Consuming Interests: Maryland wealthiest state, but residents deeper in debt, too

December 14, 2010|By Eileen Ambrose, The Baltimore Sun

From The Consuming Interests blog:

Maryland remains the wealthiest state in the nation, according to the latest Census data. But we have lots of debt.

According to CreditKarma.com, the typical Marylander last month had:

— $7,996 credit card debt (And this before the holiday spending splurge is over.)

— $243,430 in home mortgage loans

— $15,884 in auto loans

— $31,730 in student loans

Marylanders were more in hock in each of these categories compared to the national average.

The biggest disparities: We had nearly $70,000 more in mortgage debt and about $3,100 more credit card debt.

Despite all the bills, Marylanders’ average credit score was 670, slightly higher than 665 nationally. Both scores are down one point from October. Of course, lenders like to see scores well into the 700s to get the best terms.

eileen.ambrose@baltsun.com

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