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Believe it or not, the average Maine resident is carrying a debt of nearly $4800 on their credit cards–only slightly less than the national average of $4965. There are situations when requesting the expertise of a debt relief agency is advisable. We’ll tell you what you need to know about consolidation, counseling, and settlement. As soon as you’re ready, we can help you find the debt relief agency for your needs.

Consolidating Debt in Maine

Imagine if you had a single monthly payment that included all of your different credit card bills and other debts. The advantages are many:

  • Simplicity of single monthly payment.
  • Smaller payment each month.
  • Lower APR often agreed to.
  • Fewer calls from your creditors.

Typical debts targeted for consolidation include revolving credit lines, school loans, and payday loans. If you want to see which strategy best meets your needs, you need to get in touch with a debt specialist near you.

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Maine Credit Counseling

Credit counseling is in many ways superior to a consolidation loan or settlement:

  • Loan approval not necessary.
  • Credit not damaged.
  • Single monthly payment you really can afford.
  • Protected from credit card companies and collections.

Because of this, credit counseling isn’t as risky as some debt relief strategies, and it is typically really budget friendly too. Any worthwhile credit counseling firm in Maine should be able to help you:

  • Merge Your Monthly Repayments
  • Minimize Your Credit Card APR
  • Stop Calls From Collectors
  • Create a Detailed Monthly Budget

An essential part of credit counseling is managing debt. A debt management program is a means of consolidating debt, in that the money you owe each month is condensed into one monthly payment, but no loans are needed. You won’t need to speak to your creditors. The credit counseling agency will take care of things from this angle.

Debt Settlement in Maine

For people in Maine, debt settlement is becoming an increasingly popular option. With debt settlement, you repay a reduced amount. Creditors in Maine are willing to negotiate because if a client files for personal bankruptcy, they won’t get anything.

Excited about debt settlement in Maine? Wait. There is something you should keep in mind:

  • Harmful for your credit ratings.
  • Debt never totally cleared.
  • Debt contines to build while negotiations are taking place.
  • Calls from collection agencies may get worse.
  • Debt you don’t pay may be taxed.

Maine: Credit Card Debt

  • Average Income:  $26,464
  • Average Credit Card Debt:  $$4797 (29th nationwide)
  • Debt to Income:  18%