Maryland Debt Statistics


Steve Goldstein
Steve Goldstein
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Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

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Maryland Debt Statistics 2023: Facts about Debt in Maryland reflect the current socio-economic condition of the state.

maryland

LLCBuddy editorial team did hours of research, collected all important statistics on Maryland Debt, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a Maryland LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Maryland Debt Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any word.

On this page, you’ll learn about the following:

Top Maryland Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 20 Maryland Debt Statistics on this page 🙂

Maryland Debt “Latest” Statistics

  • The average debt for Maryland residents is $26,374, much higher than the national average of $15,185.[1]
  • Credit card debt is a leading pitfall, with Maryland households having an average of $7,913 in debt.[1]
  • According to International Monetary Fund, Sovereigns account for over 60% of the portfolio debt, whereas banks and corporate loans together account for 80% of other investment debt.[2]
  • According to InCharge, the Maryland ‘s average student loan debt is $42,681.[3]
  • Experian reports that the average auto loan debt for Marylanders was $21,228.[3]
  • The per capita auto loan amount is $5,700, according to the New York Federal Reserve.[3]
  • Maryland ranks fifth in the nation in credit card debt with an average of $6,276.[3]
  • According to My Credit Summit, the average Marylander has $4,607 in personal debt, plus $252,583 of mortgage debt per capita.[4]
  • Maryland residents have an open credit card balance of $5,784 and 56% of Maryland residents have a student loan with an average amount of $29,314.[4]
  • According to LendEDU’s 5th annual Student Loan Debt by School by State Report, an in-depth analysis of student loan debt figures at 475 colleges and universities, Maryland’s average student loan debt per borrower figure for the Class of 2019 was $32,165.[5]
  • Aside from D.C. and Maryland, Georgia is the only place where the average student loan debt exceeds $40,000.[6]
  • Maryland residents are more likely to have a great deal of student loan debt with $35.9 billion.[6]
  • The average student loan debt in Maryland is $42,861.[6]
  • According to Experian, the total US consumer debt balance grew $800 billion.[7]
  • The average American has $90,460 in debt, according to a 2021 CNBC report.[7]
  • According to the U.S. Department of Housing and Urban Development, the median household income hit $79,900 in the first quarter of 2021.[7]
  • According to Pew, from 1993 to 2013, the number of debt collection suits more than doubled nationwide, from less than 1.7 million to about 4 million, and consumed a growing share of civil dockets, rising from an estimated 1 in 9 civil cases to 1 in 4.[7]
  • According to the Federal Reserve Bank of Richmond, as of the first quarter of 2019, aggregate household debt is now 7.8% higher than the previous peak during the third quarter of 2008.[7]
  • A total of $623 billion in household debt was delinquent as of the first quarter of 2019, including $417 billion in payments that were at least 90 days late.[7]
  • In 2003, student loans accounted for 14% of the debt per capita of the three major non-housing loan categories.[7]

Also Read

How Useful is Maryland Debt

One of the primary reasons people turn to debt is to finance large purchases, such as homes or cars. In such cases, taking on debt can be seen as an investment in the future. By spreading out the cost of these big-ticket items over time, individuals are able to enjoy the benefits of ownership without having to come up with all the cash upfront. This can be especially important for Marylanders who may not have the means to pay for these purchases in full at the time.

Similarly, debt can also be useful for businesses looking to expand or invest in new projects. Whether it’s opening a new store, purchasing new equipment, or hiring additional employees, debt can provide the necessary funds to fuel growth and innovation. By taking on debt, businesses can take advantage of opportunities that may otherwise be out of reach, ultimately contributing to economic growth and job creation in Maryland.

However, it’s important to note that debt also comes with risks and drawbacks. For individuals, taking on too much debt can lead to financial strain and long-term consequences, such as damaged credit scores and difficulties securing loans in the future. Additionally, high levels of debt can create a cycle of dependency, where individuals become trapped in a never-ending cycle of borrowing and repaying loans.

On a broader scale, too much debt can also have negative consequences for the state of Maryland as a whole. High levels of debt can limit the ability of the state to invest in important areas such as education, infrastructure, and social services. This can have long-term implications for the overall well-being and prosperity of Maryland residents.

Ultimately, the usefulness of Maryland debt depends on how it is managed and used. When used responsibly and for strategic investments, debt can be a valuable tool for individuals and businesses alike. However, when handled carelessly or taken on without a clear plan for repayment, debt can become a burden that hinders rather than helps.

For Marylanders considering taking on debt, it’s important to carefully weigh the potential benefits and risks before making a decision. By seeking advice from financial professionals and developing a clear repayment plan, individuals and businesses can maximize the benefits of debt while minimizing the potential downsides. In the end, the key lies in using debt as a tool for growth and prosperity, rather than a means of financial struggle and stress.

Reference

  1. phillipslaweast – https://phillipslaweast.com/consumer-debt-relief-maryland/
  2. imf – https://www.imf.org/external/pubs/ft/fandd/2021/06/federal-reserve-emerging-markets-private-debt-kalemli-ozcan.htm
  3. incharge – https://www.incharge.org/debt-relief/credit-counseling/maryland/
  4. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/maryland/
  5. baltimoresun – https://www.baltimoresun.com/opinion/op-ed/bs-ed-op-0921-maryland-student-loan-debt-20200921-4g3xghsmlbg6zj3ckvmzzlgkvy-story.html
  6. educationdata – https://educationdata.org/student-loan-debt-by-state
  7. debt – https://www.debt.org/faqs/americans-in-debt/demographics/

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