For a second year, Maryland ranks #1 among all states for its adoption of policies aimed at increasing the financial stability of residents. This ranking marks a great achievement that should be celebrated. Over the last few years, Maryland passed laws to:
- Increase the Maryland Earned Income Tax Credit, providing more money in the pockets of almost 400,000 Marylanders.
- Require paid tax preparers to be licensed, including competency testing and continuing education.
- Eliminate asset limits for public benefit programs, which removes barriers for low-income residents to save money.
- Protect residents from high cost, short-term loans like payday and refund anticipation loans.
Despite some good news, Maryland ranks poorly on several outcome measures critical to family financial security, earning an overall rank of 21 out of 50 states. Almost 35% of all Marylanders do not have sufficient savings readily available to weather a financial storm. It is almost 2.3 times higher for households of color. We can do better.
- 7th in liquid asset poverty (34.8% of households without liquid assets to live at the poverty level for three months)
- 47th in average credit card debt ($12,311)
- 40th in borrowers 90+ days overdue on payments (3.95%)
- 30th in bankruptcy rate (3.8%)
- 43rd in foreclosures (3.2%)
- 45th in delinquent mortgage loans (3.1%)
We believe it takes a combination of innovative programs, safe products and effective policies to ensure ALL Marylanders achieve financial security. In 2015 legislative session, we will be supporting legislation that:
- Ensures all eligible families receive the Maryland EITC
- Ensures that all paid tax preparers are licensed
- Ensures banks and credit unions can effectively offer new prize-linked savings products
- Marylanders continue to be protected from expensive short-term loans
- Ensures that parents and students can easily understand the true cost of attending college
- Provides paid leave so parents don’t have to choose between a sick child and a paycheck
Sign up for updates and lend your support today!