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June 2017 Archives

Households struggle with rise in costs while income lags behind

While many Massachusetts college students carry credit card debt along with their student loans, it appears that most millennials are responsible with credit cards. More than two-thirds have never maxed out a credit card, and most pay their balance in full each month. However, in addition to a student loan debt that was calculated to be an average of $37,172 per student for those graduating in 2016, some students are struggling with credit card debt as well. More than 30 percent of students graduating in 2017 have made a late payment on a credit card.

Interest rate hike to affect loan payments

Massachusetts residents who have certain loans or lines of credit may see an increase in their monthly payments due to the Federal Reserve's recent interest rate hike. According to one certified financial planner, it may wise for individuals with variable-rate debt to increase how often they make payments or try to refinance their debt into loan with fixed rates.

Supreme Court rules on debt collection case

Debt collection companies in Massachusetts and around the country are forbidden from using deceptive or abusive tactics to collect money by the Fair Debt Collection Practices Act. The federal law applies to companies that collect unpaid bills on behalf of others, but the debt collection industry has changed greatly since its passage in 1977. Companies today often buy tranches of delinquent debts for pennies on the dollar, and consumer rights groups have called for the provisions of the FDCPA to be applied to these businesses also.

Hounded by creditors? How to tell if it's harassment

Being in debt and feeling hounded by collections agents is enough to put any person on edge. If you are in this situation, you are likely feeling stressed out, frustrated and annoyed that you can't seem to escape the attempts to collect money you do not have.

What factors help decide if Chapter 13 is the right way to go?

Money problems are not a unique feature of life these days. Many individuals and families in Massachusetts suddenly find themselves in a lurch. All it might take is a serious accident, or unexpected job loss. The need for debt relief can crop up in a flash.