The Best Massachusetts Debt Consolidation Companies [Updated 2023]

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.

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

Rating: 5/5

Preferred Financial Services Corporation

300 Brickstone Sq Ste 102
Andover, MA, 01810-1497
(978) 722-0098

Rating: 5/5

PowerDownDebt, Inc.

384 Montague City Rd
Turners Falls, MA, 01376-2510
(413) 774-5555

Rating: 5/5

Money Management International, Inc.

225 Franklin Street Ste. 2672
Boston, MA, 02110
(800) 308-2227

Rating: 4.7/5

Elite Financial Services, Inc.

100 Cummings Center Suite 141A
Beverly, MA, 01915-6512
(866) 922-0040

Rating: 4.3/5

DMB Financial, LLC

500 Cummings Center Suite 3800
Beverly, MA, 01915-6142
(866) 865-6959

Rating: 4.7/5

Chaffin Credit Consulting

PO Box 101
Clinton, MA, 01510-0101
(978) 771-2264

Rating: 5/5

Beyond Finance, Inc.

85 Sam Fonzo Dr Ste 2
Beverly, MA, 01915-1069
(800) 495-4069

Rating: 4.7/5

Beacon Financial Solutions LLC

129 Lowell St
Peabody, MA, 01960-4289
(978) 278-5733

Rating: 9.6/10

Massachusetts Debt Statistics

Total Debt$522 billion
Debt Per Capita$74,570
Debt Per Capita Rank9

Source: World Population Review

Massachusetts Credit Card Debt Statistics

Average Credit Card Balance$6,629
Average Credit Score725
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 Rate6.5%
Avg 15 yr Mortgage Rate5.8%
Median Home Value$535,000
Avg Outstanding Mortgage Debt$305,000
Difference Between Value and Mortgage Debt$148,822
Avg Homeowner FICO Score725

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Massachusetts

Payday Loan Legal StatusNot legal
Max Payday Loan AmountN/A
Max Payday Loan TermN/A
Max Payday Loan APRN/A

Source: Massachusetts Government Website

Unemployment and the Economy of Massachusetts

Poverty Rate – Population9.4%
Poverty Rate – Population – Rank41
Poverty Rate – Family6.6%
Poverty Rate – Family – Rank45
Unemployment Rate (February 2022)3.3%
Unemployment Rank17
GDP Growth5.6%
GDP Growth Rank7

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Massachusetts

Percent of Population with Student Loans59%
Average Student Loan debt$36,810
Average Debt of New Graduates (2020-2021)$34,215
Average Debt RankN/A
Percentage of Graduates with Debt (2020-2021)53%
Percent with Debt RankN/A
Usable Institutions (BA-Granting)42
Percent of Graduates at Schools with Usable Data68%
Nonfederal debt of graduates, as percent of total debt29%
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-Based82%

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 Living132.7
Cost of Living Rank46
Grocery Cost Index119.3
Housing Cost Index177.6
Utilities Cost Index111.1
Transportation Cost Index111.3
Miscellaneous Cost Index116.1

Source: World Population Review

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