Not a good headline, but not really unexpected either.

We all know the majority of Mainers are salt of the earth, hard working and get it done types. But Maine is a state that doesn’t have a lot of upscale, don’t get your hands dirty, huge paying jobs.

So I guess the results shouldn’t really be a surprise.

Maine is at or near the  top of the list when it comes to a couple of factors regarding the economy.

When it comes to the spending the money we make, we are at 96.6%. That only leaves 3.4% of our income to be saved. The only state that spends more and saves less is Delaware.

We are also number two on the list when it comes to household debt to income ratio. Montana has more debt in each household than Maine.

But the debt to income ratio has not led to a high personal bankruptcy rate here.  Matter of fact, the personal bankruptcy rate in the state is one of the lowest in the whole country. Third from the bottom.

Meaning, we may be in debt, but we pay those debts as opposed to filing for bankruptcy. There’s that Maine hard working, honest quality we know and admire in each other.

As a country in general, consumer debt levels saw an increase of 7% last year. Again, given the cost of living and inflation, it is no surprise  that there is more debt.

From the Uplift Legal Funding study

Debt can be overwhelming, but there are various steps individuals can take towards alleviating it including negotiating lower interest rates and applying for 9% balance transfer credit cards. It is important not to ignore it.

Correct. Debt won’t go away on its own. And we are better off living within our means.
But we can always dream.

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