Many Maine residents wrestle with credit card, medical, auto, student and other debt types. Even though The Pine Tree State has a relatively strong economy with 2.6% GDP growth, and a historically low unemployment rate of 3.2%, 13.90% of residents live below the poverty line. Many struggle to get out of debt.
The average Mainer has $3,530 in personal debt, plus $136,963 of mortgage debt for homeowners. On average, Maine residents carry a credit cardd balance of $6,074 and 56% of Mainers have student loan debt – $31,364 worth to be precise. Every year approximately 1,298 Mainers declare bankruptcy. Fortunately, there are plenty of Maine debt consolidation options to get you to where you need to be financially.
So whether you live in Portland, Bangor, Lewiston, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.
Table of Contents
The Best Debt Consolidation Companies in Maine (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 Maine. 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.
Money Management International, Inc.
477 Congress St. 5th Floor
Portland, ME, 04101
(800) 308-2227
http://www.moneymanagement.org
Rating: 9.3/10
Maine Debt Statistics
| Total Debt | $4,750,384 |
| Debt Per Capita | $3,530 |
| Debt Per Capita Rank | 21 |
Source: World Population Review
Maine Credit Card Debt Statistics
| Average Credit Card Balance | 650 |
| Average Credit Score | $6,074 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 28 |
| Avg Credit Score Rank (1=Highest Score) | 49 |
Source: Experian
Mortgage Debt in Maine
| Mortgage Debt Per Capita | $136,963 |
| Avg 30 yr Mortgage Rate | 4.07% |
| Avg 15 yr Mortgage Rate | 3.64% |
| Median Home Value | $237,800 |
| Avg Outstanding Mortgage Debt | $138,554 |
| Difference Between Value and Mortgage Debt | $99,246 |
| Avg Homeowner FICO Score | 715 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Maine
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 2000 |
| Max Payday Loan Term | Unspecified |
| Max Payday Loan APR | 217% |
Source: Maine Government Website
Unemployment and the Economy of Maine
| Poverty Rate – Population | 13.90% |
| Poverty Rate – Population – Rank | 30 |
| Poverty Rate – Family | 9.40% |
| Poverty Rate – Family – Rank | 30 |
| Unemployment Rate (March 2020) | 3.2 |
| Unemployment Rank | 10 |
| GDP Growth | 2.6 |
| GDP Growth Rank | 21 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Maine
| Percent of Population with Student Loans | 56% |
| Average Student Loan debt | $31,364 |
| Average Debt of New Graduates (2017-18) | $32,676 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 61% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 9 |
| Percent of Graduates at Schools with Usable Data | 58% |
| Nonfederal debt of graduates, as percent of total debt | 29% |
| Fall enrollment – Undergraduate total (IPEDS) | 62,879 |
| Tuition and Fees (in-district/in-state) | $18,929 |
| Total Cost of Attendance (on-campus) | $33,783 |
| Percent of Institutional Grants that are Need-Based | 91% |
Source: Value Penguin, TICAS
Cost of Living in Maine
| Annual Mean Wage (All Occupations) | $46,810 |
| Median Monthly Rent | $1,466 |
| Value of a Dollar | $1.02 |
| Cost of Living | 117.5 |
| Cost of Living Rank | 40 |
| Grocery Cost Index | 107.0 |
| Housing Cost Index | 123.1 |
| Utilities Cost Index | 116.1 |
| Transportation Cost Index | 121.4 |
| Miscellaneous Cost Index | 121.8 |
Source: World Population Review