If you’re one of the many Marylanders struggling with payday, medical, credit card, auto or other types of loans, you’re not alone. Despite Maryland having a growing economy with 1.8% GDP growth, and a historically low unemployment rate of 3.3%, 10.00% of residents live in poverty. Many have debt problems.
The average Marylander has $4,607 in personal debt, plus $252,583 of mortgage debt per capita. On average, residents have an open credit card balance of $5,784 and 56% of residents have a student loan, the average amount of which is $29,314 . Each year approximately 17,109 Marylanders declare bankruptcy Fortunately, there are plenty of Maryland debt consolidation options to help you get back on track financially.
No matter whether you live in Baltimore, Silver Spring, Hyattsville, or somewhere else in the great state of Maryland, take charge of your financial situation and consider consolidating your debt load.
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The Best Debt Consolidation Companies in Maryland (updated 2020)
Finding a legit debt consolidation firm can be tough. We’ve done the research and picked the [n] best debt consolidation firms in the state of Maryland. Our criteria includes online reputation, breadth of services offered, and demonstration of expertise. All have at least an A rating with the Better Business Bureau.
US Federal Loan Consolidation Center
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Baltimore, MD, 21201-4110
(877) 769-1876
http://www.usflcc.org
Rating: 8.58/10
Support4America, LLC
PO Box 115
Poolesville, MD, 20837-0115
(888) 816-7628
http://www.support4america.com
Rating: 8.69/10
Residential Mortgage Solutions, Inc.
1515 Martin Blvd Ste 208
Baltimore, MD, 21220-4103
(410) 238-3600
http://www.mortgagesolutions4you.com
Rating: 8.79/10
Renaissance Debt Solutions, Inc
11350 McCormick Rd Bldg 4 Ste 102
Hunt Valley, MD, 21065-9998
(443) 541-1240
http://renaissancedebtsolutions.com/
Rating: 8.9/10
NewDay USA
8160 Maple Lawn Blvd
Fulton, MD, 20759-2623
(800) 995-0341
http://www.newdayusa.com
Rating: 9.01/10
Money Management International, Inc.
8403 Colesville Rd Ste 1100
Silver Spring, MD, 20910-6346
(800) 308-2227
http://www.moneymanagement.org
Rating: 9.12/10
MKL/Starr Productions, Inc.
4801 Copley Lane, Suite 137
Upper Marlboro, MD, 20772
(301) 627-2476
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Rating: 9.23/10
Debt Savior
PO Box 368
Germantown, MD, 20875
(773) 493-5372
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Rating: 9.34/10
Debt Rx
5257 Buckeystown Pike # 127
Frederick, MD, 21704-7535
(800) 395-5353
http://www.debtsettlementgroup.com
Rating: 9.45/10
Continental Credit Counseling, Inc.
3706 Crondall Ln Ste 104
Owings Mills, MD, 21117-2249
(410) 363-4007
http://www.continentalcredit.org
Rating: 9.57/10
Coleman and Associates LLC
5017 York Road Suite B
Baltimore, MD, 21212
(410) 464-2208
http://www.colemancollections.com/
Rating: 9.68/10
American Credit Card Solutions
5100 Buckeystown Pike STE 250
Frederick, MD, 21704-8344
(877) 820-2954
https://www.americancreditcardsolutions.com/
Rating: 9.8/10
Maryland Debt Statistics
| Total Debt | $28,027,363 |
| Debt Per Capita | $4,607 |
| Debt Per Capita Rank | 12 |
Source: World Population Review
Maryland Credit Card Debt Statistics
| Average Credit Card Balance | 689 |
| Average Credit Score | $5,784 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 39 |
| Avg Credit Score Rank (1=Highest Score) | 13 |
Source: Experian
Mortgage Debt in Maryland
| Mortgage Debt Per Capita | $252,583 |
| Avg 30 yr Mortgage Rate | 3.90% |
| Avg 15 yr Mortgage Rate | 3.32% |
| Median Home Value | $290,500 |
| Avg Outstanding Mortgage Debt | $252,520 |
| Difference Between Value and Mortgage Debt | $37,980 |
| Avg Homeowner FICO Score | 704 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Maryland
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | nan |
| Max Payday Loan Term | nan |
| Max Payday Loan APR | nan |
Source: Maryland Government Website
Unemployment and the Economy of Maryland
| Poverty Rate – Population | 10.00% |
| Poverty Rate – Population – Rank | 50 |
| Poverty Rate – Family | 6.90% |
| Poverty Rate – Family – Rank | 50 |
| Unemployment Rate (March 2020) | 3.3 |
| Unemployment Rank | 13 |
| GDP Growth | 1.8 |
| GDP Growth Rank | 30 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Maryland
| Percent of Population with Student Loans | 56% |
| Average Student Loan debt | $29,314 |
| Average Debt of New Graduates (2017-18) | $29,178 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 55% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 14 |
| Percent of Graduates at Schools with Usable Data | 63% |
| Nonfederal debt of graduates, as percent of total debt | 27% |
| Fall enrollment – Undergraduate total (IPEDS) | 300,372 |
| Tuition and Fees (in-district/in-state) | $13,873 |
| Total Cost of Attendance (on-campus) | $34,989 |
| Percent of Institutional Grants that are Need-Based | 71% |
Source: Value Penguin, TICAS
Cost of Living in Maryland
| Annual Mean Wage (All Occupations) | $58,770 |
| Median Monthly Rent | $1,807 |
| Value of a Dollar | $0.91 |
| Cost of Living | 129.7 |
| Cost of Living Rank | 44 |
| Grocery Cost Index | 108.5 |
| Housing Cost Index | 184.5 |
| Utilities Cost Index | 107.3 |
| Transportation Cost Index | 116.7 |
| Miscellaneous Cost Index | 89.2 |
Source: World Population Review