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Learn about Maryland Debt Relief Programs (updated for 2019)
Golden Financial Services Provides Maryland Debt Relief Program Free Information but is not offering any of these programs as of 2020

Considering Maryland debt relief, consolidation, and settlement programs? Unfortunately, Golden Financial Services is currently not offering Maryland debt relief programs. You can use the following page as education on how debt relief programs in Maryland work, but these programs are no longer accessible through Golden Financial Services. As of 2020, debt relief programs in CA, Il, NY, TX, PA, NJ, and Louisiana are available through Golden Financial Services. If you have high debt that you’re struggling to pay off, consider using one of our free tools to help you calculate the debt snowball method by visiting this page next.

The average debt for a consumer in Maryland is $26,374, compared to the national average of $15,185.

One of the reasons that Maryland has such high debt is due to the “lack of debt relief options.” Maryland debt relief options are restricted, compared to most of the other states.

What is your best option to get out of debt?

Let’s go through each option and help you figure this out!

Best Maryland Debt Relief Program

Debt settlement programs in Maryland have proven to work. Credit card companies won’t be the first to tell you this, but the truth is, a portion of your credit card balances can get forgiven, meaning, wiped away clean!

Accounts do need to first go to third-party collection status before creditors are willing to settle, but at that point, unsecured debt can be sliced down to a fraction of the total owed.

Predatory Payday loan companies have been overcharging consumers in Maryland for over a decade now. So, whatever you do don’t fall victim to a Payday loan scheme.

Instead, lower your debts to a fraction of the balance currently owed with debt settlement. Maryland residents can make a choice based on what suits each individual best when it comes to a settlement program.

How fast do you do you want to become debt-free?

Click here to try this debt calculator, play with the figures to see what you can comfortably afford.

Have a High Credit Score?

If you have a high credit score (above 750), try to avoid debt settlement. Maryland residents can use alternative options to achieve financial freedom, including the debt snowball and avalanche method, consolidation loans, balance transfer cards, home equity loans, and here’s the entire list of the 10 best options to get out of debt in 2019.

Is your credit score under 715?

If your credit score is under 700, don’t apply for a loan.

Only high high-interest lenders will issue a loan to applicants with a credit score of 715 or less.

Are you current on credit card monthly payments?

If you can comfortably afford to pay more than minimum monthly payments, you may want to consider consumer credit counseling. Maryland residents only need above $5,000 in credit card debt to qualify.

If you can’t afford to pay more than minimum monthly payments, in this case, you’d be a good candidate for debt settlement. You can get approved today and start your reduced monthly payment by next month.

Are you afraid to hurt your credit score?

Most people don’t realize this, but just by maxing out your credit card accounts will hurt your credit score and more importantly your creditworthiness (ability to borrow). Consumers then get stuck in a neverending cycle where they continue making monthly payments, but their balances never seem to go down.

Many folks are scared to pull the trigger with Maryland debt relief programs because they are afraid to hurt their credit score. Let’s compare getting out of debt to going to the gym. People are often scared to start working out in the gym because it’s not easy to do. “No Pain, No Gain”. Ever hear that saying?

Nobody said getting out of debt is easy. You may have to sacrifice your credit score temporarily to get out of debt in some cases. As you get rid of the bad debt, start establishing positive payment history on your good standing accounts.

Before you make any financial choices, start by weighing your options. Here’s a debt calculator that lets you compare each debt relief option, including paying your bills on your own, versus, using debt relief programs. You need to know how many years it will take to become debt-free at the rate that you are currently paying. After understanding these facts, you can make smart financial choices and develop a game-plan.

Maryland Consumer Credit Counseling

Consumer credit counseling programs won’t lower your credit score. In fact, with consumer credit counseling you may see your credit score improve. If you are behind on monthly payments today, once approved for credit counseling your payments can get re-aged to show current status. The result is that credit scores often improve.

The downside to consumer credit counseling is that monthly payments stay around the same as when paying minimum payments, you’ll pay all of your credit card balances and interest, and it takes 4.5 years to become debt-free.

The benefit of Debt Settlement in Maryland

Consumers can have credit cards, medical bills, car repossessions, and just about any type of unsecured debt consolidated into one low monthly payment with debt settlement.

Including all program costs, you could save around 30% on your balances and become debt free in under 48-months.

Debt settlement programs in Maryland are not for everyone, but a large portion of consumers will benefit from this type of plan.

  • Pay less than the full balance on each account
  • Choose an affordable monthly payment, although your creditors won’t get paid on a monthly basis with a settlement program
  • Become debt free 24-48 months (average), there’s no guarantee of how fast you’ll become debt-free with a  settlement program

Debt Consolidation in Maryland

One option available for consumers in the state is Maryland debt consolidation. Credit counselors work directly with creditors to reduce interest rates, which lowers the overall monthly amount a debtor must pay. The debtor then pays the lower payment amount in one monthly payment to the debt consolidation company, who, in turn, sends the payments to the creditors.

