For more than two decades, Bay Staters have sought out Money Fit by DRS for unsurpassed assistance in becoming debt-free. After all, Bay Staters take understandable pride in living in the birthplace of the American Revolution. That is why Money Fit appreciates the opportunity to help our neighbors in the Bay State get out of credit card debt, find options for student loan relief, set up reasonable collection account repayment plans, and offer services to deal with debts like payday loans or overdue medical bills. Helping you start or finish your own personal revolution against consumer debt is what we excel at.
Pandemic Poses Many Unique Financial Challenges for Massachusetts Residents
The pandemic caused by COVID-19 had drastic financial implications for the state of Massachusetts in 2020.
Early in 2020, when COVID-19 lockdowns went into effect, Massachusetts saw a large spike in unemployment insurance claims, and while the long-term economic impact isn’t fully known, it will certainly have a lasting impact.
COVID-19 Impact on Unemployment Rate in Massachusetts
Money Fit has compiled resources for individuals that have been negatively impacted financially by COVID-19:
Massachusetts Statistics Highlighting The Need For Personal Debt Relief
Ranking 43rd among the 50 states and the District of Columbia, Bay Staters generally carry one of the lowest monthly credit card balances in the country at nearly $6,300. Still, at the average 17% APR on credit cards, the typical Bay Stater is paying a revolting $1,000 a year in credit card interest.
Massachusetts Economic Trends and Financial Crises
The Bay State has recently experienced some positive economic trends, including growth in wages that have outpaced the country in general. Additionally, economic growth in the technology and health sectors has led to strong wages and low unemployment.
One major point of concern for Massachusetts’ financial future is the fact that only 40% of the state’s residents are considered of working age, with that figure expected to decrease even more in the future as the state’s average resident age continues to increase.
Fortunately, for now, the unemployment rate in Massachusetts remains below the national average in the 3% range.
Massachusetts Economic Trends in Advance of a Future Crisis
Regardless of the positive news, it should be remembered that a recession is rarely absent from the economic horizon. Averaging just 5 years between the end of one recession and the beginning of the next (since World War II), recessions are a fact of economic life.
They may vary in their intensity, but recessions are, by definition, a decrease in Gross Domestic Production which typically results in a 2% increase in unemployment. That 2% equates to nearly 80,000 Bay Staters being put out of work.
Regardless of future financial challenges in store, Money Fit offers services and educational programs intended to get you through any debt, budgeting, or spending battles you face.
Getting Help With Debt In Massachusetts
Money Fit will always be available to help. That said, the best time to prepare for a troubled economy is before it happens. Money Fit helps with debt management, financial education, student loan repayment plan counseling and application services, and even bankruptcy-related certificates of counseling and education.
While excessive consumer debt can be cause for concern, Money Fit suggests our Bay Stater friends be careful when choosing a debt consolidation organization. Many agencies calling themselves debt consolidation or debt counseling are actually debt settlement services that promise to get their clients out of 50% of what they owe, assuming they have $10,000 or more of debt. We have, unfortunately, seen many consumers lose six months to two years’ worth of payments to such companies set up to defraud their clients of money in highly stressful situations. When choosing an organization to trust with your money, check out their reputation with the Better Business Bureau, your state’s attorney general office, and make sure they belong to a reputable industry trade group.
Finally, always get the promised services in writing (whether by mail or email), and be sure to understand what is required of you for program success. Know your rights, and ask around for referrals and recommendations. Before signing any agreement or contract, confirm that the agency is registered with Massachusetts’s Secretary of the Commonwealth and with the state’s attorney general’s office, just as Money Fit by DRS and its parent company, Debt Reduction Services, Inc. have done.
Additional Links & Resources:
- Boston Debt Consolidation
- Worcester Debt Consolidation
- Springfield Debt Consolidation
- Cambridge Debt Consolidation
- Lowell Debt Consolidation
- Brockton Debt Consolidation
- New Bedford Debt Consolidation
- Lynn Debt Consolidation
- Quincy Debt Consolidation
- Fall River Debt Consolidation
- Newton Debt Consolidation
- Somerville Debt Consolidation
- Lawrence Debt Consolidation
We provide debt consolidation to all Massachusetts Residents. If you’re from one of the cities listed above you can read detailed information as to the statistics behind why debt consolidation is needed by many individuals in your area. Remember, you are not alone in your goal to live debt-free!