Maryland Debt Statistics


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Steve Goldstein
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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

Debt can be a useful tool for states like Maryland to finance important infrastructure projects, such as roads, bridges, and public buildings. By taking on debt, the state can fund these projects upfront and pay off the debt over time, spreading the cost over a longer period and avoiding steep upfront expenditures. This allows Maryland to invest in crucial infrastructure projects that can improve the quality of life for its residents and boost the state’s economy.

Furthermore, debt can also be leveraged by states to stimulate economic growth and create job opportunities. By investing in projects that create demand for labor, such as construction or transportation projects, Maryland can create employment opportunities for its residents. This not only benefits the individuals who are employed but also has a ripple effect on the overall economy by increasing consumer spending and generating tax revenue for the state.

Additionally, debt can be a strategic tool for states to manage cash flow fluctuations and address budget shortfalls during times of economic uncertainty. By using debt as a temporary source of funding, states like Maryland can maintain essential services and programs during periods of economic downturn without having to make drastic cuts that could negatively impact their residents. This can help stabilize the state’s finances and ensure continuity in providing key services to its residents.

However, it is important for states like Maryland to be prudent in their use of debt and to ensure that it is sustainable in the long run. Excessive debt levels can lead to credit downgrades, higher borrowing costs, and constraints on future spending. This can hamper the state’s ability to invest in important projects, maintain essential services, and respond to unexpected challenges in the future.

States must also prioritize investments that have a clear return on investment and long-term benefits for their residents. By carefully evaluating the costs and benefits of each project, Maryland can make informed decisions about which projects to fund with debt and ensure that they align with the state’s priorities and economic goals.

In conclusion, Maryland debt can be a useful tool for financing critical infrastructure projects, stimulating economic growth, and managing cash flow fluctuations. However, it is important for the state to use debt judiciously, prioritize investments that have a clear return on investment, and ensure that its debt levels remain sustainable in the long run. By doing so, Maryland can leverage debt effectively to improve the quality of life for its residents and support long-term economic growth.

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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