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June 2013 Archives

Is the next generation adverse to credit card debt?

According to a recent study, people across the U.S., including Massachusetts, who are under 30 are considerably less likely to carry any credit card debt than they were just eight years ago, prior to the Great Recession. Currently, 16 percent of all people 18 to 29 do not own a credit card; while this trend holds true for other age groups as well, it is not as marked. The average debt that this age group is carrying in credit cards is $2,087, down almost $1,000 from 2008.

Founder of CNET website bankruptcy case dismissed by judge

The founder of a major media website devoted to the latest technology and electronic devices filed for Chapter 7 bankruptcy protection after running into a series of financial challenges after the sale of his website.

Unless Congress acts, student loan interest rates will double

Each spring millions of young Americans graduate from colleges, universities and technical programs all over the United States. Their young lives offer promise and hope for the future of Massachusetts. However, in today's world many are held back by the burden of crippling student loan debt.

Cancer patients more likely to need bankruptcy protection

In Massachusetts, there is sometimes the perception that people who have filed for personal bankruptcy have done so because they have been living beyond their means. Pop culture sometimes portrays bankruptcy as a way to purchase expensive things without having to pay for them. However, the reality of the situation is very different than this image. Most people who are filing for bankruptcy are doing so after significant and unexpected life changes. They are honest and hard-working people who have fallen victim to the struggling economy or, in some cases, a serious illness or injury.