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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

Looking for Financial Relief Know Your Rights Before Choosing a Company to Help

If you've got mounting credit card bills, you may also have countless credit repair or debt relief offers taking over your mailbox. Those promises of reduced debt, low-interest loans and magical ...

Published:  Sun, 17 Feb 2019 03:54:00 GMT



Student debt relief is union work

AFT leaders in Massachusetts know that supporting our members goes beyond what happens in the classroom, or the schoolhouse, or even the Statehouse. That's why, when the AFT started offering student d...

Published:  Fri, 15 Feb 2019 13:38:00 GMT



Fight Substance Abuse, Get Your Student Loans Paid

It's always exciting to be able to announce a new programs that can provide relief to student loan borrowers. The National Health Services Corp (NHSC), a federal agency, has established a new student ...

Published:  Sat, 16 Feb 2019 07:01:00 GMT



The latest tool to combat the opioid epidemic - student-loan relief

As the opioid epidemic rages on, officials are turning to a new tool to help curb it - student-loan relief. The National Health Service Corps, a government program that supports health-care providers ...

Published:  Fri, 08 Feb 2019 23:11:00 GMT



As student loan bills balloon, Madison-area companies offer debt relief as a perk

Forget the free snacks. Move over, gym memberships. A Madison company this month launched a new employee benefit - paying off a portion of an employee's student loan debt - in a move that ...

Published:  Mon, 11 Feb 2019 15:14:00 GMT



Tips To Strengthen Finances Before Another Recession Shared By National Debt Relief

The last Recession in 2008 affected a lot of people that is why National Debt Relief shares this article to help people prepare for another recession. The article titled "How To Strengthen Your Financ...

Published:  Thu, 14 Feb 2019 08:40:00 GMT



Cleveland Heights council looks at Community Improvement Corp., college loan relief

CLEVELAND HEIGHTS, Ohio -- With formation of a new municipal Community Improvement Corporation in the works, Vice Mayor Melissa Yasinow is already looking into a student loan assistance grant program ...

Published:  Mon, 11 Feb 2019 22:16:00 GMT



Bill seeks to incentivize MT child protective specialists with student loan relief

HELENA - Charles Asmus, a child protective specialist in Montana, told the House State Administration Committee Wednesday that he'll owe about $190,000 after he gets his doctorate. But, he ...

Published:  Thu, 14 Feb 2019 13:08:00 GMT



FTC adds defendants to case against California student debt relief company

WASHINGTON, D.C. - The federal government has added two additional defendants in its case against Impetus Enterprise Inc, a California-based student debt relief company accused of defrauding ...

Published:  Mon, 11 Feb 2019 11:28:00 GMT




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