The Best Massachusetts Debt Consolidation Companies of 2020

Many Massachusettsans struggle with auto, credit card, medical, payday and other types of debt, so if that’s you, you’re not alone. Though The Bay State has a rapidly growing economy with 2.7% GDP growth, and a extremely low unemployment rate of 2.9% (#6 lowest in the US), many Massachusetts residents have been left behind. In fact, 11.60% of residents live in poverty, and many have debt problems

The average Massachusettsan has $11,043 in personal debt, plus $252,207 of mortgage debt for homeowners. On average, Massachusetts residents carry a credit cardd balance of $7,043 and 59% of Massachusettsans have student loan debt – $32,065 worth to be precise. Every year approximately 7,644 Massachusettsans declare bankruptcy. Fortunately for you, there are a number of Massachusetts debt consolidation options to help you get free from debt.

So whether you live in Boston, Worcester, Springfield, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in Massachusetts (updated 2020)

Finding a legit debt consolidation firm can be tough. We’ve done the research and picked the [n] best debt consolidation firms in the state of Massachusetts. Our criteria includes online reputation, breadth of services offered, and demonstration of expertise. All have at least an A rating with the Better Business Bureau.

Total Fi-cial Freedom LLC

444 Washington St
Woburn, MA, 01801-1046
(866) 760-8019
http://www.tffusa.com

Rating: 8.31/10

Professional Appointment Setters LLC

679 Washington St
Attleboro, MA, 02703-8406
(866) 412-8712
http://professionalappointmentsetters.com/

Rating: 8.41/10

Preferred Fi-cial Services Corporation

300 Brickstone Sq Ste 102
Andover, MA, 01810-1497
(978) 722-0098

Rating: 8.51/10

PowerDownDebt, Inc.

384 Montague City Rd
Turners Falls, MA, 01376-2510
(413) 774-5555
http://www.powerdowndebt.com

Rating: 8.61/10

Money Management International, Inc.

225 Franklin Street Ste. 2672
Boston, MA, 02110
(800) 308-2227
http://www.moneymanagement.org

Rating: 8.72/10

Elite Fi-cial Services, Inc.

100 Cummings Center Suite 141A
Beverly, MA, 01915-6512
(866) 922-0040
http://www.livedebtfree.net

Rating: 8.82/10

DMB Fi-cial, LLC

500 Cummings Center Suite 3800
Beverly, MA, 01915-6142
(866) 865-6959
http://www.dmbfi-cial.com

Rating: 8.93/10

Debt Management, Inc

100 Medway Rd, Suite 201
Milford, MA, 01757
(508) 643-1400
http://www.debtmanagementinc.com/

Rating: 9.04/10

Credit Conversion

1 Kiddie Dr Ste 104
Avon, MA, 02322-1171
(774) 296-8561
https://creditconversion.org

Rating: 9.15/10

Chaffin Credit Consulting

PO Box 101
Clinton, MA, 01510-0101
(978) 771-2264
http://chaffincreditconsulting.com

Rating: 9.26/10

Beyond Fi-ce, Inc.

85 Sam Fonzo Dr Ste 2
Beverly, MA, 01915-1069
(800) 495-4069
https://beyondfi-ce.com/

Rating: 9.37/10

Better Credit Solutions

24 Union Ave Ste 26
Framingham, MA, 01702-8287
(508) 872-3455
http://www.bettercreditsolutionsnow.com

Rating: 9.48/10

Beacon Fi-cial Solutions LLC

129 Lowell St
Peabody, MA, 01960-4289
(978) 278-5733

Rating: 9.6/10

Massachusetts Debt Statistics

Total Debt$77,043,165
Debt Per Capita$11,043
Debt Per Capita Rank1

Source: World Population Review

Massachusetts Credit Card Debt Statistics

Average Credit Card Balance672
Average Credit Score$7,043
Avg Credit Card Balance Rank (1 = Highest Balance)5
Avg Credit Score Rank (1=Highest Score)32

Source: Experian

Mortgage Debt in Massachusetts

Mortgage Debt Per Capita$252,207
Avg 30 yr Mortgage Rate3.81%
Avg 15 yr Mortgage Rate3.33%
Median Home Value$408,100
Avg Outstanding Mortgage Debt$251,922
Difference Between Value and Mortgage Debt$156,178
Avg Homeowner FICO Score723

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Massachusetts

Payday Loan Legal StatusLegal
Max Payday Loan Amountnan
Max Payday Loan Termnan
Max Payday Loan APRnan

Source: Massachusetts Government Website

Unemployment and the Economy of Massachusetts

Poverty Rate – Population11.60%
Poverty Rate – Population – Rank43
Poverty Rate – Family8.30%
Poverty Rate – Family – Rank38
Unemployment Rate (March 2020)2.9
Unemployment Rank6
GDP Growth2.7
GDP Growth Rank19

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Massachusetts

Percent of Population with Student Loans59%
Average Student Loan debt$32,065
Average Debt of New Graduates (2017-18)$31,882
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)57%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)42
Percent of Graduates at Schools with Usable Data68%
Nonfederal debt of graduates, as percent of total debt29%
Fall enrollment – Undergraduate total (IPEDS)369,436
Tuition and Fees (in-district/in-state)$30,356
Total Cost of Attendance (on-campus)$52,969
Percent of Institutional Grants that are Need-Based82%

Source: Value Penguin, TICAS

Cost of Living in Massachusetts

Annual Mean Wage (All Occupations)$63,910
Median Monthly Rent$2,252
Value of a Dollar$0.93
Cost of Living131.6
Cost of Living Rank46
Grocery Cost Index113.9
Housing Cost Index170.3
Utilities Cost Index109.7
Transportation Cost Index116.0
Miscellaneous Cost Index117.6

Source: World Population Review

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