aimed at residents with mortgages or other home-related debts that will work best for them and their living situation.

Retirement Debt

Unfortunately, more and more Americans are retiring with little to no savings to fall back on in their golden years. Some 30% of new retirees reported having nothing in their savings accounts. This means their debts and high monthly payments can follow them into retirement.

But, TurboDebt can help those no longer working become debt free and live out their remaining years stress-free.

Options for Debt Relief in Connecticut

The best debt relief options in Connecticut usually work by lowering payment amounts, interest rates, or a combination of the two. Different options will suit you better depending on how aggressive you are about paying off your debt. You can learn more about the top ways to get relief below, or we can help you through a free consultation.

Debt Management Programs

A debt management plan will offer varying strategies to pay off debt, depending on the one you choose. In general, the most effective way this form of debt relief works is when it combines all existing debts into a single monthly repayment plan at a lower interest rate, usually down to about 9%. This is a great solution for Connecticut residents who are on a steady income and are reliable enough to make monthly payments over three to five years (on average).

Creating a payment plan similar to this that works within a person’s income and other financial obligations can assist those in need of help with managing and budgeting.

For example: If your combined debt to credit card companies is $15,000, and you spread repayments over five years, that’s 60 monthly payments in total. Therefore, each of the 60 repayments would be $250.00 before interest. You may, of course, negotiate a lower interest rate with each of your lenders.

Let’s say you get that interest rate down to 9%. If the balance of a credit card is $4,000, then the interest is $360. Over the year, this would be an extra $30. Add that to the existing balance over 60 months, which would be $66.66. $66.66+$30= $96.66. This would be your new monthly payment on just one credit card.

You can also determine your monthly payments on other debts with negotiated lower interest rates.

Debt Consolidation Loans

Sometimes in more serious situations and in place of a monthly payment plan, debt consolidation loans can be taken out. By taking out one loan to pay off all outstanding loans, a person repays over a period of time, with interest included. Debt consolidation loans typically require a substantial upfront payment, though.

As demonstrated in the previous paragraph, you can calculate monthly interest and payment rates. However, these numbers will emerge from a loan amount from a lender, not the outstanding debts.

It is worth remembering, though, those lenders like to offer initial low-interest rates on payments as a “teaser rate” but will then revert back to a high-interest rate over the course of the repayments schedule. You may be left to pay longer if you don’t read the fine print in this situation.

Debt Settlement

Debt settlement may occur when a borrower negotiates with a debt collector to repay an agreed-upon amount owed and have the rest forgiven.

This option typically requires a large sum initially or the ability to commit to a revised payment plan.

Debt settlement programs often ask for 15-25% of the remaining balance upfront. So, if your remaining balance on a loan is $20,000, and the debt settlement program’s fee is 22%, you would have to pay $4,400 upfront.

Credit Counseling

Credit counseling, like those typically offered by nonprofit organizations, involves regularly meeting with a credit counseling agency to develop an individual plan to become debt free.

This will involve working with real people or credit counselors who are certified and trained in consumer credit counseling, budgeting, and debt management. These credit counselors provide advice on creating a household or small business budget so a person can pay off their debts. They also offer financial education free of charge and can help people obtain copies of their credit reports.


A bankruptcy filing is also considered debt relief. When someone can no longer pay off debts with their own money or income, they may choose to liquidate assets and create a repayment plan if any debt remains.

A person or business must file a petition with a bankruptcy court, as all bankruptcy cases proceed in a federal court as outlined in the United States Bankruptcy Code.

Different types of bankruptcy filings apply to individuals, families, businesses, cities, etc. For example, individuals may file for Chapter 7 or Chapter 13 bankruptcy, while businesses can file for Chapter 7 bankruptcy in order to liquidate assets or file for Chapter 11 to reorganize them.

Debt Forgiveness

Debt forgiveness can occur when a lender “forgives” all or some of a person’s debt with them.

Many types of debt can be forgiven, including student loans, medical debts, credit card debts, mortgage debts, and taxes owed at the state or federal gov level. Typically, borrowers must meet certain criteria for debt forgiveness programs to receive debt forgiveness.

Debt and Financial Hardship Resources

Temporary Assistance Programs

In Connecticut, the Temporary Assistance for Needy Families (TANF) also funds the Safety Net, Employment Services, and many other programs and services that needy families may require. Further information on eligibility requirements can be found on

State Health and Human Services

Connecticut’s Health and Human Services offer a variety of programs and services for those in need of financial assistance for their health.

The Supplemental Nutrition Assistance Program (SNAP), formerly “Food Stamps,” helps eligible people and families afford food.

HUSKY Health (Medicaid and Children's Health Insurance Program) provides children, parents, caregivers, the elderly, people with disabilities, adults without dependent children, and pregnant women with affordable healthcare solutions.

Child Care

Care 4 Kids is a very helpful initiative from the state government that helps low-to-moderate-income families in Connecticut pay for their childcare costs.

Shelters for the Homeless

Information on housing and homeless services can be accessed through the Coordinated Access Networks (CAN). This is a network of community providers all over Connecticut who work with caseworkers and individuals facing homelessness.

Free Transportation Services

Medicaid Non-Emergency Medical Transportation (NEMT) is a benefit Medicaid members are entitled to if they need to get to and from any Medicaid-covered medical service or appointment but do not have personal transportation available.

TurboDebt Will Be There For Connecticut Residents Whenever Debt Becomes Overwhelming

If you live in Connecticut and need assistance with piling debts or want a free consultation about how much you currently owe, call TurboDebt today. We have helped thousands of residents across the country and look forward to assisting CT residents get out of debt and achieve financial independence.

Remember, we’re just a phone call away for a free debt consultation or for exploring other enrollment options.