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Debt Consolidation in Massachusetts

Massachusetts MapMassachusetts 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.


Jay Gonzalez: Massachusetts should tax college endowments

BOSTON (AP) - Democratic candidate for governor Jay Gonzalez said Massachusetts could raise $1 billion a year for education and transportation by taxing the endowments of the state's wealthiest colleg...

Published:  Wed, 19 Sep 2018 11:48:00 GMT

Gubernatorial Hopeful Wants to Tax Massachusetts' Private Colleges

Jay Gonzalez, winner of the Massachusetts Democratic gubernatorial primary, speaks at a Massachusetts Democratic Party unity event, Wednesday, Sept. 5, 2018, in Boston. (AP Photo/Bill Sikes) Massachus...

Published:  Fri, 21 Sep 2018 07:38:00 GMT

Humana tax break in doubt after past wage allegations surface

A Massachusetts board has approved giving a tax break to Humana Inc. for opening a digital health and analytics center in Boston's Seaport District, despite concerns that the health insurance giant mi...

Published:  Thu, 20 Sep 2018 08:29:00 GMT

Democrats hesitant on Gonzalez's plan to tax big university endowments

When Republicans proposed hitting college endowments with a new tax last year, the response from Massachusetts Democrats was at once swift and fierce. US Senator Elizabeth Warren panned the plan as "c...

Published:  Wed, 19 Sep 2018 17:28:00 GMT

$1B Tax For MA's Top Colleges Would Pay For Candidate's Promises

Under pressure to deliver new revenues for promised education and transportation investments, Democratic gubernatorial candidate Jay Gonzalez on Tuesday will offer a 1.6 percent tax on certain ...

Published:  Wed, 19 Sep 2018 06:39:00 GMT

What Massachusetts should learn from California's marijuana policy struggles (Guest viewpoint)

However, high excise tax rates and tight licensing regulations in California have produced a persistent black market in the state. In order to put a precursory halt to any black market activity in its ...

Published:  Tue, 18 Sep 2018 12:47:00 GMT

Gonzalez Proposes Endowment Tax that Would Cost Harvard Half a Billion Per Year

Jay Gonzalez, the Democratic candidate for Massachusetts governor, said he is proposing an endowment tax that would cost Harvard over $500 million per year at a press conference held in the Harvard T ...

Published:  Wed, 19 Sep 2018 21:36:00 GMT

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