With an expensive home market, higher-than-average rent prices and its proximity to the nation’s capital, Maryland residents understand the high costs associated with their state. If you’re coping with debt in Maryland and looking for ways out, Accredited Debt Relief’s debt settlement solutions may be right for you.
Maryland Financial Facts
- The average Marylander has a credit card balance of $9,009 and a median household income of $80,776. Although they have the highest average income in the nation, Maryland residents pay about $11,171 in interest if they’re only paying their monthly minimum balance.
- Maryland's debt-to-income ratio is 1.912.
- Calling the Old Line State “home” can be pricey, especially if you’re in Bethesda, Frederick or Gaithersburg. A recent CNBC study ranked Maryland as the 5th most expensive US state to live in, noting an average home price of $794,750.
Why Getting Out of Debt Alone is Difficult
Debt has a funny way of sneaking up on us and growing out of control. Unexpected home repairs, life emergencies and medical bills can quickly add to the stress of paying off current bills and making credit card payments.
For many dealing with debt, paying it off isn’t easy; you must be prepared to make lifestyle changes and adjust your spending habits. Depending on the amount of debt you have accrued and the interest owed, paying off all of your debt can take several years. Although it takes time and effort, the freedom and peace of mind that comes with being debt-free is worth it.
When To Get Help With Your Debt
Debt relief options may be right for you if you answer “yes” to the following questions:
- Are you juggling multiple high-interest credit card payments?
- Are you unable to pay off your unsecured debts on your own within the next five years?
- Are you considering filing for bankruptcy?
If these apply, it’s time to consult with a debt relief organization to review your options.
Maryland Debt Consolidation
Accredited Debt Relief is licensed to provide debt relief services throughout much of the United States. With an A+ rating from the BBB, we are happy to provide consultations and debt relief options to residents across Maryland. Whether you’re in the Appalachian Mountains, near the Chesapeake Bay, or somewhere in between, our team is happy to discuss your financial situation and options. Contact us today for a free consultation.
Chamber of Commerce: https://www.chamberofcommerce.org/credit-card-debt-by-state
Federal Reserve State Level Debt-to-Income Ratio, 1999 - 2018: https://www.federalreserve.gov/releases/z1/dataviz/household_debt/state/map/#year:2018