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Maryland has one of the lowest levels of credit card debt in the nation, coming in 43rd with an average debt of $3,872.39.
Auto loan debt is another factor in Maryland's personal debt statistics, but studies forecast that the state will see a 2% decline in auto loan delinquency rates in the future.
Medical debt also impacts many individuals, but Maryland law limits the amount that hospitals and other providers are allowed to charge patients without medical insurance.
Student debt in Maryland averages about $26,349, placing Maryland in 26th place compared with the other fifty states. 59% of the state's college graduates do find themselves with student loan debt, and many would benefit from debt consolidation services to help manage their post-university financial challenges.
Maryland enjoys some of the highest home values in the country - and thus some of the highest mortgages - with a median sale price of $240,000. This may play a large role in the fact that Maryland has one of the highest per-capita foreclosure rates, with a state average of 1 in every 611 homes in foreclosure, and with even more drastic numbers in specific counties. For instance, Calvert County sees approximately 1 in every 347 homes in foreclosure, and similar results are found in Charles County with 1 in every 392 homes also in foreclosure.
Also, 4.9% of Mainers with credit files have a past due debt balance, with 36.8% of those residents already finding themselves in collections with an average amount of $4,273 owed.
In a typical year, Maryland sees more than 29,000 residents file for bankruptcy, with about 5.14 out of every 1000 individuals filing. This puts Maryland in 21st place compared with bankruptcy rates in other states.
The Office of the Maryland Attorney General suggests that citizens consider the possibilities of credit counseling and debt consolidation as two alternatives to resolving financial difficulties, especially before filing for bankruptcy.
Debt Consolidation In The News
consideration for community development loans, investments, and services in support of disaster recovery. * The FDIC also will consider regulatory relief from certain filing and publishing ...
Published: Sat, 17 Nov 2018 17:26:00 GMT
"We welcome inquiries from other closed-end funds whose shareholders may be attracted to an emerging markets equity income strategy about joining the consolidation," according ... Municipal debt CEFs ...
Published: Fri, 16 Nov 2018 23:00:00 GMT
We've previously provided concise definitions for various terms related to debt resolution. We also discussed the basic purpose and mechanics of debt consolidation in the earlier post. In this post we ...
Published: Thu, 18 Oct 2018 08:00:00 GMT
The for-profit college industry will further challenge an Obama-era rule granting student debt relief despite the mandate going into effect this week. Trump's Department of Education, criticized for s...
Published: Fri, 19 Oct 2018 04:32:00 GMT
As difficult as it may be to believe, there was a time when Republicans were known as the anti-debt and balanced budget party. Now, the GOP prefers to tout low unemployment as the debt soars and they ...
Published: Mon, 22 Oct 2018 21:06:00 GMT
Is debt consolidation the best plan for you to pay off a debt Debt consolidation refers to getting a loan to pay off all your other loans. By doing this, you are effectively bringing all your debts i...
Published: Thu, 13 Sep 2018 05:19:00 GMT
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