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.

maine

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, in and of itself, is not inherently good or bad. Like any financial tool, its usefulness depends on how it is used and managed. When used strategically, debt can enable governments to finance important projects that may otherwise be out of reach. For instance, borrowing to build new roads, schools, or hospitals can stimulate economic growth and improve public services, creating long-term benefits for residents and businesses alike.

On the other hand, too much debt can lead to adverse consequences. High levels of debt can strain state budgets, leaving less room for future spending priorities and making it harder to respond to unexpected emergencies or economic downturns. Additionally, servicing debt payments takes resources away from other critical areas, potentially depriving residents of needed services or forcing cuts to essential programs.

The question then becomes: How useful is Maine Debt? The answer largely depends on how the debt is incurred and managed. If debt is used judiciously to invest in projects that generate long-term economic benefits, then it can be a useful tool for promoting growth and prosperity. However, if debt is used recklessly or without a clear plan for repayment, then it can become a millstone around the state’s neck, dragging down its fiscal health and limiting its ability to fulfill its responsibilities to its residents.

Ultimately, the usefulness of Maine Debt is tied to a broader conversation about fiscal responsibility and good governance. Prudent debt management requires careful planning, transparency, and accountability to ensure that borrowed funds are used effectively and repaid responsibly. It also requires foresight and discipline to avoid the temptations of short-term fixes that may ultimately lead to long-term financial problems.

As Maine continues to grapple with its debt burden, policymakers must carefully consider the costs and benefits of taking on additional debt. They must weigh the immediate needs of the state against the future consequences of their decisions, striving to strike a balance that promotes growth and stability without sacrificing the well-being of residents or burdening future generations with unsustainable obligations.

In the end, the usefulness of Maine Debt is not a simple question with a straightforward answer. It is a complex issue that requires thoughtful analysis and diligent oversight to ensure that debt is used wisely and in the best interests of the state and its residents. By approaching debt with caution and foresight, Maine can harness its potential to promote prosperity and well-being for all its residents, now and in the future.

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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