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

For many individuals, taking on debt can be a way to finance their education, buy a home, or cover unexpected expenses. In these cases, debt can be a useful tool to achieve important life goals and maintain financial stability. Education loans, for example, can open up opportunities for individuals to pursue their dreams and build a successful career. Similarly, a mortgage can provide a stable living situation and a sense of security for families.

However, the usefulness of debt can also depend on the individual’s financial literacy and borrowing habits. When used wisely and responsibly, debt can be a helpful tool to achieve financial goals. On the other hand, if debt is taken on impulsively or without a clear repayment plan, it can quickly become a burden that leads to financial instability and stress.

Moreover, excessive debt can have wider implications for communities and society. High levels of debt among individuals can contribute to economic instability, as it can lead to default, bankruptcy, or decreased consumer spending. This can have a ripple effect on businesses, job opportunities, and overall economic growth. In extreme cases, a debt crisis can even lead to broader financial downturns that impact the entire state or country. Therefore, it is crucial for Mainers to carefully consider the implications of taking on debt and make informed decisions about their financial health.

In addition, the usefulness of debt in Maine can be influenced by broader economic factors such as interest rates, inflation, and job stability. When the economy is strong and interest rates are low, taking on debt can be a more attractive option for individuals looking to invest in their future. However, during economic downturns or periods of high inflation, debt can become a heavier burden, making it more difficult for individuals to repay their loans.

It is also important to consider the emotional toll that debt can take on individuals. Living with the constant stress of debt can affect mental health, relationships, and overall well-being. It can be difficult to feel secure and hopeful about the future when weighed down by debt. Therefore, it is essential for Mainers to prioritize their financial health and seek support when needed.

In conclusion, the usefulness of Maine debt ultimately depends on the individual’s financial situation, borrowing habits, and economic context. When used wisely and responsibly, debt can be a helpful tool to achieve important goals and build a stable future. However, it is crucial for Mainers to carefully consider the implications of taking on debt and make informed decisions about their financial well-being.

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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