Many Massachusettsans struggle with auto, credit card, medical, payday and other types of debt, so if that’s you, you’re not alone. Though The Bay State has a rapidly growing economy with 2.7% GDP growth, and a extremely low unemployment rate of 2.9% (#6 lowest in the US), many Massachusetts residents have been left behind. In fact, 11.60% of residents live in poverty, and many have debt problems
The average Massachusettsan has $11,043 in personal debt, plus $252,207 of mortgage debt for homeowners. On average, Massachusetts residents carry a credit cardd balance of $7,043 and 59% of Massachusettsans have student loan debt – $32,065 worth to be precise. Every year approximately 7,644 Massachusettsans declare bankruptcy. Fortunately for you, there are a number of Massachusetts debt consolidation options to help you get free from debt.
So whether you live in Boston, Worcester, Springfield, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.
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The Best Debt Consolidation Companies in Massachusetts (updated 2020)
Finding a legit debt consolidation firm can be tough. We’ve done the research and picked the [n] best debt consolidation firms in the state of Massachusetts. Our criteria includes online reputation, breadth of services offered, and demonstration of expertise. All have at least an A rating with the Better Business Bureau.
Total Fi-cial Freedom LLC
444 Washington St
Woburn, MA, 01801-1046
(866) 760-8019
http://www.tffusa.com
Rating: 8.31/10
Professional Appointment Setters LLC
679 Washington St
Attleboro, MA, 02703-8406
(866) 412-8712
http://professionalappointmentsetters.com/
Rating: 8.41/10
Preferred Fi-cial Services Corporation
300 Brickstone Sq Ste 102
Andover, MA, 01810-1497
(978) 722-0098
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Rating: 8.51/10
PowerDownDebt, Inc.
384 Montague City Rd
Turners Falls, MA, 01376-2510
(413) 774-5555
http://www.powerdowndebt.com
Rating: 8.61/10
Money Management International, Inc.
225 Franklin Street Ste. 2672
Boston, MA, 02110
(800) 308-2227
http://www.moneymanagement.org
Rating: 8.72/10
Elite Fi-cial Services, Inc.
100 Cummings Center Suite 141A
Beverly, MA, 01915-6512
(866) 922-0040
http://www.livedebtfree.net
Rating: 8.82/10
DMB Fi-cial, LLC
500 Cummings Center Suite 3800
Beverly, MA, 01915-6142
(866) 865-6959
http://www.dmbfi-cial.com
Rating: 8.93/10
Debt Management, Inc
100 Medway Rd, Suite 201
Milford, MA, 01757
(508) 643-1400
http://www.debtmanagementinc.com/
Rating: 9.04/10
Credit Conversion
1 Kiddie Dr Ste 104
Avon, MA, 02322-1171
(774) 296-8561
https://creditconversion.org
Rating: 9.15/10
Chaffin Credit Consulting
PO Box 101
Clinton, MA, 01510-0101
(978) 771-2264
http://chaffincreditconsulting.com
Rating: 9.26/10
Beyond Fi-ce, Inc.
85 Sam Fonzo Dr Ste 2
Beverly, MA, 01915-1069
(800) 495-4069
https://beyondfi-ce.com/
Rating: 9.37/10
Better Credit Solutions
24 Union Ave Ste 26
Framingham, MA, 01702-8287
(508) 872-3455
http://www.bettercreditsolutionsnow.com
Rating: 9.48/10
Beacon Fi-cial Solutions LLC
129 Lowell St
Peabody, MA, 01960-4289
(978) 278-5733
–
Rating: 9.6/10
Massachusetts Debt Statistics
| Total Debt | $77,043,165 |
| Debt Per Capita | $11,043 |
| Debt Per Capita Rank | 1 |
Source: World Population Review
Massachusetts Credit Card Debt Statistics
| Average Credit Card Balance | 672 |
| Average Credit Score | $7,043 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 5 |
| Avg Credit Score Rank (1=Highest Score) | 32 |
Source: Experian
Mortgage Debt in Massachusetts
| Mortgage Debt Per Capita | $252,207 |
| Avg 30 yr Mortgage Rate | 3.81% |
| Avg 15 yr Mortgage Rate | 3.33% |
| Median Home Value | $408,100 |
| Avg Outstanding Mortgage Debt | $251,922 |
| Difference Between Value and Mortgage Debt | $156,178 |
| Avg Homeowner FICO Score | 723 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Massachusetts
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | nan |
| Max Payday Loan Term | nan |
| Max Payday Loan APR | nan |
Source: Massachusetts Government Website
Unemployment and the Economy of Massachusetts
| Poverty Rate – Population | 11.60% |
| Poverty Rate – Population – Rank | 43 |
| Poverty Rate – Family | 8.30% |
| Poverty Rate – Family – Rank | 38 |
| Unemployment Rate (March 2020) | 2.9 |
| Unemployment Rank | 6 |
| GDP Growth | 2.7 |
| GDP Growth Rank | 19 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Massachusetts
| Percent of Population with Student Loans | 59% |
| Average Student Loan debt | $32,065 |
| Average Debt of New Graduates (2017-18) | $31,882 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 57% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 42 |
| Percent of Graduates at Schools with Usable Data | 68% |
| Nonfederal debt of graduates, as percent of total debt | 29% |
| Fall enrollment – Undergraduate total (IPEDS) | 369,436 |
| Tuition and Fees (in-district/in-state) | $30,356 |
| Total Cost of Attendance (on-campus) | $52,969 |
| Percent of Institutional Grants that are Need-Based | 82% |
Source: Value Penguin, TICAS
Cost of Living in Massachusetts
| Annual Mean Wage (All Occupations) | $63,910 |
| Median Monthly Rent | $2,252 |
| Value of a Dollar | $0.93 |
| Cost of Living | 131.6 |
| Cost of Living Rank | 46 |
| Grocery Cost Index | 113.9 |
| Housing Cost Index | 170.3 |
| Utilities Cost Index | 109.7 |
| Transportation Cost Index | 116.0 |
| Miscellaneous Cost Index | 117.6 |
Source: World Population Review