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      February 16, 2019

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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.


Elizabeth Warren's popular plan to tax the rich is probably unconstitutional

Elizabeth Warren rallied her supporters behind her signature proposal: a wealth tax on the rich. The Massachusetts Democrat wants an annual charge of 2 percent on the holdings of anyone with more than ...

Published:  Fri, 15 Feb 2019 03:14:00 GMT

Big companies don't need our tax breaks

The money Massachusetts promised to forego in taxes would be better spent making the state even more appealing to companies like GE. "What government leaders should be doing is focusing on getting the ...

Published:  Sat, 16 Feb 2019 11:49:00 GMT

Reduced tax refunds surprise Bay State taxpayers

In some parts of Massachusetts, real-estate taxes alone can exceed $10,000, which means individuals and families are losing thousands of dollars in itemized deductions previously allowed under the old ...

Published:  Fri, 15 Feb 2019 16:34:00 GMT

"˜Millionaire Tax' Amendment Rises Again At Massachusetts Statehouse

BOSTON (AP) - Meet the new millionaire tax: It's the same as the old millionaire tax that was rejected on constitutional grounds by the Supreme Judicial Court - keeping it off the 2018 ...

Published:  Sat, 09 Feb 2019 10:16:00 GMT

Western Massachusetts lawmakers consider new tax break for investors in rural businesses

In many rural Massachusetts communities, the population is aging and declining. Fewer jobs are available to attract young people. "We have to be looking at innovative new ways to bring some interest i...

Published:  Mon, 04 Feb 2019 12:29:00 GMT

Massachusetts Collected $2.79B in Taxes in January

BOSTON (AP) - Massachusetts collected $2.79 billion in taxes in January. That's about $195 million or 6.5 percent below predictions and $180 million - or 6.1 percent - less than the actual collections ...

Published:  Wed, 06 Feb 2019 11:32:00 GMT

Westchester County Exec Urges NYS Approval For Sales Tax Hike

New property tax rates have been set in Springfield, Massachusetts. For the first time in many years, the rates for both homeowners and business property owners have been reduced, as property values c...

Published:  Fri, 15 Feb 2019 19:51:00 GMT

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