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Debt Consolidation in Maine

Maine falls within the bottom third of all states in the nation when it comes to bankruptcy filings, with an approximate 4100 residents filing for bankruptcy in an average year, or 3.11 filings for every 1000 residents. There are a number of debt consolidation agencies working to bring those filings even lower by giving individuals alternatives to filing for bankruptcy.

Credit card debt in the state also puts it in the lower half, with an average debt per citizen of $5,613.10.

Maine homes tend to have an average list price of $197,000, considerably higher than many other parts of the country. Foreclosure rates in Maine vary by county, but overall the state sees one home out of every 1700 in foreclosure, and even the highest rates - in Waldo County - are only moderately higher at 1 in every 1028.

On the other hand, college graduates in Maine are more likely to graduate with student debt. Maine ranks 16th in the nation; 64% of students do graduate with debt, and that amount averages $29,934. Debt consolidation is one strategy used by young adults in an effort to manage that student loan debt.

The Attorney General's Office in Maine has warned consumers to be aware of a phone scheme whereby callers push Mainers to pay off debts using prepaid debit cards or wire transfers, as the caller pretends to be a representative from the government or a business with whom the resident has a relationship. The state encourages consumers to hang up if they receive any such phone calls.

 

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Debt Consolidation In The News

Euro zone to unlock new loans to Greece, working on debt relief

BRUSSELS (Reuters) - Euro zone creditors are expected to disburse new loans to Greece this month and are working on debt relief measures, the head of the bloc's finance ministers said on Monday, steps that should help underpin its economic recovery.

Published:  Mon, 12 Mar 2018 13:40:00 GMT



Former For-Profit College Students Demand Full Debt Relief

The code has been copied to your clipboard. The URL has been copied to your clipboard A group of past students at the former Corinthian Colleges are taking legal action against the United States Department of Education. In early March, the former students ...

Published:  Sun, 25 Mar 2018 03:02:00 GMT



Pain Relief for College Students Overburdened by Loan Debt

Legislators turn their attention to problems facing student borrowers, backing bills that would keep them from being overwhelmed by loan repayments New Jersey lawmakers, who were disturbed in the last legislative session by the practices of the agency that ...

Published:  Thu, 12 Apr 2018 05:00:00 GMT



Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative

The joint IMF-World Bank comprehensive approach to debt reduction is designed to ensure that no poor country faces a debt burden it cannot manage. To date, debt reduction packages under the HIPC Initiative have been approved for 36 countries, 30 of them ...

Published:  Wed, 07 Mar 2018 16:00:00 GMT



Student Loan Debt Relief Operations Allegedly Bilked $95M From Borrowers

The federal government and 11 states have joined together to accuse 30 purported debt relief operations of using deception and false promises to swindle more than $95 million from student loan borrowers. "Operation Game of Loans" - the eyeroll-worthy ...

Published:  Fri, 13 Oct 2017 10:44:00 GMT



How to Consolidate Credit Card Debt

GCredit card consolidation refers to merging all your existing debt into one loan, which is different than restructuring your debt, which refers to renegotiating the terms or amounts of your debt. Using credit card debt consolidation as a debt management ...

Published:  Sat, 30 Dec 2017 20:00:00 GMT




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