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Maine

If you were to ask 10 people what’s the capital of Maine, the odds are that you would get 10 blank stares. Maine is sort of an invisible state to most of us as it sits up there in the far northeast corner of our country next to Canada and just never seems to get much publicity. And, oh, if you’re wondering, it’s capital is Augusta.

If you’re a Stephen King fan, you might know he hails from Maine. Other famous Mainers include the film director John Ford, poet Henry Wadsworth Longfellow and the politician and former Sen. Margaret Chase Smith.

Maine became our 23rd state on March 15, 1820. On July 2, 1863, its 20th Maine Regiment won fame for its part in the Civil Way Battle of Gettysberg. This is where its commander, Joshua Chamberlain ,won the Medal of Honor for leading a bayonnet charge in defense of Little Round Top Hill.

Maine is the 39th largest in the US with an area of 35,387 squa\are miles. Its population as of 2012 was 1,328,302 making it our 41st most populous state.

Mainers are clearly home buying folk in that the percentage of those who own their homes is an amazing is 76.5%. To put this another way, less than one person in four does not own their own home.

Maine’s median household income is $49,158, which is a bit lower than the US median household income of $51,371. Mainers have credit card debt averaging $4797 vs. the U.S. average credit card debt of $4,878 per borrower. The average credit score for Mainers is 740, which shows that they definitely know how to mange their credit cards. In fact, 740 is only 110 points below 850, which is the perfect FICO score.

The unemployment rate in Maine is currently 6.4%. This makes it 22nd best in the US and much better than the nation as a whole as the U.S. currently has an unemployment rate of 7.3%.

Maine’s total workforce numbers 581,110. The largest component of this is Office and Administrative Support Occupations where there are 95,460 workers. Sales and Related Occupations come in second with 57,990 employees. And ranked third is Food Preparation and Serving Related Occupations with 51,770 workers.

The three largest cities in Maine are Portland with a population of 64,358; Lewiston’s population is 95,797 and Penobscot has a population of 33,181.

As noted above, Maine’s unemployment rate is 6.4%. Its largest city, Portland, is in better shape with an unemployment rate of just 5.3%. In comparison, both Lewiston and Penobscot have employment rates of 7% or above.

Credit Card Debt Settlement Options in Maine

Maine Credit Card Debt Settlement Options & Laws

There may be help available for those Maine residents struggling with unsecured debts if you qualify. A good option for debt relief is a credit counseling company. A good option is a credit counseling company. You can search for one here.

Credit card debt settlement is a way to reduce your debts with the creditor or collection agency to only pay back a fraction of the original amount owed. This method works because you pay less yet the creditor still recovers some of their loss.

However, you may not have to even apply for credit card debt settlement if the statute of limitations is up in your state and the debt no longer appears on your credit report. Legally, credit companies must recover the debt in a period of time specified by the state or the debt is no longer recoverable after this time period. Read on to find out if the statute of limitations is up for you.

Debt Collection

(This is intended to be a helpful and informational debt resource for Maine consumers and does not constitute legal advice.)

Maine is exempt from the Fair Debt Collection Practices Act (FDCPA)

Original creditor cannot:

  • Threaten debtor with violence or force.
  • Threaten criminal prosecution.
  • Disseminate information regarding the debt to any third party other than spouse or person who has a business need for the information, whether or not for credit-worthiness.
  • Fail to state or threaten to fail to state to third parties that debtor disputes the debt (if this is the case).
  • Communicate or threaten to communicate with debtor’s employer more than twice regarding the debt.
  • Attempt to collect debt that is legally uncollectible.
  • Suggest legal or judicial process, that it is a government agency, or that it is an attorney when it is not.

Maximum Interest Rate a Collection Agency Can Charge in Maine: Depends on size of the loan. $5 on loans below $75, $15 on loans between $75 and $250, $25 on loans greater than $250

Maine Debt Law

Debt collector cannot use notary public, constable, sheriff, or any other person authorized to serve legal papers to collect a debt

Maine Debt Law

Violations may lead to a penalty not to exceed $5,000. The statute of limitations on this is 2 years.

Maine Debt Law

Maine Wage Protection: 75% of disposable weekly earnings (after tax income) or 30 times federal hourly minimum wage, whichever is more.

Statute of Limitations

Oral Agreements: 6 years
Written Contracts: 6 years
Promissory Notes: 6 years (20 years if signed before a witness)
Open Accounts (credit cards): 6 years

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