The Best Maine Debt Consolidation Companies of 2020

Many Maine residents wrestle with credit card, medical, auto, student and other debt types. Even though The Pine Tree State has a relatively strong economy with 2.6% GDP growth, and a historically low unemployment rate of 3.2%, 13.90% of residents live below the poverty line. Many struggle to get out of debt.

The average Mainer has $3,530 in personal debt, plus $136,963 of mortgage debt for homeowners. On average, Maine residents carry a credit cardd balance of $6,074 and 56% of Mainers have student loan debt – $31,364 worth to be precise. Every year approximately 1,298 Mainers declare bankruptcy. Fortunately, there are plenty of Maine debt consolidation options to get you to where you need to be financially.

So whether you live in Portland, Bangor, Lewiston, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in Maine (updated 2020)

Finding a legit debt consolidation firm can be tough. We’ve done the research and picked the [n] best debt consolidation firms in the state of Maine. Our criteria includes online reputation, breadth of services offered, and demonstration of expertise. All have at least an A rating with the Better Business Bureau.

Money Management International, Inc.

477 Congress St. 5th Floor
Portland, ME, 04101
(800) 308-2227
http://www.moneymanagement.org

Rating: 9.3/10

Maine Debt Statistics

Total Debt$4,750,384
Debt Per Capita$3,530
Debt Per Capita Rank21

Source: World Population Review

Maine Credit Card Debt Statistics

Average Credit Card Balance650
Average Credit Score$6,074
Avg Credit Card Balance Rank (1 = Highest Balance)28
Avg Credit Score Rank (1=Highest Score)49

Source: Experian

Mortgage Debt in Maine

Mortgage Debt Per Capita$136,963
Avg 30 yr Mortgage Rate4.07%
Avg 15 yr Mortgage Rate3.64%
Median Home Value$237,800
Avg Outstanding Mortgage Debt$138,554
Difference Between Value and Mortgage Debt$99,246
Avg Homeowner FICO Score715

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Maine

Payday Loan Legal StatusLegal
Max Payday Loan Amount2000
Max Payday Loan TermUnspecified
Max Payday Loan APR217%

Source: Maine Government Website

Unemployment and the Economy of Maine

Poverty Rate – Population13.90%
Poverty Rate – Population – Rank30
Poverty Rate – Family9.40%
Poverty Rate – Family – Rank30
Unemployment Rate (March 2020)3.2
Unemployment Rank10
GDP Growth2.6
GDP Growth Rank21

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Maine

Percent of Population with Student Loans56%
Average Student Loan debt$31,364
Average Debt of New Graduates (2017-18)$32,676
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)61%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)9
Percent of Graduates at Schools with Usable Data58%
Nonfederal debt of graduates, as percent of total debt29%
Fall enrollment – Undergraduate total (IPEDS)62,879
Tuition and Fees (in-district/in-state)$18,929
Total Cost of Attendance (on-campus)$33,783
Percent of Institutional Grants that are Need-Based91%

Source: Value Penguin, TICAS

Cost of Living in Maine

Annual Mean Wage (All Occupations)$46,810
Median Monthly Rent$1,466
Value of a Dollar$1.02
Cost of Living117.5
Cost of Living Rank40
Grocery Cost Index107.0
Housing Cost Index123.1
Utilities Cost Index116.1
Transportation Cost Index121.4
Miscellaneous Cost Index121.8

Source: World Population Review