Massachusetts residents who want to pay down their credit card debts have multiple options. Ultimately, an individual needs to commit to paying more per month than their minimum payment to make their balances go down. They also need to decide if they want a strategy that's easy to stick to or a plan that allows them to pay the least amount of interest.
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.
When financial problems hit, Massachusetts residents oftentimes consider what steps they could take to overcome these situations. While budgeting and saving is a helpful mechanism, this isn't always a viable option due to tight funds or unemployment. Thus, some consumers face the downsides of consumer debt, which often includes the constant annoyance from debt collection agencies.
For some Massachusetts residents, financial problems can become very concerning and overwhelming. For those who own a home, financial challenges can make it difficult to keep up with mortgage payments. This could result in a homeowner facing foreclosure on top of other financial problems.
Small businesses owners in Massachusetts have to live with a certain amount of economic risk. But, sometimes economic changes that are beyond the control of the best managers can leave a business with more debt than it can manage. When this occurs, a business reorganization under Chapter 11 of the Bankruptcy Code may provide the only chance for survival.
It is not uncommon for Americans to run up debts during the holiday season. Buying and sharing gifts among family members and friends occurs everywhere. Parties and dinner and special events, such as a night out in the city to see a show or concert, or even travel to see family members or go on vacation, can all add up rather quickly. When you look at your depleted bank account or see the bills start coming in the mail in January, you may begin to panic.
The men and women of Massachusetts' fishing industry have seen some tough times in the last two decades due to foreign competition, overfishing, government regulations and now climate change. New England's cod fishery, for example, has declined from more than 1,200 boats in the 1980s to fewer than 100 today.
Many households in Massachusetts have finally put the worst of the so-called "Great Recession" behind them. Many others, however, continue to struggle financially. For many families, it's a struggle to make it from paycheck to paycheck. They are never sure if they can cover the rent or the mortgage each month, let alone pay for utilities, car payments, groceries and student loans. The loss of a job, medical debt and other struggles of everyday life can easily put a family in a tough financial situation.
Many people in Massachusetts who feel overwhelmed by debt make the decision to file for personal bankruptcy. But, before making that decision, it's generally a good idea to determine if there's a way to reduce debt to a manageable level without filing for bankruptcy.
For Massachusetts residents struggling with debt, meeting with a bankruptcy attorney can be the first step toward a new financial life. The first meeting with a bankruptcy lawyer is important, and it will helps when the debtor brings some key documents for the attorney to review.