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Massachusetts (MA) Debt Relief, Settlement and Consolidation Programs and Laws

Massachusetts (MA) debt relief, settlement, and consolidation programs are strictly regulated by the Federal Trade Commission (FTC), State Attorney General’s Office (AG), and the Department of Justice.

Debt settlement laws specifically prohibit debt relief companies in MA from charging upfront fees before a debt settlement. MA debt consolidation companies also must provide full transparency.

Licensed MA Debt Management, Lenders and Settlement Companies

  • Debt settlement and consolidation companies in MA must be licensed.
  • Debt consolidation loans can only be issued by a licensed lender in MA.
  • Debt settlement programs in MA can only be administered by an MA-licensed debt management company.
  • Consumer credit counseling companies must also be licensed and non-profit, which you can check on at the Department of Justice’s website.

What is considered full disclosure by MA debt relief laws?

Debt settlement companies in MA must provide full disclosure before enrolling a consumer into any type of program.

This includes any type of program that is designed to help a consumer reduce, resolve or pay off debt. Settlement companies in MA must clearly explain:

  • How the program will effect credit reports and scores
  • What fees are being charged and when are collected
  • How creditors get paid and whether or not they are paid monthly
  • An accurate estimate of the savings and true cost of the program, including the total amount creditors, get paid and fees charged
  • The fact that, if creditors don’t get paid on a monthly basis there is a chance they can sue and issue a lawsuit. How will a credit card summons be dealt with? 

Massachusetts Debt Statistics

Consumers in MA are some of the most financially educated consumers in the nation. MA residents carry only average amounts of credit card and student loan balances. The average income in MA is higher than most of the country, making it easier for consumers to pay off debt on their own.

According to, “Credit card debt in Massachusetts is on par with the rest of the country. From 2010 to 2011, the United States brought its average credit card debt down 17 percent, from about $7,800 to $6,474. In the same period, Massachusetts residents’ credit card debt dropped a comparable 18 percent, from about $7,840 to $6,429. The following year, however, the state backtracked on a small part of that progress, with the average debt increasing slightly to $6,541.”

Unfortunately, Golden Financial Services does not offer any Massachusetts debt relief, settlement, or consolidation programs. Click here to learn about debt relief services in other states.  California, New York, Arizona, New Jersey, New Mexico, Pennsylvania, Florida, Nebraska, and Illinois all have debt relief programs available as of 2020.

Other companies may offer debt relief programs in MA, so if you’re looking to learn about how these programs work, visit our credit card debt relief page here.

Here are some additional FREE resources to help you pay off debt on your own (without using a debt relief program in MA).

Try this free debt snowball calculator.

Here are the 10 best ways to clear credit card balances faster

Here’s a free budget tool

The remainder of this page is provided purely for educational purposes. We can’t offer any of these programs at this time.

What type of debts can be settled?

  1. Credit cards
  2. Medical bills
  3. Financial loans
  4. Personal loans
  5. Bank loans
  6. Utility bills that are in third-party debt collection
  7. Third-party collection accounts
  8. Repossessions

Downsides of debt settlement programs in MA include:

  • negative effect on credit because creditors are not paid monthly, so late marks and collection accounts get inflicted on credit
  • may owe taxes on the amount saved
  • no guarantee of how much your creditors will settle for
  • creditors can pursue litigation against you to collect on an unpaid debt
  • balances can increase before getting settled, due to interest and late fees

Debt Consolidation Loans in MA

Fintech companies all across the nation are offering high-interest loans to consumers with low credit scores, so beware of these lenders all across the internet. At Golden Financial Services we recommend checking with your local credit union if considering a debt consolidation loan.

If you’re looking for a safe debt management program in MA, consider consumer credit counseling. Visit the NFCC website at to find a licensed consumer credit counseling company in MA to work with.

You can also find a reputable debt relief, settlement, or consolidation company in Massachusetts by visiting the Better Business Bureau. Look for an accredited debt relief company that has positive client reviews. You can also visit and TrustPilot, where they have the Top 10 Debt Consolidation Companies listed.

Always check a company’s reviews before using their services. See how long they’ve been in business, any less than five years should be a warning. In the future, GFS may get licensed to offer debt settlement in MA, but at this time we’re not authorized. We wish you the best of luck.