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Maryland ranks 8th in average credit card debt

There are many different types of debt individuals can hold. One fairly common type is credit card debt. Some recent statistics indicate that this type of debt is one that individuals in Maryland carry a lot of.

The statistics are from the credit rating agency TransUnion. The statistics regard the average credit card debt levels of the different states.

According to the statistics, the average credit card debt of cardholders in Maryland is $5,345. This is hundreds of dollars higher than the average credit card debt of Americans altogether, which is $4,965.

This number also puts Maryland in the top 10 when it comes to states with the highest average credit card debt levels. Specifically, Maryland holds the No. 8 spot on this list. One wonders what is causing Maryland to have such a high average credit card debt level.

High credit card debt can lead to problems for individuals. For example, high credit card debt sometimes leads to individuals facing debt struggles.

Debt struggles can be very impactful on a person. Debt collectors can be relentless in their efforts to collect on debts and exposure to such efforts can leave a person feeling like they are trapped and have nowhere to turn.

However, there are options available for individuals who are struggling with debt. One option that may be appropriate for such a person is seeking the protection of bankruptcy. Under the right circumstances, bankruptcy protection can have many benefits for individuals who are having problems with debt.

There are a wide variety of different things that can play a role in whether or not filing for bankruptcy is the right choice for a person. Thus, if a person is considering bankruptcy, he or she may wish to consider meeting with an experienced bankruptcy attorney.

Source: The Washington Post, "Ranking the states: Credit card debt," Reid Wilson, Aug. 20, 2013

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