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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
"This fits in the center of their Venn diagram." They also put the onus of this student loan debt relief on employers, rather than on the federal government, making it an attractive option for each. " ...
Published: Mon, 18 Feb 2019 06:11:00 GMT
AFT leaders in Massachusetts know that supporting our members goes beyond what happens in the classroom, or the schoolhouse, or even the Statehouse. That's why, when the AFT started offering student d...
Published: Fri, 15 Feb 2019 13:38:00 GMT
It's always exciting to be able to announce a new programs that can provide relief to student loan borrowers. The National Health Services Corp (NHSC), a federal agency, has established a new student ...
Published: Sat, 16 Feb 2019 07:01:00 GMT
The last Recession in 2008 affected a lot of people that is why National Debt Relief shares this article to help people prepare for another recession. The article titled "How To Strengthen Your Financ...
Published: Thu, 14 Feb 2019 08:40:00 GMT
"Somalia's efforts at peace consolidation are constrained by the debt burden that prevents it from accessing concessionary financing and normalizing relations with International Financial ...
Published: Mon, 18 Feb 2019 05:08:00 GMT
Debt service per year could be in the tens ... It offered a buyout to 450 people, about 13% of its total staff. The consolidation of the newspaper industry will continue as a means to cut costs ...
Published: Mon, 18 Feb 2019 04:27:00 GMT
BENGALURU: The Legislative Assembly passed the Karnataka Debt Relief Bill-2018 on Wednesday, to ease the burden on the wallets of small farmers, landless agricultural labourers and the economically we...
Published: Wed, 13 Feb 2019 16:00:00 GMT
HELENA - Charles Asmus, a child protective specialist in Montana, told the House State Administration Committee Wednesday that he'll owe about $190,000 after he gets his doctorate. But, he ...
Published: Thu, 14 Feb 2019 13:08:00 GMT
Americans have too many immediate expenses to pay to even consider long-term saving, the theory goes, one of which the outrageous saddles of student debt. To offer relief, and encourage retirement pla...
Published: Fri, 15 Feb 2019 10:50:00 GMT
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