Living in Cambridge, Massachusetts comes at a price. The northeastern city has the highest cost of living in the state, which is also 74% higher than the national average. This is mainly due to the inflated cost of real estate.
Median price to buy a home:
- Single family home: $1,377,500
- Two-family home: $1,385,000
- Condominium: $730,000
Median price to rent a home:
- One-bedroom unit: $2,365
- Two-bedroom unit: $2,737
- Three-bedroom unit: $3,017
The reason for the expensive housing is simple: the demand outweighs the supply. Cambridge is a popular place to live due to the presence of several universities and a growing number of start-ups. There just isn’t enough housing available due to strict zoning laws and lack of land to build on.
In addition to the high cost of renting or owning a home, Cambridge residents also have to contend with inflated costs for groceries, utilities, transportation and healthcare. And even though the average annual wage in 2017 was $109,876, many locals’ finances are not in the best shape. In fact, many are dealing with the stress of growing debt instead of growing savings because it’s such an expensive place to live.
But the good news is, there are actions you can take to reverse this situation. Freedom Debt Relief offers several programs that could help you take care of your debt. Call 800-910-0065 and speak with one of our Certified Debt Consultants today. They can help you decide which program would work best.
Debt Consolidation in Cambridge
Debt consolidation is an effective choice of debt relief for many consumers. But like anything else, there are pros and cons.
- Easy and convenient—one monthly payment instead of multiple
- Save money over time—lower interest rate on loan
- Specific end date—to help you plan and keep you motivated
- Longer terms—mean lower monthly payments
- Debt hasn’t been reduced or forgiven— you still owe the same amount
- Money issues will persist—unless you change spending behavior
- Not a quick fix—programs take two to five years to complete
Statute of Limitations for Cambridge Consumers
Under Massachusetts law, the statute of limitations on credit card debt is six years. This is typically measured from the date that a consumer defaults on their payments. This is yet another way to deal with credit card debt, but not the best way. It can be difficult to know when your debt has expired under the statute of limitations for the following reasons:
- Certain debts may have a longer statute of limitations than other types of debt.
- The time that a creditor has to collect a debt also varies, generally ranging from two to ten years.
- The contract you sign with a creditor could include statute of limitations rules from a different state than you or your creditor.
Request a free debt evaluation to find out how we could help you:
- Resolve your debt faster
- Significantly reduce what you owe
- Make one low monthly program payment
Take control of your financial future, don’t wait six years for your debt to expire. Freedom Debt Relief could help you resolve your debt with a debt consolidation loan or other debt-clearing method. Call one of our Certified Debt Consultants today at 800-910-0065 and find out how you can liberate yourself from your financial burden.