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How to manage your credit card debt in Massachusetts

Debt has a way of creeping up on you. With high interest rates, a significant amount of debt can feel like an overwhelming burden to any Massachusetts resident. Statewide, some people have more debt than savings. This can lead to delinquent payments and significant financial challenges. If you have a large amount of credit card debt and are struggling to make ends meet, it might be important to evaluate your financial health and take some necessary steps to being on the path to becoming debt-free.

Adam Levin, co-founder of Credit.com, recommends that it is important to keep track of your debt. The interest rates charged by credit card companies can add up. Levin writes that the longer you carry balances on your account, the more they will grow. It could even grow beyond your control. He recommends finding a reputable consolidator who can help you through the process of managing your debt.

Not having enough savings to pay off debt can be a sign of unemployment, flat-lining incomes and higher household expenses. If you are struggling with your credit card payments, one option to consider is personal bankruptcy. This can allow you to absolve some or all of your debt. You can be put on a manageable payment plan. Options, like Chapter 7 bankruptcy, can allow you to start completely over with a clean slate. It is important to know if you are eligible or not, but there are other options.

Struggling with debt can be a long-term problem, if you do not take steps today to find a solution. Consumer debt is increasing all across the United States, including Massachusetts. Residents know the first step to take is to find out what they can do.

Source: ABC News, "The Debt Tax: What Owing Money Costs You," Adam Levin, Mar. 30, 2014

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