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Debt Collection in Maryland: The Basics

Debt is a problem across America, and the average amount of debt held by consumers varies from one state to the next. Each state also has its own laws regarding debt and the bankruptcy process. This makes debt management programs in Maryland different than, say, Kentucky. Other factors that can influence the amount of debt in a state includes the unemployment rate and the median household income.
Despite the fact that the median household income in Maryland is over $70,000 (placing it far above the national median household income), the average credit card debt in Maryland is still around $5,000 and the average credit score is only around 687. This could be because the unemployment rate varies widely from city to city. The good news is, there is help available for those who wish to become debt free in Maryland. A debt relief agency, such as Debt Quest USA, can help you become debt free with a debt management program in Maryland, such as debt settlement, credit counseling or debt consolidation in Maryland.

 

How State Laws Affect Debt Management in Maryland

When managing your debt in Maryland, there are a few laws and rules that are important to know about. The state follows a set of laws called the Fair Debt Collection Practices Act, or FDCPA. These federal laws deal with collection agencies and the law firms that collect debt. On top of these federal laws, Maryland has also instituted a maximum interest rate that a collection agency may charge to 6%. The state also has wage protection of up to 75% of wages or $145 per week, whichever is greater. A few counties have slightly different laws on wage protection.

To learn more about the laws regarding debt collection in Maryland, it is always advised that you seek legal advice from an attorney or a center that offers debt management services in Maryland.

Statute of Limitations of Maryland

The statute of limitations in Maryland regarding debt relief is based on the maximum period of time in which legal actions may be initiated against the consumer. These statutes of Maryland are based on a period of time after someone becomes delinquent on payments. Statute of limitation laws vary from state to state, so it is important to seek help from a trusted company that offers debt management in Maryland.

Debt Relief in Maryland

If you are seeking to become debt free in Maryland, Debt Quest can offer you help with professional debt management services in Maryland. Debt management in Maryland offers a variety of options to help you become debt free, including debt consolidation in Maryland, consumer credit counseling, debt settlement and bankruptcy in Maryland (both bankruptcy chapter 7 and bankruptcy chapter 13).

Types of Debt Relief Programs in Maryland

There are several options available to you to help you become debt free in Maryland. After examining your personal debt situation, a trained professional from a debt relief agency will be able to help you choose which course of action is best for you, whether that is debt settlement settlement in Maryland or a debt consolidation loan in Maryland. The good news is, several of these debt relief options will help you save money in the long-run.

Debt Consolidation in Maryland

One of the several options for debt relief is debt consolidation in Maryland. A debt consolidation loan in Maryland is when all of your debts are consolidated into a single loan that generally has a lower interest rate. This makes payment of your debts more affordable. Maryland debt consolidation programs are perhaps one of the most common forms of debt management that help consumers become debt free in the state. When working with a debt consolidation company in Maryland, that company will negotiate the terms of the consolidated loan on your behalf with your creditors.

When using debt consolidation loans in Maryland, it is important to know about a few other things. In some cases, once you have paid down enough of your debts through a Maryland debt consolidation program, some debt relief agencies may choose to move to debt settlement in Maryland with your creditors. However, not all consumers will qualify for debt settlement. It is also important to know that debt consolidation loans in Maryland do not wipe away any total debt, but they can consolidate and lower your interest rate on that debt. Not sure if it’s the right choice for you? Consult with a trusted debt consolidation company in Maryland.

Debt Settlement in Maryland

Another strategy for debt relief is debt settlement in Maryland. This is when a debt relief agency negotiates directly with your creditors on your behalf to lower the principal amount of debts owed. The agency may also be able to lower the interest rate on those debts as well. Because this type of debt relief program in Maryland eliminates some of the debt you owe through debt forgiveness, debt settlement can be very appealing. Unfortunately, not everyone will qualify for this type of debt relief. More often than not, debtors will qualify for debt consolidation loans in Maryland. When you work with a licensed and trusted company for debt relief in Maryland, you will be able to learn if debt consolidation or debt settlement in Maryland is the right option for you.

Consumer Credit Counseling

Our goal at Debt Quest USA is to help you get back to a state of financial health. This is why consumer credit counseling can be so helpful. Credit counseling is when a debt relief agency provides you with classes on how to better manage your finances, including any current debts. The hope is that by taking credit counseling classes, you will better be able to handle your finances on your own in the future. Consumer credit counseling is often used in conjunction with other forms of debt relief, such as debt consolidation in Maryland.

 

 

Bankruptcy in Maryland

Filing for bankruptcy in Maryland should be considered your last resort after having exhausted all other options of debt relief in Maryland. This is because the bankruptcy process can leave an extensive dent in your credit history.

Filing for bankruptcy in Maryland includes two core options: bankruptcy chapter 7 and bankruptcy chapter 13. Before filing for bankruptcy in Maryland, it is advised that you talk with a trusted debt relief agency or a bankruptcy attorney to ensure there are no other options for debt management in Maryland available to you, such as debt consolidation.

We know how stressful debt can be and we’re here to help! Before taking any action, it is best to consult with a trusted agency that provides debt relief in Maryland, such as Debt Quest USA. We’ll talk with you and analyze your personal debt situation, so that we can recommend the best course of action for you to take, whether that is debt consolidation, credit counseling, debt settlement or bankruptcy in Maryland.

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How Much Can You Save?

How much debt do you owe?

$1

$100k+

What is your desired
monthly program deposit?

$1

$5000

Debt Quest Debt Settlement

$500

Your monthly
program deposit

$5,750 Savings

Your Savings

39 months to pay off your
current debt listed above.

Your monthly program deposit:
$500

Your Savings:
$5,750 Savings

39 months to pay off your
current debt listed above.


Debt Consolidation or Credit Counseling

$500

Your monthly
payment

You pay $14,478 more

No Savings

79 months* to pay off your
current debt listed above.

*Assumed average interest of 15%

Your monthly Payment:
$955

No Savings:
You pay $14,478 more .

36 months to pay off your
current debt listed above.

*Assumed average interest of 15%


Paying Minimum Monthly Payments

$500

Your monthly
payment

You'll Pay $29,199 More than you owe currently

No Savings

9 years* to pay off your current debt listed above.

*Assumed average interest of 20%

Your monthly Payment:
$500

No Savings:
You'll Pay $29,199 More than you owe currently.

32 years* to pay off your current debt listed above.

*Assumed average interest of 20%

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