Debt Consolidation in Action: Maine

High personal debt levels present challenges to financial stability.

Mainers certainly don’t lack for challenges when it comes to maintaining financial stability in the face of debt. Average student loan balances are significantly higher than national averages. Almost one in every five homes is still underwater, because the balance owed on the mortgage is more than the home is worth. As a result, even though residents have credit card balances lower than the national average, overall debt load is still causing problems for borrowers.

Luckily there are solutions that savvy borrowers have found to regain stability and achieve success. If you’re facing problems with debt and need help identifying solutions so you can regain control, we can help.  Call Consolidated Credit at or complete an online application to request a free debt and budget analysis from a certified credit counselor today.

Debt Statistics in Maine

The statistics below can help you understand the current situation Mainers face when it comes to personal debt:

  • Average credit card debt: $4,797 [1]
  • 90-day credit card delinquency rate: 1.22%
  • Average student debt: $26,529
  • Student loan default rate: 12.80%
  • % of homes underwater (mortgage more than value): 17.06%
  • Mortgage delinquency rate for underwater homes: 7.60%
  • % with past due debt (late, but not in default): 5.20%
  • % with some type of debt in collections: 29.10%
  • Average debt in collections: $5,334

[1] http://www.washingtonpost.com/blogs/govbeat/wp/2013/08/20/ranking-the-states-credit-card-debt/

All other statistics brought to you by America’s Voice on Debt (AVOD)

Derek from Windsor, ME

No complaints. Consolidated Credit is doing exactly what they said they would do. Thank you!

Where he started:

  • Total unsecured debt: $31,951.29
  • Estimated interest charges: $18,664.10
  • Time to payoff: 15 years, 11 months
  • Total monthly payments: $1,278.05

After DMP enrollment:

  • Average negotiated interest rate: 7.25%
  • Total interest charges: $4,122.03
  • Time to payoff: 3 years, 2 months
  • Total monthly payment: $970.00
Time Saved:
12 years, 9 months
Monthly Savings:
$308.05
Interest Saved:
$14,542.07
Mark from Lewiston, ME

My credit counselor was the utmost professional in guiding me on getting started.

Where he started:

  • Total unsecured debt: $14,070.00
  • Estimated interest charges: $7,313.65
  • Time to payoff: 10 years, 7 months
  • Total monthly payments: $566.68

After DMP enrollment:

  • Average negotiated interest rate: 12.15%
  • Total interest charges: $6,840.37
  • Time to payoff: 3 years, 4 months
  • Total monthly payment: $463.00
Time Saved:
7 years, 3 months
Monthly Savings:
$103.68
Interest Saved:
$473.28