The Best Maryland Debt Consolidation Companies of 2020

If you’re one of the many Marylanders struggling with payday, medical, credit card, auto or other types of loans, you’re not alone. Despite Maryland having a growing economy with 1.8% GDP growth, and a historically low unemployment rate of 3.3%, 10.00% of residents live in poverty. Many have debt problems.

The average Marylander has $4,607 in personal debt, plus $252,583 of mortgage debt per capita. On average, residents have an open credit card balance of $5,784 and 56% of residents have a student loan, the average amount of which is $29,314 . Each year approximately 17,109 Marylanders declare bankruptcy Fortunately, there are plenty of Maryland debt consolidation options to help you get back on track financially.

No matter whether you live in Baltimore, Silver Spring, Hyattsville, or somewhere else in the great state of Maryland, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in Maryland (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 Maryland. 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.

US Federal Loan Consolidation Center


Baltimore, MD, 21201-4110
(877) 769-1876
http://www.usflcc.org

Rating: 8.58/10

Support4America, LLC

PO Box 115
Poolesville, MD, 20837-0115
(888) 816-7628
http://www.support4america.com

Rating: 8.69/10

Residential Mortgage Solutions, Inc.

1515 Martin Blvd Ste 208
Baltimore, MD, 21220-4103
(410) 238-3600
http://www.mortgagesolutions4you.com

Rating: 8.79/10

Renaissance Debt Solutions, Inc

11350 McCormick Rd Bldg 4 Ste 102
Hunt Valley, MD, 21065-9998
(443) 541-1240
http://renaissancedebtsolutions.com/

Rating: 8.9/10

NewDay USA

8160 Maple Lawn Blvd
Fulton, MD, 20759-2623
(800) 995-0341
http://www.newdayusa.com

Rating: 9.01/10

Money Management International, Inc.

8403 Colesville Rd Ste 1100
Silver Spring, MD, 20910-6346
(800) 308-2227
http://www.moneymanagement.org

Rating: 9.12/10

MKL/Starr Productions, Inc.

4801 Copley Lane, Suite 137
Upper Marlboro, MD, 20772
(301) 627-2476

Rating: 9.23/10

Debt Savior

PO Box 368
Germantown, MD, 20875
(773) 493-5372

Rating: 9.34/10

Debt Rx

5257 Buckeystown Pike # 127
Frederick, MD, 21704-7535
(800) 395-5353
http://www.debtsettlementgroup.com

Rating: 9.45/10

Continental Credit Counseling, Inc.

3706 Crondall Ln Ste 104
Owings Mills, MD, 21117-2249
(410) 363-4007
http://www.continentalcredit.org

Rating: 9.57/10

Coleman and Associates LLC

5017 York Road Suite B
Baltimore, MD, 21212
(410) 464-2208
http://www.colemancollections.com/

Rating: 9.68/10

American Credit Card Solutions

5100 Buckeystown Pike STE 250
Frederick, MD, 21704-8344
(877) 820-2954
https://www.americancreditcardsolutions.com/

Rating: 9.8/10

Maryland Debt Statistics

Total Debt$28,027,363
Debt Per Capita$4,607
Debt Per Capita Rank12

Source: World Population Review

Maryland Credit Card Debt Statistics

Average Credit Card Balance689
Average Credit Score$5,784
Avg Credit Card Balance Rank (1 = Highest Balance)39
Avg Credit Score Rank (1=Highest Score)13

Source: Experian

Mortgage Debt in Maryland

Mortgage Debt Per Capita$252,583
Avg 30 yr Mortgage Rate3.90%
Avg 15 yr Mortgage Rate3.32%
Median Home Value$290,500
Avg Outstanding Mortgage Debt$252,520
Difference Between Value and Mortgage Debt$37,980
Avg Homeowner FICO Score704

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Maryland

Payday Loan Legal StatusLegal
Max Payday Loan Amountnan
Max Payday Loan Termnan
Max Payday Loan APRnan

Source: Maryland Government Website

Unemployment and the Economy of Maryland

Poverty Rate – Population10.00%
Poverty Rate – Population – Rank50
Poverty Rate – Family6.90%
Poverty Rate – Family – Rank50
Unemployment Rate (March 2020)3.3
Unemployment Rank13
GDP Growth1.8
GDP Growth Rank30

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Maryland

Percent of Population with Student Loans56%
Average Student Loan debt$29,314
Average Debt of New Graduates (2017-18)$29,178
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)55%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)14
Percent of Graduates at Schools with Usable Data63%
Nonfederal debt of graduates, as percent of total debt27%
Fall enrollment – Undergraduate total (IPEDS)300,372
Tuition and Fees (in-district/in-state)$13,873
Total Cost of Attendance (on-campus)$34,989
Percent of Institutional Grants that are Need-Based71%

Source: Value Penguin, TICAS

Cost of Living in Maryland

Annual Mean Wage (All Occupations)$58,770
Median Monthly Rent$1,807
Value of a Dollar$0.91
Cost of Living129.7
Cost of Living Rank44
Grocery Cost Index108.5
Housing Cost Index184.5
Utilities Cost Index107.3
Transportation Cost Index116.7
Miscellaneous Cost Index89.2

Source: World Population Review