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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.

 

As Marylanders do their taxes, many are asking: Why'd I get such a big tax hike

Baltimore lawyer Eric Hontz had heard about how some blue, high-tax states like Maryland weren't expected to fare well under the sweeping changes to the federal tax code that President Donald Trump an...

Published:  Fri, 15 Feb 2019 12:03:00 GMT



Anne Arundel County can bypass the tax cap to raise education funds

Anne Arundel County's tax cap is not impenetrable. In fact, it is quite permeable as a law tucked into the Maryland Code allows counties to bypass their tax caps as long as the money raised is strictl...

Published:  Fri, 15 Feb 2019 11:10:00 GMT



2019 Income Tax Season: Filing Under Way In Maryland

ANNAPOLIS, MD - With the 2019 tax season now under way, officials encourage taxpayers to file early to reduce the risk of tax fraud and to file electronically to ensure a quicker refund.

Published:  Wed, 06 Feb 2019 11:27:00 GMT



Ready introduces, touts income tax relief bill

(Dylan Slagle / Carroll County Times) State Sen. Justin Ready, R-District 5 (Carroll County) on Friday introduced a bill that would reduce Maryland income taxes by .25 percentage points for every taxp...

Published:  Sat, 16 Feb 2019 11:07:00 GMT



Conservative fiscal policies have made Florida a haven for high-tax refugees

Take Virginia, where escapees from neighboring high-tax Maryland helped pushed a once-reliably conservative state markedly leftward. Republicans have not won a statewide election there since 2009 and ...

Published:  Fri, 15 Feb 2019 15:38:00 GMT



Beverly L. Winstead: First Black Woman to Chair Maryland State Bar Association's Tax Division

*Baltimore, MD - Beverly L. Winstead, ESQ made history when she was appointed as Chair of the Tax Division for the Maryland State Bar Association - the first Black woman and person of color to hold th...

Published:  Wed, 13 Feb 2019 00:09:00 GMT



How New Jersey's Proposed "Rain Tax" Might Affect Citizens of Clark, According to Mayor Bonaccorso

New Jersey is not the first state to consider enacting a "Rain Tax." In 2013, Maryland passed a law requiring required the state's ten largest and most urban jurisdictions to collect fees in order to ...

Published:  Fri, 15 Feb 2019 11:53:00 GMT



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