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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

Don't increase debt warns Draghi

(ANSA) - Rome, November 16 - European Central Bank President Mario Draghi said Friday that countries with a high public debt should not increase it further and should respect the EU's budget rules. "L...

Published:  Fri, 16 Nov 2018 02:45:00 GMT



Virginia Attorney General wins $50 million in penalties, debt relief in lawsuit against illegal loans

Attorney General Mark Herring announced Thursday that he won $50 million in debt relief and ordered civil penalties in a lawsuit against Future Income Payments, LLC; FIP, LLC; and their owner ...

Published:  Thu, 15 Nov 2018 13:51:00 GMT



Judge orders $50M in debt relief, penalties, after Herring lawsuit

A Hampton judge has ordered a Nevada firm accused of targeting elderly Virginia veterans with deceptive loans to pay $31.7 million in civil penalties and forgive $20 million in debt. Virginia ...

Published:  Thu, 15 Nov 2018 14:36:00 GMT



Virginia AG orders civil penalties against loan company

RICHMOND, Va. (AP) - Virginia's attorney general has ordered civil penalties and debt relief totaling $50 million against a loan company in light of a lawsuit accusing it of making illegal, high-inter...

Published:  Thu, 15 Nov 2018 23:29:00 GMT



Betsy DeVos Sued Again For Delaying Student Loan Forgiveness

... (HERA), alleges that the Education Department is ignoring a federal judge's ruling last month to begin student loan debt relief for certain borrowers affected by the Borrower Defense Rule. Those i...

Published:  Thu, 15 Nov 2018 04:32:00 GMT



Deal of the Week: MLPs to consolidate, buy Anadarko's midstream assets for $4B

The Woodlands-based Western Gas Equity Partners LP (NYSE: WGP) and Western Gas Partners LP (NYSE: WES) - master limited partnerships formed by Anadarko Petroleum Corp. (NYSE: APC) - will consolidate . ...

Published:  Thu, 15 Nov 2018 20:00:00 GMT




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