Debt Consolidation in Action: Massachusetts

Learn how debt is impacting your state and how your neighbors are fighting back.

Personal credit card debt problems aren’t unique to Massachusetts, but residents do face an uphill battle when it comes to debt elimination. Recent data ranks Masschusetts 16th for the highest balances per borrower in the nation, which means residents have some work to do if they want to achieve and maintain financial stability.

 

The information below can help you understand how debt is impacting people in your state, as well as how credit counseling has helped some to overcome those challenges. If you’re facing an uphill battle with high-balance debt, call us at or complete an online application to request a free confidential debt evaluation from a certified credit counselor.

Debt statistics in Massachusetts

The data below can help you understand the big picture Massachusetts residents face with debt in today’s economy.

  • Average credit card debt per household: $6,277 [1]
  • Average available credit limit: $19.648 [2]
  • Credit utilization ratio (debt vs available limit): 26.26% [2]
  • Average number of cards: 3.21 [3]
  • % of accounts that are delinquent (at least 90 days past due): 6.64% [4]
  • Average credit score: 699 [3]
  • Most popular type of credit card: Travel rewards [5]
Anthony from Charlton, MA

Any issue that has come up has been taken care of ASAP. It’s amazing that we’ve paid of $70,000 of our debt in 4 years! Thanks for the help!

Where he started:

  • Total unsecured debt: $99,753.00
  • Estimated interest charges: $58,713.66
  • Time to payoff: 15 years, 9 months
  • Total monthly payments: $3,990.12

After DMP enrollment:

  • Average negotiated interest rate: 7.20%
  • Total interest charges: $14,997.58
  • Time to payoff: 4 years, 7 months
  • Total monthly payment: $2,089.00
Time Saved:
11 years, 2 months
Monthly Savings:
$1,901.12
Interest Saved:
$43,716.08
Kelly from Worcester, MA

Consolidated Credit has turned my life around!!! With one last payment left, I will finally be debt free!!

Where she started:

  • Total unsecured debt: $21,094.00
  • Estimated interest charges: $11,897.64
  • Time to payoff: 12 years
  • Total monthly payments: $843.76

After DMP enrollment:

  • Average negotiated interest rate: 3.32%
  • Total interest charges: $1,347.91
  • Time to payoff: 4 years, 7 months
  • Total monthly payment: $408.00
Time Saved:
7 years, 5 months
Monthly Savings:
$435.76
Interest Saved:
$10,549.73
Lyle from Wilbraham, MA

Consolidated Credit has been very helpful to us. It’s a great feeling paying down our debt.

Where he started:

  • Total unsecured debt: $30,053.00
  • Estimated interest charges: $17,297.09
  • Time to payoff: 15 years, 1 month
  • Total monthly payments: $1,208.24

After DMP enrollment:

  • Total interest charges: $8,906.05
  • Time to payoff: 4 years, 5 months
  • Total monthly payment: $746.00
Time Saved:
10 years, 8 months
Monthly Savings:
$462.24
Interest Saved:
$8,391.04