Are you having problems paying high interest bills? Have you made a couple of late payments? If yes, then you can try Massachusetts debt consolidation as a solution to your payment problems. By consolidating several bills into one manageable payment, you'll get rid of harassing phone calls and overdue notices sent by your creditors or collection agencies.

Massachusetts debt consolidation options

There are generally 2 options to consolidate bills. You can either seek professional assistance or else consolidate bills on your own.

Option 1: Consolidation with professional help
You can approach Massachusetts consolidation companies and get enrolled in a consolidation program where you can combine your bill payments into one consolidated amount per month. With Massachusetts consolidation program, you can obtain low interest rates, make your payments on time, and get rid of creditor/collection calls. Learn more...

Alternatively, you can take out a Massachusetts debt consolidation loan and clear your bills with a lump sum payment.

Option 2: Do it yourself consolidation
This is a self-help plan where you consolidate bills on your own. A popular method of consolidating credit card bills on your own is by doing a balance transfer. With this method, you transfer the balances on your high interest cards into another card with high credit limit and a low interest rate. This helps you avoid paying high interest on your cards as long as the low interest rate lasts. Find out more details...

Tips & traps of debt consolidation Boston, Massachusetts

There are some tips and traps to watch out for if you've decided to consolidate and pay off bills.

Stop charging: Whether you choose Massachusetts consolidation program or loan, it is best to stop using your credit cards if you wish to pay off your bills completely. If you close the accounts, it can raise your credit utilization ratio (credit used/credit available), which in turn can bring down your credit score.
Shop around: If you'd like to go for a Massachusetts consolidation loan, you need to shop around for the best rates available. You also need to compare the loan costs as well. Just ask the lender to breakdown the costs in order to avoid paying any hidden fees.
Try to pay more than the minimum: The minimum payment on your credit card (cc) covers mostly the interest, so it doesn't help reduce the outstanding balance on your cards. Therefore, it is better to make more than the minimum payment because it helps to reduce your balance faster.
Consolidation loan makes you pay more in the long run: With a Massachusetts debt consolidation loan, you pay low interest on a monthly basis. But, because it is a long term loan, you'll be paying substantial amount in interest over the life of the loan.
Cut down unnecessary expenses: It is essential to cut down unnecessary expenses and lead a frugal life when you're paying off bills with a Massachusetts debt consolidation program. This will save you from incurring additional bills.
Avoid credit insurance: Financial institutions sometimes offer credit insurance policies along with personal consolidation loans. These insurance policies cover your loan payments if you fall sick, die, or lose your job. The insurance premiums may raise your monthly loan payment by $1500-2500 depending upon the insurance company the lender uses. It is better to avoid these policies as they can add on to your payments.

FAQ on debt consolidation Boston and Massachusetts

Q: Can a collection agency in Boston, Massachusetts sue a consumer for credit card debt or do they have to hire an attorney? I'm afraid of the collector's attorneys as they seem to be worse than the collectors. How do I pay off the bills?

Ans: Only licensed collection agencies in Massachusetts can sue a consumer for unpaid card debt. They may hire an attorney to represent them and file the lawsuit on their behalf. To avoid a lawsuit, you should negotiate a payment plan that you can afford. If you're unable to negotiate a suitable plan, you should take advantage of a Boston debt consolidation program. Learn more...

Q: I'm a year behind on cc payments in Boston. My spouse and I live paycheck to paycheck. The cards are in my name only. Is there any solution to this problem other than filing a bankruptcy?

Ans: If you have multiple credit card bills, you can approach a Boston consolidation company and get enrolled in one of their programs. The Boston consolidation company will work with your creditors in order to reduce your interest rates and lower your monthly payments.

Unlike consolidation, bankruptcy has a negative impact on your credit. Once you file bankruptcy, it becomes difficult to obtain loans/credit for the next 3-4 years. Therefore, it is advisable that you choose consolidation over bankruptcy. Find more...

Q: I've been getting calls from collection agencies about 3 internet payday loans. I've already paid double the amount I owe on most of these accounts. I can't keep current with the payments anymore. Can Boston consolidation companies help me get out of this problem?

Ans: Since lending of payday loans is illegal in Massachusetts, you'll only need to repay the principal balance on the loans, and not the interest. Therefore, a Boston consolidation company can help you in this situation. You need to speak with the pdl lenders so that they allow you to pay off the loans in monthly installments without charging interest rates.

Massachusetts debt settlement can reduce the amount you owe

If you're interested in reducing the outstanding balance on your bills, you should go for a Massachusetts debt settlement program. These programs are offered by Massachusetts debt settlement companies that will negotiate with your creditors to reduce your outstanding balance. The Massachusetts settlement company will require you to pay an upfront and a monthly maintenance fee. They'll also need you to pay a certain percentage of your savings in compensation for their services.

Recent active community discussions in Massachusetts

I am being sued for 19,000.00 on a credit card by Guest on 24 Jun, 2011
I am being sued and cannot afford a lawyer. I only have one delinquent credit card (the one I am being sued on). I am current with everything else, mortgage, auto, equit and 3 other credit cards (all with much lower balances). In Massachusetts if the...
Payday loan yes by momobe54 on 11 Mar, 2011
Tim Atkins at Pay day loan yes is now telling me he sold my "debt" to a collection agency. This guy is pond scum. On their website they list Massachusetts as one of the states they cannot lend to..funny the gave me a 300 dollar loan ( I am in Massach...
Question about Collection agencys by mmac on 07 Jul, 2010
If I answer their calls (they only have my cell phone and work phone numbers) on my cell phone, and engage in conversations with them ( i have 3 PDL's that I just can't pay back, got caught in the cycle, but I expect at some point to pay them back) a...
help with getting out of fees on pdl by Guest on 10 Jun, 2010
Ok, so I keep reading that once you've paid the principal on your loan, technically they can't ask for anymore. I don't know how accurate this is, or how I'd go about stopping my pdl from debiting from my account if it is true. I have been in a cycle...
Being Sued By Payday Loan Company by shazz01109 on 20 Jan, 2010
I received a phone call from an Alan O'Conor of Carlsmith Ball in LA, CA representing Cash Advance. He said that my case has been disputed, and that he needs my attorny info. If I don't cooperate, he will be sending documents to my town for litigat...