Struggling to pay off excess debt can often feel as if you are climbing a mountain. When you are having a problem even living paycheck to paycheck, debt consolidation is a popular form of debt relief. In this article, you will see how how your state of Massachusetts compares socioeconomically to the rest of the country. You will then see how the regions differ by wealth and poverty, how debt relief can help you, how to know if you are a good candidate for debt relief, and state-specific debt relief laws.
Socioeconomics in Massachusetts
With a population of over 6.5 million, Massachusetts is the 14th most populous states in the country. While there is significant migration out of the state, international births and foreign migration into the state is almost enough to offset those numbers. Unlike the rest of the country, the state is made up of more women than men at 52% of the population.
While the per capita income in Massachusetts is $49,000, median income for a family is $77,000. The median income is 4th in the country. However, the cost of living is extremely high. For example, the cost of living in the city of Boston is 34% higher than the rest of the country.
Wealth and Poverty in the Regions
Even though the average income is high, there is significant variation within the state. Four counties are above the state average income: Nantucket, Norfolk, Middlesex, and Barnstable. The poorest county in the state is Hampden, with a median income below the United States average and 17% of individuals below the poverty line.
How Debt Relief in Massachusetts Can Help
Debt consolidation can help you re-gain control of your finances and lump all of your bills into a single monthly payment. The state of Massachusetts requires all credit counseling organizations to be non-profit, allowing you to save more money due to reduced overhead. By shopping around for debt consolidation, you can find a group with the lowest possible fees for maximum savings.
Once you have found a debt consolidation company that can help, you will be able to pay the debt down faster than you would have previously. The debt relief company can help you reduce your interest rates, making your payments more manageable. You may even be able to start saving more money, allowing you to avoid using credit cards in the event of an emergency or for other purchases. In addition, the debt consolidation company will contact your credit companies and notify them of your consolidation, which typically causes them to cease contacting you.
Prime Candidates for Debt Relief
You may benefit from debt consolidation if you are finding yourself using credit cards on a daily basis for basic needs. If you have multiple lines of credit and are having trouble making your payments, you may want to consider talking to a debt relief company. If you have a pay period with more money available than other pay periods, consider lumping all of your payments into one sum to be paid during that time.
If you are looking to consolidate federal student loans, you may want to consider talking to your lender. Federal student loans may be consolidated free of charge, so it may make more sense to consolidate those with the government.
Massachusetts Debt Relief Laws
In addition to the requirement that credit counseling organizations be non-profit, Massachusetts offers additional protection to those seeking relief from their mounting debt. All debt relief counselors and debt collectors must be licensed and registered in order to work with the debt. The Massachusetts General Law also states that there are certain items exempt from collection efforts, such as housing and items needed to survive. This allows those seeking debt relief to maintain their home while working on paying down debt.
Massachusetts also follows the Federal Fair Debt Collection Practices Act, which forbids debt collectors from using deceitful and abusive tactics. Between the FDCPA and the state-level laws, Massachusetts is a friendly state for those seeking to consolidate their debt.
If you need help with your mounting debt, consider talking to a credit counselor or debt consolidation company. They can help stop harassing phone calls and letters as well as help you pay your debt down while saving money.