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Maryland debt relief

Maryland resident wanting to work your way toward a life free of debt? Find out how households like yours are working their way out of debt. Choose the approach that best fits your needs, or simply speak to a debt professional for your free assessment.

Maryland Debt Consolidation

If you’re falling behind on your credit cards, combining your credit lines and debt into just one payment amount might be the answer. By working with a debt consolidation firm, it will be possible to consolidate your credit card debt under a plan for managing debt, known as a DMP. Your debt consolidation company will secure benefits from your creditors, for example reduced annual percentage rates, waived penalty fees, and cheaper monthly payments. Debt consolidation can also infer debt consolidation loans that substitute your credit card debt with collateralled debt. Why not let us put you in touch with a respected Maryland debt consolidation consultant.

MD Debt Consolidation

Credit Counseling in Maryland

With credit counseling, you pay back your debts in full, but more rapidly, effectively, and affordably. Paying off our debts in full prevents your credit score from nosediving, as it will when settling for less, and you won’t be taking on a large loan. Most individuals in need of credit counseling have the following:

  • $3,5000 in Credit Card Debts
  • Ability to Allocate $250-$300 Toward Monthly Payments

Credit counselors have you pay the full balance owed to your creditors, plus interest. This is a lot better for your fico score over time. In the beginning, credit counseling was designed to help credit card providers receive money from consumers who were delinquent on their bills without having to turn to debt collectors. This means almost all credit card counseling companies are affordable. Debt management is nearly interchangeable with credit counseling. With a debt management program, your local credit counselor may able to obtain decreased interest rates and penalties from your credit card companies. Under a debt management plan in Cambridge, the credit counseling agency will handle payment to the credit card companies each and every month. All you have to do is make sure they get a single payment per month.

Maryland Debt Settlement

You might be able to settle your debts for thousands less than expected, and steer clear of bankruptcy on top of that. When you settle a debt, you pay back only a partial amount of what you originally owed. Why will credit card providers accept a reduced amount? Because it may help a borrower steer clear of filing for bankruptcy. After all, this means, the lender gets at least a percentage of the money owed. Firstly, your debt negotiator will begin discussions with your creditors. As soon as a sum is agreed upon, you will be required to pay the sum if you have the money available, or open a bank account for saving money to pay what you now owe. Your debt negotiation firm cannot charge you until the following qualifications are met:

  1. At least one balance has been settled.
  2. You’ve been given a written contract with them.

While debt management plans have flat fees each month, debt settlement fees are typically charged once each account is repaid.

Nearly all settlement firms will charge you approximately 20 percent of the balance due – which is a lot! This fee will usually be assessed over 12-24 months.

Consumer Credit Card Debt in Maryland

Residents of Maryland enjoy an average per capita income that’s significantly higher than the national average:  $36,354, which is more than $8000 than the average across the US. Unfortunately, Marylanders also carry some of the heaviest credit card debt in the nation:  $5345 per borrower, which is the 8th highest in the nation.

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