Massachusetts Debt Relief Guide
Massachusetts residents face a tale of two economies. The tech sector is growing far faster than the rate of the U.S economy as a whole, and wages are rising. But that’s just one side of the story.
“Low-wage sectors such as leisure and hospitality and personal services were hit the hardest in the shutdown and remain the sectors experiencing the slowest employment recovery,” MassBenchmarks senior contributing editor Clayton-Matthews explains in a University of Massachusetts report. As a result, many people are experiencing long-term unemployment, meaning they are not counted in unemployment statistics.
The average debt-to-income ratio in the state stands at 116 percent. That means that the average Massachusetts resident owes $1.16 in debt for every dollar they earn.
“While the story for Massachusetts technology workers is great, others are still suffering in a pandemic economy,” says Gary Herman, President of Consolidated Credit, and unfortunately, the recovery is moving at a slow pace. That makes it more crucial than ever that people focus on paying down debt and shoring up their savings to better deal with the down economy and the ongoing potential for unemployment.”