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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...

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.

State of Massachusetts (MA)
state of Massachusetts map, USA

Avg credit card debt: $5,382
Delinquency rate on (credit card): 1.27%

Mortgage debt: $241,301
Delinquency rate on (Mortgage): 2.27%

Auto loan debt: $14,970
Delinquency rate on (Auto loan): 0.76%

Unsecured personal loan debt: $10,942
Delinquency rate on
(Unsecured personal loan): 1.85%

Payday loan laws >>

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.

Case study


I'm a student at Simmons College. I’ve got 4 private student loans with variable APRs under Sallie Mae. Their rates are as follows:
$21,732 @ 5% , $16,763 @ 6% , $12,811 @ 10% , $16,464 @ 6%
Can I consolidate my loans with Wells Fargo? I’m thinking of consolidating 3 of my lowest interest rate loans and making minimum payments on each of them, while I do away with the highest interest one through larger monthly payments. Is it sensible at all? Would I be better off with consolidating all of them at once?
All the loans are from the same lender. Is consolidating multiple loans from the same lender allowed?


Yes, you can consolidate multiple student loans even if it's from a single lender. It's your take whether or not you consolidate a selected few of your debts or all of them.

However, there are two ways to consolidate your debts. First is consolidation with professional help, and the second is do-it-yourself’ consolidation. If you can tackle so many debt payments hands down, then it'd be good that you do it on your own. But, if you can't, then work with a licensed and reputed debt relief service provider in Boston.
You must follow a budget strictly, curtail your unnecessary costs and increase cash payments as much as you can to make sense of debt consolidation.
By having your multiple loans consolidated or a single student loan refinanced, you may enjoy lower monthly payment with reduced rate of interest or have your loan repayment term extended. Still, you must obtain your current lender's approval prior to that.

As far as Wells Fargo is concerned, they don't charge any application fee, or apply origination or early-repayment charges on their loans. You could also take advantage of their interest rate discounts and choose from a palette of fixed or variable interest rate options.

How much
you can save
in Massachusetts

FAQ on debt consolidation Boston and Massachusetts

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...
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...
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.