Consumer Credit Counseling Services

A reliable and efficient debt consolidation program may help you in taking the right step towards becoming debt-free.

If you feel you are overwhelmed with credit card debt, tired of harassing phone calls or just like the convenience of one monthly payment, a credit counseling program may help you.

Credit card consolidation and debt management program can help you financially by offering you a choice of solutions, custom tailored to fit your financial needs.

A credit counselor will speak to your creditors and negotiate to: 

  • Stop any harassing creditor phone calls.

  • Reduce your monthly payments.

  • Consolidate all of your unsecured credit card debt into one simple monthly payment.  You may even be able to choose what day of the month it is due.

  • Reduce the number of years to pay off your debt dramatically.

Consumer Credit Counseling Specialists

Fill out the contact information below and a Credit Counselor will call you at your convenience

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Amount of Debt:  *
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* Credit card debt, unsecured loans, IRS debt, utility bill debt, and student loans. Do not include auto loans or mortgages. Describe your credit situation:

 

 

Financial Articles Related To Massachusetts

 

Factors leading to sub-prime mortgage financial crisis in Massachusetts

The sub prime mortgage crisis has taken the Massachusetts and US economy into worst scenario of 1982 recession. The basic cause of this financial crisis is the way lenders lend to sub prime borrowers without assessing the risk of default. the crisis began as the fed continue to rise the adjustable rate mortgage interest rates due to rise in inflation, the mortgage payments started to go beyond to what borrower can afford to pay monthly depending on his income.

Interest rates: adjustable rate mortgage which lured the borrowers to avail the mortgage at lower rates in the beginning but fail to understand that this mortgage rate is temporary and will reset after 1, 3 or 5 years from now. But, the rising housing industry from past few years had made the borrower to borrow by thinking that they could resell the home and pay the mortgage instead of defaulting but the decline in home prices had not given the borrower to clear the mortgage.

Collateral debt obligations: risk is not only confined to mortgage but also other debt like personal loans, credit cards etc. All such kinds of debt are packed under one unit and resold as Collateralized debt obligations. Previously when the housing market is in boom, home buyers bought risky asset in an assumption to resell them at higher prices but with decline in prices they could not cope up with mortgage payments and support their lifestyle. With this debt of all kinds started to mount and defaulted.

In this case the holders of COD�s are not only banks and hedge funds but also mutual funds, pension funds etc. created a financial crisis as these institutions started to file bankruptcy.

Jobless: as the financial crisis started, many industries in Massachusetts continue to loss their jobs as the unemployment peaked to around 12% when it started to rebound back and decreased to 8.9 percent in Oct 2009 after two and half years. The job in Massachusetts started to create along with broader economy. Job are creating at slower pace because companies are hiring only cautiously even after increases sales and production.

Mortgage backed securities: this allows the lender to group loans into a package and resell them. This way the banks and other financial institutions have more funds to lend. This mortgage backed securities as with interest only loans carries the risk of default when the interest rate resets. To add, the interest only loans along with mortgage backed securities

Liquidity: many mortgage lender filled bankruptcy in a matter of weeks. It is because the market is concerned about credit crunch, which affect all sort of borrowers. Central bank interfered and declared emergency to inject liquidity into the financial markets. The liquidity crisis actually came when the borrowers unable to meet their monthly payments and defaulting left the banks with no money to lend. With this real estate market continue to plunge after recoding highs for past few years and foreclosure rates double.

 
Available in the following Massachusetts Cities:

( For cities available in other States click here )
Amherst
Boston
Cambridge
Chestnut Hill 		Salem
Springfield
Waltham
Worcester

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Massachusetts Economy- In 2008, state new economy index of Massachusetts is best positioned for growth when the current economic turmoil retreats. Agriculture was the prominent revenue generating industry in the state economy. The focus was quickly shifted to manufacturing as the state becomes national leader in producing textiles and machine tools during the industrial revolution. Today most of the states revenue is derived form service industry. The major reason for growth in the service jobs is due to increased importance of tourism. Today service industry provides 4/5 of the gross state product. The effect of nation wide recession is felt much less than other areas of the country. The people of this state are holding their homes, maintaining their jobs and paying bills. The state hasn't suffered to the extent that other cities across the nation are because of economic downturn.