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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.


Maryland Gov. Hogan lays out second-term agenda: Tax cuts, school accountability, non-partisan redistricting

The day after becoming just the second Republican to be re-elected governor in Maryland history, Larry Hogan pledged to continue governing the blue state as a centrist while he laid out some of his se...

Published:  Wed, 07 Nov 2018 11:36:00 GMT

Affable Tax-Cutting Gov. Hogan Fights For Re-Election

"Forty consecutive tax hikes have taken an additional $10 billion out of the pockets of struggling Maryland families and small businesses, and it's crushed our economy," Hogan accused Brown in a ...

Published:  Thu, 01 Nov 2018 08:00:00 GMT

Maryland Voters Approve Ballot Measure, Direct Gambling Tax Revenue To Schools

The Maryland school system should be getting an influx of cash soon thanks to voters, who overwhelmingly approved Question 1 on the state midterm ballot. The measure, which increases the amount of cas...

Published:  Sun, 11 Nov 2018 22:36:00 GMT

Larry Hogan beat the Trump effect in Maryland

Eric Cortellessa is the digital editor of the Washington Monthly. Larry Hogan made history Tuesday night when he became Maryland's first Republican governor to win reelection since 1954. But his party ...

Published:  Fri, 09 Nov 2018 13:37:00 GMT

FAQ: How will the federal 'opportunity zones' tax incentives work in Maryland

Investors in Maryland and across the U.S. could stand to get significant tax breaks through a new "opportunity zones" program. The federal tax incentives, part of tax reform, were designed to funnel i...

Published:  Fri, 02 Nov 2018 06:46:00 GMT

MAP: The most and least tax-friendly states

Many states that make up the Northeast were among the least tax-friendly, including Maryland, New York, New Jersey, Connecticut, Vermont, and Maine. The top spot, however, went to Minnesota. With a st...

Published:  Wed, 24 Oct 2018 15:14:00 GMT

Maryland approves tax-incentive zones around 3 colleges

Maryland has approved the creation of three tax-incentive zones around universities in the state. The Maryland Department of Commerce authorized three Regional Institution Strategic Enterprise Zones, ...

Published:  Tue, 23 Oct 2018 08:51:00 GMT

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