Maine Debt Statistics


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

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LLCBuddy editorial team did hours of research, collected all important statistics on Maine 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 Maine 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 Maine 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.

Top Maine Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 15 Maine Debt Statistics on this page 🙂

Maine Debt “Latest” Statistics

  • Maine’s indebted borrowers have a lower average student loan balance with a student loan debt of $6.2 billion and average student loan debt of $33,137.[1]
  • According to Education Initiative Data, 13.7% of Maine residents have student loan debt.[1]
  • According to the Institute of College Access and Success, the Maine people has an average debt of $32,764 with a percentage of 63%.[2]
  • The average credit card amount for inhabitants of Maine is $6,074, while 56% of Mainers have student loan debt totaling $31,364 in value.[3]
  • According to Pew, research on debt collection lawsuits from 2010 to 2019 has shown that less than 10% of defendants have counsel, compared with nearly all plaintiffs.[4]
  • Over the past decade in the jurisdictions, courts have resolved more than 70% of debt collection lawsuits with default judgments for the plaintiff.[4]
  • At University of Maine, the total cost is $26,760 for in-state students and $48,360 for out-of-state students.[5]

Maine Debt “Other” Statistics

  • At University of Maine, the median federal loan debt among borrowers who completed their undergraduate degree is $25,127.[5]
  • In Maine, 55.5% of individual who incurred student loans are under the age of 35.[1]
  • According to UMA, 72% graduated with loan debt (includes only debt accrued at UMA).[6]
  • Debt collection lawsuits occupied an increasing percentage of civil dockets from an estimated 1 in 9 civil cases to 1 in 4 from 1993 to 2013, more than doubling from less than 1.7 million to nearly 4 million.[4]
  • The average Mainer has $3,530 in personal debt, plus $136,963 of mortgage debt for homeowners.[3]
  • According to USN, the median monthly federal loan payment (if it were repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is $251.[5]
  • According to USN, 26% of graduating students at University of Maine took out private loans.[5]
  • Students with private loans had an average of $35,648 in private loan debt at graduation.[5]

Also Read

How Useful is Maine Debt

Debt, when managed effectively, can be a valuable tool for governments to fund important projects and initiatives that benefit the community. Whether it’s investing in infrastructure, education, public services, or economic development, debt can provide immediate resources and create future growth opportunities. By spreading out the cost over time, debt enables the government to make necessary investments without compromising its ability to deliver essential services in the present.

Furthermore, debt can play a significant role in stimulating economic growth. When used wisely, borrowing money can fuel job creation, boost consumer spending, and attract investment to the state. By leveraging debt to finance strategic projects, the government can kickstart economic development, improve the quality of life for residents, and maintain a competitive advantage in the global economy.

It is essential to recognize that not all debt is harmful. Just like individuals use loans to purchase homes or start businesses, governments rely on debt to invest in the future of their citizens. By carefully evaluating the costs and benefits of each borrowing decision, policymakers can ensure that Maine debt is utilized in ways that promote long-term prosperity and sustainability.

However, excessive debt can have negative repercussions if not managed properly. When debt levels become unsustainable, they can lead to higher interest payments, reduced credit ratings, and increased financial instability. As debt obligations accumulate, the government may be forced to redirect resources from critical services to servicing debt, which can strain the state’s budget and limit its ability to respond to emergencies or unforeseen challenges.

Moreover, high levels of debt can constrain future policy options and hamper the state’s ability to invest in vital services and programs. By saddling future generations with mounting debt burdens, policymakers risk compromising the economic well-being and prosperity of Maine residents. It is crucial to strike a balance between meeting current needs and preserving the financial health of the state for the long term.

In conclusion, the usefulness of Maine debt ultimately depends on how it is managed and allocated. While debt can be a valuable tool for financing important projects and fostering economic growth, it must be used judiciously and responsibly to avoid negative consequences. By carefully evaluating the costs and benefits of borrowing decisions, policymakers can ensure that Maine debt serves the best interests of the state and its residents.

Reference

  1. educationdata – https://educationdata.org/student-loan-debt-by-state
  2. ticas – https://ticas.org/interactive-map/
  3. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/maine/
  4. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  5. usnews – https://www.usnews.com/best-colleges/university-of-maine-2053/paying
  6. uma – https://www.uma.edu/about/student-consumer-information/student-facts/

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