Debt Consolidation in Action: Maryland

Marylanders use credit counseling to overcome challenges with debt.

When it comes to personal debt, no one state has the corner market on problems, but Maryland residents certainly face an uphill battle. One in five homes is still underwater – where the mortgage balance is higher than the home’s value. Marylanders also have the eighth highest credit cards balances in the country and over one third of borrowers have at least one debt in that’s currently in collections.

Fortunately, residents are finding ways to overcome these challenges when traditional payment methods and basic budgeting don’t work. Often, borrowers have found a way to regain stability with the help of a certified credit counselor. If you have debt and need a solution to egain financial freedom, call Consolidated Credit today at or use our online application to request a free, confidential debt analysis from a certified professional.

Debt Statistics in Maryland

The following statistics can provide a little perspective on the current state of household debt in Maryland:

  • Average credit card debt: $5,345 per borrower [1]
  • 90-day credit card delinquency rate: 1.72%
  • Average student debt: $28,895
  • Student loan default rate: 14.20%
  • % of homes underwater (mortgage more than value): 18.03%
  • Mortgage delinquency rate for underwater homes: 4.06%
  • % with past due debt (late, but not in default): 5.90%
  • % with some type of debt in collections: 41.70%
  • Average debt in collections: $5,604

[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)

Aaron from Rockville, MD

This is a great service!

Where he started:

  • Total unsecured debt: $44,198.00
  • Estimated interest charges: $25,759.74
  • Time to payoff: 14 years
  • Total monthly payments: $1,767.92

After DMP enrollment:

  • Average negotiated interest rate: 8.30%
  • Total interest charges: $8,385.72
  • Time to payoff: 4 years, 4 months
  • Total monthly payment: $1,016.00
Time Saved:
9 years, 8 months
Monthly Savings:
$751.92
Interest Saved:
$17,374.02
Ana from Olney, MD

Every phone call has been pleasant and helpful. Thanks!

Where she started:

  • Total unsecured debt: $58,363.00
  • Estimated interest charges: $34,385.22
  • Time to payoff: 15 years, 1 month
  • Total monthly payments: $2,334.52

After DMP enrollment:

  • Average negotiated interest rate: 8.32%
  • Total interest charges: $12,118.05
  • Time to payoff: 4 years, 7 months
  • Total monthly payment: $1,302.00
Time Saved:
10 years, 6 months
Monthly Savings:
$1,032.52
Interest Saved:
$22,267.17
Damon from Columbia, MD

Consolidated Credit has made it possible for me to take charge of my finances. Not only are my bills getting paid, there is no hassle from my creditors. And the creditors did not put negative remarks on my credit report for consolidating my bills.

Where he started:

  • Total unsecured debt: $13,332.00
  • Estimated interest charges: $7,746.20
  • Time to payoff: 13 years, 6 months
  • Total monthly payments: $533.28

After DMP enrollment:

  • Average negotiated interest rate: 7.20%
  • Total interest charges: $2,453.91
  • Time to payoff: 4 years, 9 months
  • Total monthly payment: $281.00
Time Saved:
8 years, 9 months
Monthly Savings:
$252.28
Interest Saved:
$5,292.29