- Lower Your Monthly Payments
- Pay off Credit Card Debts Faster
- Reduce Your Interest Rates
- Resolve Your Credit Cards for Less
You're not alone.
We can help.
Was very pleased with the outcome without having to file for bankruptcy and able to have affordable payments each month. Thank you.
I am very excited to finally have the help that I need to get my finances under control and get out of debt!!!
For the first time in a very long time, I feel like I am on the right track!
Went from almost filing bankruptcy to saving our status and state of mind. Feeling so much better.
I tried something like this before and didn't feel comfortable. This experience has been the exact opposite.
Thank you for making something scary easier to do.
This company told us absolutely everything we needed to know right up front, both the positives and the negatives. They were empathetic to our situation and really helped us finally see the light at the end of the tunnel.
A Message of Hope...
These are uncertain times for everyone. We have a message of hope for you, your family and your neighbors. We're committed to guide and support you. We believe there's no place for passing judgment, only lifting each other up as we work together to remove the burden of debt. Together we are stronger.
Who Does Debt Relief Help?
Debt relief plans can provide a vital lifeline for people who are struggling to keep up with minimum payments, those who have fallen behind, or those who are being forced to use credit cards or personal loans to take care of personal or business expenses.
Which debts qualify?
Debts that qualify for relief are credit cards, store cards, medical bills, many personal loans, and other unsecured debts not backed by collateral.
What are the benefits?
Debt relief plans are designed to combine all qualifying debts into one lower monthly payment so you can resolve debts faster without filing bankruptcy.
What is MassachusettsDebtRelief.org?
MassachusettsDebtRelief.org is a free resource where residents may request relief online through free do-it-yourself tools. In addition, visitors may request a free debt relief evaluation and savings estimate to find out which debts qualify for relief through state-approved debt relief providers.
Debt consolidation is a debt relief option allowing individuals to combine or "consolidate" multiple higher-interest credit card, or other unsecured debts (such as medical bills, store or gas cards) into a single, more affordable payment each month. Typically, debt consolidation programs are coordinated by debt counselors who customize a "debt management plan" providing consumers with a proven and predictable path to get out of debt.
Summary: What to Expect with Debt Consolidation
If you have multiple credit cards and other unsecured debts like medical bills, doctor bills, store cards, unsecured personal loans, and more – a debt consolidation program coordinated through a debt counselor may be the ideal debt relief option to help you live within a set budget, reduce debts, and get on a path to become debt-free.
How do debt consolidation programs, or debt management plans work?
Typically, debt consolidation programs are coordinated by debt relief specialists, or debt counselors, who conduct brief interviews with you to get details on your credit cards and other debts, as well as how much you can realistically afford to pay each month to get out of debt.
Based on this information, your debt specialist will then customize a "debt management plan" for you. Once you approve the plan, letters will be sent on your behalf to each of your creditors requesting the benefits of debt relief – such as lower interest rates, a waiving of late fees and penalties, and generally more favorable repayment terms. Those creditors who accept the proposals are then added to the debt consolidation or debt management program. For those that do not accept debt relief proposals, you are still obligated to live up to the original terms of your cardholder agreement.
It's important to understand that, just as no two debt situations are exactly alike, no single debt solution is right for everyone. Your debt specialist can provide more details regarding debt consolidation or debt management as part of your free debt relief analysis and savings estimate.
Debt resolution is a debt relief option that has become increasingly popular among people who need relief from high-balance credit cards (typically $20,000 to $125,000 or more). Through debt resolution, debt specialists negotiate with creditors on your behalf – with the goal of "resolving" your credit card debt for substantially less than you currently owe.
Summary: What to Expect with Debt Resolution
If you have one or more high-balance credit cards and are going through financial hardship – credit card companies may agree to "resolve" your credit card debt for substantially less than you currently owe.
How does debt resolution work? A debt relief specialist will review your current credit card debts and the amount of money you can afford to set aside each month to accumulate a "resolution fund". Debt specialists will then negotiate with credit card companies on your behalf with the goal of resolving debt for substantially less than you currently owe.
How much debt resolution could potentially save depends largely on the amount of credit card debt involved, your current financial circumstances – and the resolution policies of credit card companies.
It's important to understand that, just as no two debt situations are exactly alike, no single debt solution is right for everyone. Your debt specialist can provide more details regarding debt resolution or debt negotiation as part of your free debt relief analysis and savings estimate.
There are many well-respected self-help credit and debt experts who provide a wealth of valuable advice on the wise use of credit and how to become debt free – experts such as Dave Ramsey, Suzie Orman, Clark Howard, and many others. But regardless of the system you follow – the first step in a successful do-it-yourself debt relief program is to do everything possible to live within your means – avoiding unnecessary "impulse" purchases that cause debts to spiral out-of-control. By creating and maintaining a realistic budget, you will avoid taking on additional debt.
In addition, you can take steps on your own to reduce existing debt by contacting creditors directly to request more favorable interest rates or terms, or offer to resolve debt for less than the full amount owed.
The bottom line: If you have high-interest credit cards and other debts and are struggling to make ends meet – you are in need of debt relief. Whether you take advantage of a debt relief program such as debt consolidation or debt resolution, or commit yourself to take control of your finances and negotiate with creditors on your own – take positive steps today to get on the path to become debt-free.
7 Important Debt Relief Tips
- Create a realistic spending plan – a personal or family budget
- Set aside money each month to pay down your existing debt
- Stick with your plan. Avoid unnecessary "impulse" purchases
- Contact your creditors requesting lower interest rates or to resolve debt
- Pay down debts one-by-one, starting with highest-interest debt
- Don't use credit cards! Use a debit card to stay on track
- Avoid taking out additional loans that add to your debt load
Bankruptcy is generally considered to be the debt relief option of last resort. There are several types of bankruptcy: Chapter 7 (straight bankruptcy or liquidation), Chapter 13 (reorganization of debts), and Chapter 11 (debt reorganization normally used by a business or partnership). While a successful bankruptcy can provide a fresh financial start – individuals or businesses should carefully consider bankruptcy before proceeding because of its long-term financial implications.
While bankruptcy is a debt relief option that has been able to provide a fresh start for many individuals, families, and businesses – it is a serious decision that should be carefully considered with the assistance of a financial advisor or attorney who can help determine if bankruptcy is the proper course of action.
Prior to 2005, those filing bankruptcy could choose the type of bankruptcy they preferred – and most elected to file Chapter 7 straight bankruptcy (liquidation) over Chapter 13 (structured repayment). However, rules enacted in 2005 now requires those filing Chapter 7 to pass a "means test" – to qualify, they must earn equal to or less than the average monthly income for a family of their size in their state.
In addition, before you can file for Chapter 7 or Chapter 13 bankruptcy, you are now required to complete credit counseling with an agency that has been approved by the United States Trustee's office.
While bankruptcy plays a vital role to help rescue individuals and businesses, it is important to recognize that it's not the only debt relief option. A debt specialist can provide more details on debt relief alternatives to bankruptcy as part of your free debt relief analysis and savings estimate.