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      July 23, 2018

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Debt Consolidation in Maryland

Maryland MapMaryland 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 Marylandís 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 stateís 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.


Marylanders with biggest tax liabilities owe $12.7M, comptroller says; defense attorney Warren Brown makes list

Maryland's comptroller on Wednesday published a list of 20 individuals and 25 businesses who owe the most in unpaid taxes, penalties and interest - a combined $12.7 million. The state's comptroller ha...

Published:  Wed, 11 Jul 2018 17:48:00 GMT

Maryland joins lawsuit for state and local tax caps

Maryland has joined three states in a lawsuit to invalidate a cap on the federal tax deduction for state and local taxes. The lawsuit, filed Tuesday in U.S. District Court for the Southern District of ...

Published:  Wed, 18 Jul 2018 16:16:00 GMT

Maryland Attorney General Joins Lawsuit Challenging Republican Federal Tax Reform Bill

Maryland residents salty about the loss of a popular tax deduction could get some relief. Maryland Attorney General Brian Frosh (D) joined the states of Connecticut, New Jersey and New York in suing t...

Published:  Wed, 18 Jul 2018 06:30:00 GMT

Maryland Comptroller: Top Tax Evaders Owe Combined $12.7M

ANNAPOLIS, Md. (AP/WBOC)- Maryland's comptroller says 20 individuals and 25 businesses owe more than $12 million in unpaid taxes, penalties and interest. State Comptroller Peter Franchot published a l...

Published:  Thu, 12 Jul 2018 06:36:00 GMT

12 Greater Baltimore businesses that owe millions in taxes to Maryland

Maryland Comptroller Peter Franchot unveiled the names of the top 25 businesses and 20 individuals collectively owing almost $13 million to the state. The "scofflaws" owe $12.7 million in unpaid taxes ...

Published:  Wed, 11 Jul 2018 11:47:00 GMT

Surprise: Higher taxes in Maryland chasing out the wealthy

In light of President Obama's exhortation to hike taxes on those making more than $250,000 a year earlier today, here's a well-timed piece of evidence demonstrating what happens when you decide you'd ...

Published:  Tue, 17 Jul 2018 19:01:00 GMT

Maryland taxpayers, companies owe over $12 million in unpaid taxes, placed on evasion list

The State of Maryland is calling out taxpayers and companies that have not paid more than $12 million in unpaid taxes. You don't want to be on this list. It includes 20 taxpayers and 25 companies. Ven...

Published:  Wed, 11 Jul 2018 14:12:00 GMT

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