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March 2018 Archives

The bankruptcy experience

People living in Massachusetts who are struggling with debt often seek solutions to their overwhelming financial situations. One option is filing for bankruptcy although many people may be unfamiliar with how this process works.

Credit card debt on the rise again

In 2017, folks in Massachusetts and throughout the country added $92.2 billion in credit card debt, which was the most since 2007. That pushed the overall credit card debt in the United States to over $1 trillion, according to the Federal Reserve. In the final quarter of 2017, the average American household owed $8,600, which was up 6 percent from the same time period in 2016.

Student loan debt may be hard to get rid of

The Federal Reserve chair acknowledges that there is little he can do to help student loan borrowers in Massachusetts and elsewhere in the United States. However, he did say in testimony to the Senate Banking Committee that he wasn't sure why student loan debts couldn't readily be discharged in bankruptcy. He also said that student loan debt could have a negative impact on a person for his or her entire life.