Maine Is The Second Most Financially Challenged State in America

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. high-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 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 No. 2 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.

That means 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 one another.

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.