The Cost of Living in Massachusetts is Rising
From the moment the pilgrims arrived on the Mayflower, Massachusetts has been central to American history. Today, the Commonwealth of Massachusetts is the economic and cultural center of New England, with world-class universities, successful sports teams, and major multinational corporations all calling the Bay State home.
Massachusetts is routinely ranked among the top states when it comes to education, health care, and other key quality-of-life metrics. Unfortunately, this comes at a cost: the state has a high cost of living and one of the lowest fiscal stability scores in the nation.
Put simply, living in Massachusetts is great if you can afford it, but for most people, the high cost of living can be tough to stomach. Food, housing, and other essentials cost significantly more in MA than in other states. With skyrocketing inflation making the problem worse, many families have racked up credit card debt to stay afloat.
Massachusetts Debt Relief
As a result, Massachusetts debt relief is an increasingly pressing concern. The average Massachusetts household has $1,564 in credit card debt, with a median delinquent debt of $556.
Though the state is highly educated and has one of the highest median household incomes in the country, the price of houses has gone up 35% in the last three years. High mortgages and student loan debt can make Massachusetts debt relief complicated.
Explore Massachusetts Debt Relief Options
Making minimum payments on your credit card bill might feel like a step forward, but it’s more like treading water. Fortunately, there are better Massachusetts debt relief options out there, including:
What Causes Debt in Massachusetts?
Massachusetts is a beautiful State to live in but it can be difficult to make ends meet, particularly for people with average incomes. Whether it’s high-interest rate credit card debt or other types of debt, people in Massachusetts are often struggling with debt and they find themselves in a tight financial spot.
Incomes are lower than expenses
Life nowadays is expensive, more so in the State of Massachusetts. Many people face dilemmas when they have to pay for rent, food, and gas and their income can’t cover all their necessities. People typically turn to credit cards and loans for the rest but that increases their balance and can lead to debt.
With the current price inflation and stagnating incomes, people in Massachusetts are finding it hard to stop using their credit cards for everyday expenses. This is how they accumulate consumer debt that gradually becomes difficult to pay off and may lead to facing debt collectors.
Credit card minimum payments
Banks make money by charging interest on all their loans, credit cards included. Minimum payments on credit cards usually cover only the interest charges and very little of the actual balance.
As you keep using your credit card, the balance increases. You are left believing you are making payments towards the balance when in fact you are only paying interest charges to the bank. At some point, the credit card maxes out and you are left facing a mountain of credit card debt.
Expenses and life events
Most Massachusetts residents don’t have an emergency fund to fall back on when things go awry. Life is full of surprises: divorce, death in the family, moving to a new place, or being unemployed can seriously upset most people’s financial planning.
Without savings that can be used in such unexpected circumstances, people use their credit cards and loans to pay for these expenses. But they also must have a payment plan on how they are going to repay their loan and their credit cards. It’s very easy to be overconfident and end up in credit card debt.
Add urgent and unexpected home repairs and you suddenly have many reasons why people in Massachusetts end up in debt and need Americor’s help.
Overcome Credit Card Debt with Americor’s Help
Americor debt specialists have worked with thousands of Americans in the United States and Massachusetts to provide them with debt relief services when their credit cards and loans get out of hand. Call us for a free consultation to find out how to stop your debtors from engaging in stressful debt-collection practices!
Some of the possible ways to help include the following.
Credit counseling
It’s good to get a good and thorough overview of what your income and expenses are. Credit counseling gives you a clear picture of where you are spending money and how you can streamline your monthly budget in a more efficient way. Credit counselors can make suggestions about lowering your expenses to leave enough room for debt repayment within reasonable limits.
Credit counseling services can help you get a grasp on your household expenses and establish good budgeting practices for the future.
Debt consolidation loans
Americor debt specialists can help you get a debt consolidation loan to roll all your existing loans, debts, and unpaid bills into one loan. People with several credit cards and one or more personal loans often find it hard to keep track of their payments and they fall behind.
A consolidation loan helps you repay all your existing debts so that you only have to pay the loan with a monthly payment. A single monthly payment is easy to remember and include in your expenses.
Consolidation loans often come with lower interest rates compared to credit cards. Americor can help you establish the best repayment timeline for your case, from 12 to 72 months, so that you give yourself enough space to repay your debt.
Debt settlement
Americor can help you settle your loan debt and reduce the overall amount you owe. Debt settlement can lower your debt by up to 50%. Once your creditors agree to reduce your debt, you pay the remaining amount in a lump sum, which can sometimes be spread out over 12-24 months.
The reduction percentage depends on your income, credit report, level of debt, and overall credit history. With the assistance of Americor debt specialists, you can get the best deal available and enjoy a debt-free future.
Debt settlement may affect your credit score but with careful financial management, you can help your credit score rebound.
Debt management programs
Debt management establishes a Debt Management Plan (DMP) where you present a schedule on how you can repay your debt amount in an orderly fashion. Your DMP might have an extended repayment schedule, possibly lower interest rates, and other favorable terms to help you repay your debt in a way that suits your finances.
Bankruptcy
A specialized lawyer can help you file for bankruptcy if all other options are simply beyond your reach. With bankruptcy, you get a new beginning, unburdened by debt.
However, you may have to surrender some of your assets and bankruptcy stays in your credit history for ten years. That means it may be hard to obtain a mortgage or car loan during this time.
Even so, you can embrace the idea of filing for bankruptcy as a last-resort solution if a consolidation loan or debt settlement can’t provide the debt relief you need.
Americor for Massachusetts Debt Relief
Our Americor debt relief experts in Massachusetts can provide professional guidance on debt relief for your case. If you need a consolidation loan or debt settlement to lighten up your debt burden, Americor will stand by your side.
We also draw on years of experience and stand by our reputation for quality of services, as testified by the Better Business Bureau. We offer professional and reliable debt relief advice for people in Massachusetts. Our goal is to assist people in attaining a debt-free life.
Contact us today to learn all you need to know about our services and find the best debt relief option for you!
Our Clients Say...
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Lannie D.
“In 2020, I was drowning in debt. I enrolled in Americor for my 10 creditors for $110,000… and today (three years later) I have cleared my entire balance. It was not an easy process, but Americor guided me through and I am debt free!”
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Matthew E.
“I was down $80k in business debt, and I remember hearing Americor radio advertising. My credit score was down to 570 from 810. I’ve been in the program for over 3 years. It works, just be patient. And my credit score is currently back up to 710!”
