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Debt Consolidation in Massachusetts

Massachusetts falls pretty squarely in the top 20 in most dimensions of personal debt. The state ranked 14th in a Deseret News article looking at the lowest levels of personal debt in the United States. This ranking was based on a 4.5% share of the population with past due debt, with 23% of those individuals with debt already in collections averaging $4,602. Some residents in that situation would benefit from debt consolidation strategies to manage their financial challenges. On the other hand, Massachusetts is listed as having the 11th highest level of credit card debt in the nation with an average of $7457.84 per resident.

Students graduating from college in Massachusetts rank 13th with respect to the percentage who finish their studies with debt - 66% - and 14th in the average amount ($28,565) of that loan debt.

However, Massachusetts comes in 33rd place when it comes to bankruptcies filed, with just over 23,000 in a typical year and a rate of 3.52 filings per 1000 people in the state population.

Massachusetts also has one of the highest median home sale prices in the nation at $313,000. However, unlike many states with high home values - and thus high mortgage balances - the state does not have a correspondingly high foreclosure rate. The state averages 1 in every 2400 homes in foreclosure; even in Plymouth County, the region with the largest number of homes in foreclosure, the rate is still only 1 in every 1310 homes.

Medical debt continues to be an issue for residents of Massachusetts, with a reported 20% of adults surveyed stating that they did have medical debt that they were paying over several months or years, and slightly less than that reporting difficulties in paying medical bills in previous years. This debt is in spite of a Massachusetts law that preceded the Affordable Care Act in requiring all residents to carry medical insurance. A wide variety of debt consolidation agencies in the state can help residents address issues resulting from medical and other debt.

 

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Debt Consolidation In The News

New York lawsuit targets student loan debt relief fraud

NEW YORK (Reuters) - New York's attorney general on Thursday sued 10 companies and two executives over their alleged roles in a scam to induce thousands of struggling borrowers into buying student loa...

Published:  Thu, 20 Sep 2018 12:20:00 GMT



The 5 Best Ways To Consolidate Debt

For many of us, debt is just a common part of our day-to-day lives. However, not all debt is created equal! Before we begin looking at consolidating debt we must first answer the question of ...

Published:  Thu, 20 Sep 2018 21:27:00 GMT



NY AG Sues Student Debt Relief Cos. For Predatory Practices

Law360 (September 20, 2018, 10:55 PM EDT) -- New York's attorney general on Thursday accused a constellation of student debt relief companies of lying to struggling borrowers to extract illegal upfron...

Published:  Thu, 20 Sep 2018 20:01:00 GMT



Journal Times editorial: Student loan debt relief should be a priority in Madison

Wisconsin's four-year college graduates have the eighth-highest average student loan debt in the nation, with an average student loan debt of $28,810 and 70 percent of Wisconsin students ...

Published:  Thu, 20 Sep 2018 17:30:00 GMT



Full loan relief rare for students at for-profit colleges

WASHINGTON (AP) - The Trump administration is granting only partial loan forgiveness to the vast majority of students approved for help because of fraud by for-profit colleges, according to preliminar...

Published:  Fri, 07 Sep 2018 21:44:00 GMT




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