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May 2018 Archives

Keeping medical debt in check later in life

As people in Massachusetts and throughout the country get older, their healthcare expenses generally increase. One way to cover some of these expenses is to apply for Medicare. Individuals are eligible to enroll starting three months prior to turning 65 and for another four months after turning 65. Those who work for a company that has more than 20 employees can enroll for Medicare Part B and Part D after retirement without penalty.

The consequences of personal bankruptcy may be exaggerated

Massachusetts residents who are struggling with overwhelming debt often put off filing for bankruptcy because they worry that a Chapter 7 or Chapter 13 petition will ruin their credit and make future borrowing difficult or impossible. However, a report recently released by the online financial exchange Lending Tree suggests that these fears may be exaggerated. Researchers discovered that 43 percent of Americans who file a bankruptcy have credit scores of 640 or higher just a year later, and this figure rises to 65 percent after three years.

Americans grappling with over $1 trillion in credit card debt

Credit card account holders in Massachusetts generally fall into two categories. The first type charges many transactions to build up points and rewards and pays off the balance every month. The second type cannot pay off the balance every month and accrues interest charges on their revolving debt balances.

Bankruptcy may be the best option for many

The weight of overwhelming debt is a heavy burden for many people across Massachusetts. Bankruptcy may offer a way out, but many are concerned about the stigma and financial consequences that come with a bankruptcy filing. Despite that, bankruptcy is the best option for many.