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How State Laws Affect Debt Relief Programs in Massachusetts

Massachusetts Debt: The Basics

Debt is an issue across America, however, the average amount of debt varies from state to state. The Bay State is the 14th most populated state in the United States, and sits just slightly above the national debt average.  Home ownership is slightly lower at just under 60 percent.

Despite the unemployment rate and low home ownership, the median household income in Massachusetts is $63,656. The average credit score for a person living in Massachusetts is 740 and the average credit card debt of $5142 sits slightly lower than the national average.

Though the average amount of debt and average credit rating of a Massachusettian is on par with the national averages, there is still a need for debt management services in Massachusetts. If you feel you are drowning in debt, debt management services in Massachusetts, such as Debt Quest, can help you with debt relief in Massachusetts by recommending the best course of action for your unique debt situation, whether that is through debt consolidation in Massachusetts, debt settlement in Massachusetts, consumer credit counseling or even bankruptcy in Massachusetts (both bankruptcy chapter 7 and bankruptcy chapter 13).

 

Debt Collection in Massachusetts

Massachusetts functions under a set of collective laws known as the Fair Debt Collections Practices Act (FDCPA) as enforced by the FTC. These laws protect debtors from unfair practices of debt collectors and creditors. These laws include limits on where and how often a debt collector may contact you, among other provisions.

If you are being contacted for debt collection in Massachusetts, it is advisable to seek the guidance of a debt management program in Massachusetts, as they will be able to help you fully understand your rights as a consumer.

Statute of Limitations in Massachusetts

The statute of limitations in Massachusetts sets forth the maximum period of time, after certain events have taken place, in which legal proceedings may be initiated. For debt, the statute of limitations refers to the maximum period of time after a debtor has become delinquent. This means that period of time starts on the day after you have become past due on a payment.

It is important to note that the statute of limitations on debt varies from state to state and also depends on what type of debt it is and where the original transaction took place. The statute of limitations for Massachusetts is as follows:

  • Oral Agreements: 6 years
  • Written Contracts: 6 years
  • Promissory Notes: 6 years (20 years if signed before a witness)
  • Open Accounts (credit cards): 6 years

Debt Relief in Massachusetts

If you are dealing with mounting debt and are looking to become debt free in Massachusetts, Debt Quest can help you with a debt management program in Massachusetts. There are several different options for debt management available to you including debt consolidation loans in Massachusetts, debt settlement in Massachusetts, credit counseling and even help with the bankruptcy process if needed.

Our trained and knowledgeable professionals can help to educate you on your rights as a consumer and after evaluating your specific debt situation, recommend the best course of action for you. We will then guide you through the process of debt management in Massachusetts. Several of the different options to help you become debt free can even help you save money in the long-run (for example, debt consolidation loans in Massachusetts), making it more affordable to get out of debt.

Debt Consolidation in Massachusetts

This type of debt management in Massachusetts is when you consolidate all of your debts into one loan, often referred to as Massachusetts debt consolidation programs. Often, these debt consolidation loans in Massachusetts have a lower interest rate, making the payment of your debts more affordable. Debt consolidation in Massachusetts is perhaps the most used option for debt relief in Massachusetts.

Debt consolidation companies in Massachusetts will negotiate with your creditors on your behalf to set the terms of your debt consolidation loans in Massachusetts. In some cases, once you have paid down enough of your debts through debt consolidation in Massachusetts, some debt consolidation companies in Massachusetts may choose to move to debt settlement in Massachusetts with your creditors.

Note that debt consolidation in Massachusetts does not lower the principal amount of debt owed. Debt consolidation loans in Massachusetts only lower the interest rate on the principal amount of debts owed.

Debt Settlement in Massachusetts

This type of debt management program in Massachusetts is when a debt relief agency negotiates with your creditors on your behalf to lower the principal amount of debts owed, and perhaps even lower the interest rate on those debts. Because this type of debt relief program in Massachusetts eliminates some of the debt you owe through debt forgiveness, this form of debt management can be very appealing. However, you may not qualify for this option. More often than not, a debtor will qualify for a Massachusetts debt consolidation program instead. By working with an agency that provides debt management in Massachusetts, you’ll be able to find out whether you qualify for debt settlement in Massachusetts or debt consolidation in Massachusetts.

Consumer Credit Counseling

Consumer credit counseling is when a debt relief agency provides with you classes or counseling on how to better manage your finances. The hope is that by going through credit counseling, you will not only be able to better manage any current debts, but that you will also help to keep you out of future debt.

Credit counseling is often paired in conjunction with one of the other options for debt relief in Massachusetts, such as debt consolidation in Massachusetts or debt settlement in Massachusetts.

 

 

Bankruptcy in Massachusetts

Filing for bankruptcy in Massachusetts should be considered your last resort for debt relief in Massachusetts. This is because the bankruptcy process can leave a long-lasting negative effect on your credit score. Before you begin the bankruptcy process, it is advisable that you contact an agency that provides debt management in Massachusetts first. This agency will help you to exhaust all other options first, such as debt consolidation loans in Massachusetts paired with consumer credit counseling.

Filing for bankruptcy in Massachusetts includes two popular options, bankruptcy chapter 7 and bankruptcy chapter 13. When filing for bankruptcy in Massachusetts, it is important to speak with a professional to understand your rights as a debtor, including what properties may be exempt from bankruptcy in Massachusetts.

Paying off mounting debts can be an extremely stressful situation. By working with a company that helps you with debt relief in Massachusetts such as Debt Quest, you will have the peace of mind knowing that a knowledgeable and trained professional will analyze your personal debt situation and recommend the best course of action for you, whether that is through debt consolidation in Massachusetts, debt settlement in Massachusetts, credit counseling or, as a last resort, bankruptcy in Massachusetts. It is possible to become debt free in Massachusetts.

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How Much Can You Save?

How much debt do you owe?

$1

$100k+

What is your desired
monthly program deposit?

$1

$5000

Debt Quest Debt Settlement

$500

Your monthly
program deposit

$5,750 Savings

Your Savings

39 months to pay off your
current debt listed above.

Your monthly program deposit:
$500

Your Savings:
$5,750 Savings

39 months to pay off your
current debt listed above.


Debt Consolidation or Credit Counseling

$500

Your monthly
payment

You pay $14,478 more

No Savings

79 months* to pay off your
current debt listed above.

*Assumed average interest of 15%

Your monthly Payment:
$955

No Savings:
You pay $14,478 more .

36 months to pay off your
current debt listed above.

*Assumed average interest of 15%


Paying Minimum Monthly Payments

$500

Your monthly
payment

You'll Pay $29,199 More than you owe currently

No Savings

9 years* to pay off your current debt listed above.

*Assumed average interest of 20%

Your monthly Payment:
$500

No Savings:
You'll Pay $29,199 More than you owe currently.

32 years* to pay off your current debt listed above.

*Assumed average interest of 20%

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