Debt Consolidation in Massachusetts

Are you a Massachusetts resident troubled with multiple debts? Then the best way out is to look for a fix to your debt problem before it is too late.

If you want to sort out your multiple debt issues, then you should look for a Debt Consolidation relief or debt management program in Massachusetts. It resolves your multiple debt issues without adding negative effects to your credit report.

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How debt consolidation program work in Massachusetts

Massachusetts debt consolidation programs are among the most popular debt relief measures. It helps to bring your debts under control without destroying your credit score.

In order to get rid of your debts you need to follow some simple guidelines. In Massachusetts you can consolidate your debts in two ways. They are:

You can take out a consolidation loan and do it yourself.

OR

You can consolidate with the help of a debt consolidation company.

1) Consolidation Loans:

Consolidating your debts by yourself is preferable if you want to save the money your might otherwise spend on a consolidation company. Here you take out a low interest loan to pay off your various high interest debts. The advantage with consolidation loans is that you do not need to manage multiple accounts. You just need to keep track of a single payment each month. Moreover as you get rid of your debts, the threats, abusive actions, and harassing calls by the creditors automatically stop.

2) Consolidation Company:

Dealing with creditors in Massachusetts is a difficult task. You need to be aware of the consumer protection laws of the state and this may be confusing. This is where the importance of a consolidation company is felt.

A Better Business Bureau (BBB) accredi consolidation company helps you to tackle your financial problems better. With professional expertise you can get rid of your problems smarter.

The company appoints a debt consolidation attorney who works on your behalf with your creditors. The lawyer looks into all the legalities, including whether the collection agency has attempted any unfair collection activities.

Payment is also made simple as the company pays your creditors from the money you send to the company each month. You do not have to make diversified payments to your creditors. A reputable consolidation company helps you to solve your debt crisis better.

Benefits of Massachusetts Debt Consolidation

Massachusetts debt consolidation has numerous benefits attached to it. They are:

  1. Monthly payments are reduced: With Massachusetts Debt consolidation programs you can reduce the number of monthly payments that you owe. Only a single payment is made to the company and the company distributes it among creditors.
  2. Reduced Interest Rates: Consolidation loans carry low interest rates. This makes it easier to pay off your other debts.
  3. Late fees and penalties are dismissed: A debt consolidation program enables you to waive off all late fees and penalties.
  4. End of creditor calls: The attorney notifies your creditor to end all harassment calls and notices. All legal transactions are carried out by your lawyer.
  5. Improved Credit Report: As your debts are cleared with your creditors, there is a steady improvement noted in your credit report.
  6. Avoid Bankruptcy: With regular payments to your creditors you can pay down your debts easily, thus avoiding bankruptcy.
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Loans eligible for Massachusetts Debt Consolidation

The loans that are eligible for consolidation in Massachusetts are:

  1. Credit Card Bills
  2. Medical Bills
  3. Private student loans
  4. Personal Loans
  5. Mortgage Loans
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How does Massachusetts Debt Consolidation affect your Credit Score?

The Debt Consolidation process helps in get rid of poor credit and high interest on your account. It restores your bad credit by paying off your high interest accounts and getting your finances back on track.

When you first enroll in a management program, your credit report is already poor due to your debt. However, after you make regular payments to your creditors, your credit score steadily improves.

Things you should avoid while in a consolidation program in Massachusetts

  1. Do not close down your accounts abruptly, especially the older ones as they carry forward balances that help improve your credit score.
  2. Avoid incurring any new debts as it will worsen your financial state.
  3. Do not opt for an expensive debt consolidation program it will be an extra expense that you may not be able to afford.
  4. Avoid any extensions or rollovers as it will increase your original debt amount.
  5. Avoid any kind of balance transfers, if there is any default on the transfer you may get deeper into debt trouble.
  6. Analyze the document carefully before you sign so you can avoid any problems later.

Related information


State Attorney General Phone Number: (617) 727-8400
Public Service Commission Phone Number: (617) 305-3500

FTC Address:
Northeast Region Federal Trade Commission 1 Bowling Green New York, NY 10004.
FTC Toll Free:
877-FTC-HELP (382-4357)
FTC Website Url:
CFPB Toll Free:
1-855-411-2372
CFPB E-mail:
info@consumerfinance.gov
whistleblower@consumerfinance.gov
CFPB Website Url:


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