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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
When it comes to student loans, this is one of the biggest choices. Student loan consolidation or student loan refinancing The decision is an important one, and could mean tens of thousands of dollar...
Published: Mon, 16 Jul 2018 05:32:00 GMT
(WIVB) - Student loan debt in the U.S. now stands at $1.5 trillion- but a new program is offering some relief for local students. A local agency is helping ease financial stress by giving scholarships ...
Published: Wed, 18 Jul 2018 16:35:00 GMT
PETALING JAYA: For those who are left with only meagre funds in their bank accounts after paying their personal loans every month, debt consolidation can sound like a very attractive prospect. Debt co...
Published: Sat, 23 Jun 2018 05:00:00 GMT
ATHENS, Greece (AP) - Greece has significantly improved its economy as it heads toward the end of its bailout program in August, but its debt will remain difficult to manage in the long term, the Inte...
Published: Fri, 29 Jun 2018 12:41:00 GMT
Greece's Prime Minister has welcomed the decision by eurozone creditors to offer debt relief - and marked the occasion by wearing a tie. Alexis Tsipras often joked that he would start wearing a tie on...
Published: Fri, 22 Jun 2018 15:48:00 GMT
Almost 35,000 former Corinthian College students in California will have the remainder of their private loan balances forgiven and some may receive payment refunds after an investigation by the state ...
Published: Fri, 15 Jun 2018 03:30:00 GMT
Best Debt Settlement Companies recently reviewed and launched the list of top three debt relief companies that can help Baltimore residents get out of their mounting credit card debts. New York, Unite...
Published: Tue, 05 Jun 2018 01:14:00 GMT
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