Because the payments are lower, the debtor has more disposable income for other needs, including savings. Also, the debtor can pay the balance on their loans more quickly, allowing them to get out of debt faster than if they continued to pay the higher interest rates and monthly payments.

Another name for debt consolidation is consumer credit counseling. Maryland’s non-profit consumer credit counseling companies can be a safe option to help you pay off high-interest credit cards. Again, at this time Golden Financial Services is not offering any type of Maryland debt relief programs. For free information on how to get out of debt on your own, start by checking out our debt blog, or by making your budget with this free budget calculator tool. 

How a Maryland Debt Settlement Program Works

Sometimes called debt arbitration or debt negotiation, Maryland debt settlement is not the same as debt consolidation.

You pay a set monthly payment into a trust account every month; creditors don’t get paid this amount. The debt settlement company works with creditors, negotiating a reduction in the balance due. Once the creditor and settlement company reach an agreement, and the debtor approves the settlement, the creditor is paid from the trust account at that point, effectively paying off the balance for less than what was originally owed.

Although this process may cause a drop in credit scores temporarily as creditors are not paid monthly as in debt consolidation, the method allows the consumer to become debt free in less time, effectively saving them a significant amount of money.

Maryland Debt Settlement Disclosures

Since your creditors aren’t getting paid every month, late fees and interest can incur, making balances grow before getting settled and paid. However, at the time of the settlement, all late fees and interest will get included in the agreement, ensuring the entire balance gets resolved at that time.

Debt settlement clients may receive a 1099 from the IRS. See, when settling a debt the savings can appear as income. Thousands of consumers in the past have used an IRS Tax Form #982 to avoid owing any extra taxes after getting debt settled.

Golden Financial Services is not a law firm but will assign you to a top rated law firm in Maryland to settle your debt. There are a few reasons why you want to use a Maryland debt settlement law firm.

First, after your creditors get notified that a lawyer is representing you, by law all creditor correspondence must now go to the law firm.

Second, if a creditor issues you a summons while on the program, you have legal protection already included.

We work with the top-rated debt relief companies in Maryland, including law firms. Our system lets us quickly figure out which plan and company can help you in the most cost-effective way. From there, we work to get you approved on the program of your choice. Maryland has less debt relief options available, compared to other states like California and New York. Debt settlement and consumer credit counseling are the only two plans currently available for Maryland residents.

Maryland Debt Relief for Federal Student Loans

If you have over $15,000 in federal student loans, you may qualify for debt consolidation. Maryland residents may also consolidate federal student loans on their own; here are instructions on how to consolidate and get loan forgiveness.

Golden Financial Services can assist you with consolidating your federal student loans into one low monthly payment, by using the income-driven debt repayment plans available through

Golden Financial Services will charge a program fee that ranges from $400 to $700. This fee only gets charged after all of the work has been completed successfully, and student loans have been paid in full, ensuring you get results or don’t spend a dollar!

Maryland Debt Relief Related Laws

There are numerous laws already in place for Maryland residents to benefit from.

These consumer protection laws include the Fair Debt Collection Practices, Credit Card Act, Statute of Limitations and there are a few new laws that have already been passed or in the process of getting passed.

Let’s take a look.

New Law Against Payday Lenders in Maryland

There is a coalition against PayDay lenders where consumers are urging legislators to pass a new bill that prohibits what lenders can charge.

“Legislation, HB 1270/SB 527, affirms Maryland’s rate cap of 33% and says that any consumer loan including fees and charges, cannot exceed 33% APR. That rate cap protects Maryland families from high-cost, predatory loans and ensures that any loans they take out are affordable.”

Maryland Student Loan Debt Relief Tax Credit

Owe above $20,000 in federal student loan debt? Maryland students with over $20,000 in federal student loans can now take advantage of getting a tax credit, according to Maryland Higher Education Commission (MHEC) Secretary Dr. James D. Fielder.

The Student Loan Relief Tax Credit Application can be downloaded by going to and clicking on “Student Loan Debt Relief Tax Credit” under Quick Links.

You can also take advantage of Maryland debt consolidation programs for high student loan bills. Our IAPDA certified debt counselors at Golden Financial Services can assist you with getting out of debt, give us a call today.

The statute of Limitations on Debt in Maryland

This is probably the most popular law that gets violated by debt collection companies in MD.

If a debt collection company calls you in an attempt to collect on a credit card debt that hasn’t been paid in over three years, that company is violating the Statute of Limitations.

Maryland’s Statute of Limitations on debt, including credit cards, is only three years.

Golden Financial Services can set you up with a Maryland law firm to settle your debt.

While on the settlement program if any laws are violated by a collection agency, the attorney representing you will be able to take legal action on your behalf.

Legal action could be merely using the violations as leverage when negotiating with your creditors in an attempt to save you more money. At times, an attorney will offer a credit card company the ability to opt-out of the debt entirely, dismissing it, in exchange for releasing the creditor from being liable for the legal violation. (for example, if the credit card company settles your debt for 40%, the attorney won’t file a lawsuit against that creditor for violating your consumer rights).

Do you qualify for a Maryland Debt Settlement Program? Find Out Now!



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