Previous posts on this blog have warned Massachusetts residents to beware of certain companies that promise to help a person, who is often struggling to make ends meet, by eliminating their debt quickly. In fact, many of these companies may simply take that struggling person's money and give back nothing whatsoever, leaving that person in a worse financial situation than before.
According to a recent report, Massachusetts residents carry an average credit debt balance that is slightly above the national average. According to a recent report, the average Massachusetts resident carries $5,142 in credit card debt, compared to the national average of $4,965. Compared with the other states, Massachusetts ranks 19th with respect to average credit card balances.
Massachusetts residents have probably heard that "subprime lending" in the housing market significantly contributed to the onset of the 2008 Great Recession. Now, some are concerned that history is repeating itself in the world of consumer automobile financing.