Many Massachusetts residents 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 2.2% GDP growth, and an extremely low unemployment rate of 2.5% (Ninth lowest in the U.S.), many Massachusetts residents have been left behind. In fact, 9.3% of residents live in poverty, and many have debt problems
The average Bay Stater has $6,629 in credit card debt, plus $225,575 in mortgage debt for homeowners. On average, 14% of Massachusetts residents have student loan debt – $34,126 worth, to be precise. In 2021, approximately 10,108 Massachusetts residents declared 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.
Table of Contents
The Best Debt Consolidation Companies in Massachusetts
Finding a legit debt consolidation firm can be tough. We’ve done the research and picked the 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 Financial Freedom LLC
444 Washington St
Woburn, MA, 01801-1046
(866) 760-8019
http://www.tffusa.com
Rating: 5/5
Preferred Financial Services Corporation
300 Brickstone Sq Ste 102
Andover, MA, 01810-1497
(978) 722-0098
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Rating: 5/5
PowerDownDebt, Inc.
384 Montague City Rd
Turners Falls, MA, 01376-2510
(413) 774-5555
http://www.powerdowndebt.com
Rating: 5/5
Money Management International, Inc.
225 Franklin Street Ste. 2672
Boston, MA, 02110
(800) 308-2227
http://www.moneymanagement.org
Rating: 4.7/5
Elite Financial Services, Inc.
100 Cummings Center Suite 141A
Beverly, MA, 01915-6512
(866) 922-0040
http://www.livedebtfree.net
Rating: 4.3/5
DMB Financial, LLC
500 Cummings Center Suite 3800
Beverly, MA, 01915-6142
(866) 865-6959
http://www.dmbfinancial.com
Rating: 4.7/5
Chaffin Credit Consulting
PO Box 101
Clinton, MA, 01510-0101
(978) 771-2264
http://chaffincreditconsulting.com
Rating: 5/5
Beyond Finance, Inc.
85 Sam Fonzo Dr Ste 2
Beverly, MA, 01915-1069
(800) 495-4069
https://beyondfinance.com/
Rating: 4.7/5
Beacon Financial Solutions LLC
129 Lowell St
Peabody, MA, 01960-4289
(978) 278-5733
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Rating: 9.6/10
Massachusetts Debt Statistics
| Total Debt | $522 billion |
| Debt Per Capita | $74,570 |
| Debt Per Capita Rank | 9 |
Source: World Population Review
Massachusetts Credit Card Debt Statistics
| Average Credit Card Balance | $6,629 |
| Average Credit Score | 725 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 19 |
| Avg Credit Score Rank (1=Highest Score) | 4 |
Source: Experian
Mortgage Debt in Massachusetts
| Mortgage Debt Per Capita | $225,575 |
| Avg 30 yr Mortgage Rate | 6.5% |
| Avg 15 yr Mortgage Rate | 5.8% |
| Median Home Value | $535,000 |
| Avg Outstanding Mortgage Debt | $305,000 |
| Difference Between Value and Mortgage Debt | $148,822 |
| Avg Homeowner FICO Score | 725 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Massachusetts
| Payday Loan Legal Status | Not legal |
| Max Payday Loan Amount | N/A |
| Max Payday Loan Term | N/A |
| Max Payday Loan APR | N/A |
Source: Massachusetts Government Website
Unemployment and the Economy of Massachusetts
| Poverty Rate – Population | 9.4% |
| Poverty Rate – Population – Rank | 41 |
| Poverty Rate – Family | 6.6% |
| Poverty Rate – Family – Rank | 45 |
| Unemployment Rate (February 2022) | 3.3% |
| Unemployment Rank | 17 |
| GDP Growth | 5.6% |
| GDP Growth Rank | 7 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Massachusetts
| Percent of Population with Student Loans | 59% |
| Average Student Loan debt | $36,810 |
| Average Debt of New Graduates (2020-2021) | $34,215 |
| Average Debt Rank | N/A |
| Percentage of Graduates with Debt (2020-2021) | 53% |
| Percent with Debt Rank | N/A |
| 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) | $73,140 |
| Median Monthly Rent | $1,422 |
| Value of a Dollar | $0.93 |
| Cost of Living | 132.7 |
| Cost of Living Rank | 46 |
| Grocery Cost Index | 119.3 |
| Housing Cost Index | 177.6 |
| Utilities Cost Index | 111.1 |
| Transportation Cost Index | 111.3 |
| Miscellaneous Cost Index | 116.1 |
Source: World Population Review