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October 2017 Archives

Poor debt management is avoidable

Many people living in Massachusetts carry heavy debt loads. Unfortunately, while most of these individuals would like to reduce or eliminate their debts, they make self-defeating mistakes that can make debt management difficult, if not impossible. Financial education, combined with better spending habits, can often provide relief.

Understanding debt consolidation

Massachusetts consumers who have substantial financial obligations have some options when it comes to resolving their situation. One of them could be debt consolidation. With this method, people can convert their debts with high interest into a single, manageable payment with low interest. It is a personal finance method that allows them to lower and reorganize their debt.

Tips for getting out of credit card debt

Massachusetts residents who are struggling to pay off their credit card debts may be having problems because they don't know the root cause of the debt. For many, a job loss or surprise expenses were the reason. However, it is likely that the debt could have been avoided if an individual had an emergency fund. Those who are struggling with credit card debt are urged to stop using their card while they pay off existing balances.

Americans and credit card balances

According to a survey of more than 2,000 adults, nearly 50 percent of Americans carry a credit card balance for two or more years. In some cases, Americans have been holding onto credit card balances for more than five years. This can have an impact on the finances of Massachusetts residents who carry such balances. Those who are 63 and older are the most likely to carry such debt.