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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.

 

How much will Massachusetts earn from taxes on retail marijuana sales

More than two years after Massachusetts voters approved the legal sale and taxation of recreational marijuana, the first approved shops are opening Tuesday. When sales begin, new tax revenues will als...

Published:  Sat, 17 Nov 2018 12:09:00 GMT



Rodman CPAs Appoints New Tax Specialist

This post was contributed by a community member. Rodman CPAs, a full-service tax and accounting firm based in Waltham, MA and serving small and mid-sized businesses throughout the greater Boston ...

Published:  Sat, 17 Nov 2018 10:13:00 GMT



Easthampton lowering tax rate FY 2019

(WWLP) - The City of Easthampton has decided to lower the tax rate for the 2019 fiscal year. The fiscal year 2019 rate is a result of new growth, current market conditions, and property modifications ...

Published:  Fri, 16 Nov 2018 16:10:00 GMT



Beacon Hill Roll Call examines House members' votes on tax proposals

"The Massachusetts Smart Growth Alliance believes that community ... under this bill that privatizes some of local government's management and expense of tax dollars, community development and communi...

Published:  Sat, 17 Nov 2018 15:49:00 GMT



Vermont group recommends taxing marijuana at a higher rate than Massachusetts

Read the full subcommittee report here. Vermont's neighbor Massachusetts taxes cannabis with a 10.75 percent excise tax and 6.25 percent excise tax on cannabis, plus any local taxes. There's no shorta...

Published:  Fri, 16 Nov 2018 03:42:00 GMT



Politics and the City: 'Tis the season to debate Worcester tax rates

"What's a Taxpayer to Do When Real Estate Taxes Keep Rising in Worcester, While Household Income Keeps Falling" In its email, the group reminded everyone that Worcester is one of 26 Gateway Cities in ...

Published:  Sat, 17 Nov 2018 18:12:00 GMT



Average Milford Property Tax Bill Going Up $150 Next Year

MILFORD, MA-While the tax rate is dropping slightly next year, property values are skyrocketing in Milford, and homeowners will see an increase in their real estate bills for FY2019. Milford ...

Published:  Wed, 14 Nov 2018 08:51:00 GMT



How Trump's tax cuts hurt the GOP in America's wealthy suburbs

"Their tax cuts, relative to their neighbors all ... The new Democratic majority in the House likely sets up Richard Neal, a Massachusetts Democrat, to take the committee gavel, with Texas ...

Published:  Mon, 12 Nov 2018 06:41:00 GMT



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