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Connecticut Collection Agency Shut Down »

On Wednesday, August 6, 2008, the State Banking Commissioner issued a cease and desist order effectively shutting down Cornerstone Credit Corp., a collection agency based in Waterbury, Connecticut.  The agency had been operating without a license since September 2005 and had failed to turnover money it had collected from consumers to the creditors who had [...]

Common Mistakes When Financing A Car »

Time to replace that gas guzzler.  With fuel prices at all time highs and predictions that they will go higher, many are thinking about buying a newer, more fuel efficient car.  Car sales are down, so this must be a good time to buy a new car, right?  Wrong.
Here are the common mistakes many make [...]

Are you addicted to debt? »

American Personal Savings Rates

It’s no secret that we love to spend. Our personal savings rates have dropped into the negative range meaning that we are spending money faster than we can save it.
At the same time, the amount of consumer debt has increased dramatically over the last 50 years.
Just look closely at [...]

Beware the Personal Guaranty »

When operating a small business, it is easy to forget about the formalities of maintaining the facade of a business entity. Whether your business is a corporation or a limited liability company, the structure of the business is to protect the owners of the business against the debts of the business. Think of [...]

How Long Does A Collector Have to Collect a Debt In Connecticut? »

Going back to Biblical times, debts have always had a limited lifespan. By government regulation, the limits are known as Statutes of Limitation. Generally, these laws govern the time that an action can be brought to collect a debt in the state court system.
In Connecticut, enforcement of an oral contract is three years [...]