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Credit card delinquencies at low levels for Massachusetts

While credit card debt has been declining on the whole in Massachusetts, the number can vary person-to-person. If a Massachusetts resident is struggling with high levels of debt, they may need to know about their options. Reorganization of a debt load could help a person stop foreclosure and create a manageable way to pay off what is owed for medical needs, student loans or the mortgage. Addressing debt relief needs is the first step to take when considering options for financial stability.

According to a new report by the credit bureau TransUnion, levels of delinquencies in credit card debt are expected to remain at low levels for the foreseeable future. Massachusetts saw some of the biggest declines from 2013's fourth quarter compared to 2012's fourth quarter. TransUnion measured customers who were over 90 days late on payments. The national rate dropped from 1.61 percent in the fourth quarter 2012 to 1.48 percent in fourth quarter of 2013.

While delinquency rates are decreasing, some Massachusetts residents may struggle with high levels of credit card debt by paying the minimum amount required on their bills. One option for those who are struggling with payments is bankruptcy. This can offer individuals an opportunity to rid themselves of some debt and also retain some of their possessions, including their home. Exploring financial alternatives can help determine the right option. Debt relief can take many different forms, but it's important to be familiar with the process in Massachusetts.

Credit card debt delinquency has been decreasing across the United States. Unfortunately, not all debt is held in credit cards. While the levels seem to be at historic lows, that does not mean that having debt is any easier for Massachusetts's residents.

Source: Fox Business, "Credit Card Delinquencies to Remain Near Record Lows," Jennifer Booton, Feb. 18, 2014

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