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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

Euro zone to unlock new loans to Greece, working on debt relief

BRUSSELS (Reuters) - Euro zone creditors are expected to disburse new loans to Greece this month and are working on debt relief measures, the head of the bloc's finance ministers said on Monday, steps that should help underpin its economic recovery.

Published:  Mon, 12 Mar 2018 13:40:00 GMT



Former For-Profit College Students Demand Full Debt Relief

The code has been copied to your clipboard. The URL has been copied to your clipboard A group of past students at the former Corinthian Colleges are taking legal action against the United States Department of Education. In early March, the former students ...

Published:  Sun, 25 Mar 2018 03:02:00 GMT



Pain Relief for College Students Overburdened by Loan Debt

Legislators turn their attention to problems facing student borrowers, backing bills that would keep them from being overwhelmed by loan repayments New Jersey lawmakers, who were disturbed in the last legislative session by the practices of the agency that ...

Published:  Thu, 12 Apr 2018 05:00:00 GMT



Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative

The joint IMF-World Bank comprehensive approach to debt reduction is designed to ensure that no poor country faces a debt burden it cannot manage. To date, debt reduction packages under the HIPC Initiative have been approved for 36 countries, 30 of them ...

Published:  Wed, 07 Mar 2018 16:00:00 GMT



Student Loan Debt Relief Operations Allegedly Bilked $95M From Borrowers

The federal government and 11 states have joined together to accuse 30 purported debt relief operations of using deception and false promises to swindle more than $95 million from student loan borrowers. "Operation Game of Loans" - the eyeroll-worthy ...

Published:  Fri, 13 Oct 2017 10:44:00 GMT



How to Consolidate Credit Card Debt

GCredit card consolidation refers to merging all your existing debt into one loan, which is different than restructuring your debt, which refers to renegotiating the terms or amounts of your debt. Using credit card debt consolidation as a debt management ...

Published:  Sat, 30 Dec 2017 20:00:00 GMT




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