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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
BRUSSELS (Reuters) - Euro zone finance ministers will decide next month on all measures, including further debt relief, needed for Greece to exit its bailout successfully, their chairman said on Thursday. Greece is due to exit the rescue program - its ...
Published: Thu, 24 May 2018 20:02:00 GMT
The CFPB has obtained a default judgment in the lawsuit it filed in October 2017 in Maryland federal district court against two commonly-owned debt relief companies, their affiliated payment processor, and three individual principals for alleged violations ...
Published: Thu, 24 May 2018 17:42:00 GMT
(KUTV) Imagine opening up your mailbox to learn that your debt has been wiped out! It's a reality for hundreds of Utahns all thanks to an ongoing Get Gephardt campaign aimed at paying off medical bills for pennies on the dollar. Last week we showed you how ...
Published: Thu, 24 May 2018 15:54:00 GMT
As Economy Picks Up Speed, Americans Pick Up Pace of Unloading Personal Debt LOS ANGELES, CA, March 05, 2018 /24-7PressRelease/ -- Debt consolidation and credit card debt relief programs have become increasingly sought after and used by more Americans as ...
Published: Mon, 05 Mar 2018 00:07:00 GMT
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
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
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
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
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