is a world-leading consumer product review site. We provide detailed reviews and ratings for thousands of products and services.


Go To Reviews >

Debt Consolidation in Michigan

Statistics regarding consumer debt in Michigan vary widely, depending on the kind of debt analyzed. For example, auto loan delinquency rates for Michiganders are expected to rise 8%, more than any other state, and yet it has the second lowest auto loan debt per borrower at $14,814, second only to Rhode Island. Debt consolidation would be one strategy for residents to avoid delinquent repayment of auto loans.

Even when looking at student loan debt, Michigan graduates rank 8th in the overall amount owed at the end of their studies, with an average of $29,583; however, those same graduates only rank 19th in the nation with respect to the 63% of students graduating with debt.

The median sales price for homes in Michigan is approximately $130,000, but even with such low home prices the state still experiences a significant number of foreclosures, which varies depending on the region. For instance, the average across Michigan is 1 in every 1304 homes in a status of foreclosure; however, in both St. Joseph and Sanilac Counties, that rate is more than double, with more than 1 in every 700 homes in foreclosure.

Michigan tends to have one of the highest rates of bankruptcy filings in America, with over 66,000 residents filing in a typical year. With an average of 6.69 bankruptcy filings per 1000 residents, Michigan ranks 7th overall compared with other states.

Despite the large numbers of residents filing for bankruptcy or in foreclosure, Deseret News recently ranked Michigan as the 20th state in its rankings of lowest personal debt. According to its analysis, only 4.7% of Michiganders with credit have past due debt. Of that group, 34.7% already have an average of $4,352 in collections. Those individuals might be good candidates for debt consolidation.


Go To Reviews >

Debt Consolidation In The News

David's Bridal files for debt relief; aims to avoid closing

David's Bridal Inc., the country's largest specialty bridal chain, is filing for bankruptcy, but it isn't planning to close stores or interrupt operations. David's filed for court protection Monday wi...

Published:  Tue, 20 Nov 2018 00:05:00 GMT

The Debt Panel: "I borrowed Dh55,000 to invest in Bitcoin and lost it all"

Without a salary of more than Dh8,000, you will not be able to get a consolidation loan to reduce the interest on your credit card. If you have any friends or family who will lend you, at a low intere...

Published:  Tue, 20 Nov 2018 02:32:00 GMT

U.S. Small Business Administration provides information on disaster relief loans

BAY COUNTY, Fla. (WJHG/WECP) - There's still time for hurricane survivors to apply for disaster relief. The U.S. Small Business Administration is offering loans to businesses, non-profits, homeowners, ...

Published:  Mon, 19 Nov 2018 16:41:00 GMT

Here Are Four Ways to Handle Debt Forgiveness That Even Mushy Centrists Might Like

I've received dozens of emails from people who made years of payments before finding out they either needed to be in a different repayment plan or consolidate into a different kind of loan ...

Published:  Mon, 19 Nov 2018 19:38:00 GMT

Regulatory rollbacks could threaten banks' debt ratings: Fitch

A debt ratings agency said it will monitor regional banks for ... "As regulatory rules are further relaxed, bifurcation of regulatory relief between Global Systemically Important Banks and smaller pee...

Published:  Mon, 19 Nov 2018 15:37:00 GMT

30,000 People Applied for Federal Loan Forgiveness. Only 96 Got it, Report Says

and new data provided by the education department showed that only 96 people received relief, CNBC reported. Many worked in public service for 10 years and thought their loans would be forgiven ...

Published:  Mon, 19 Nov 2018 15:40:00 GMT

Leaders: Consolidation about communities, not schools

While many in attendance seemed optimistic about the idea of a consolidation, there was also plenty of discussion around some of the obstacles that could hinder the proposal, such as debt, school taxe...

Published:  Mon, 19 Nov 2018 20:59:00 GMT

A Plan for Debt Relief

As difficult as it may be to believe, there was a time when Republicans were known as the anti-debt and balanced budget party. Now, the GOP prefers to tout low unemployment as the debt soars and they ...

Published:  Mon, 22 Oct 2018 21:06:00 GMT

Common Debt Consolidation Terms

We've previously provided concise definitions for various terms related to debt resolution. We also discussed the basic purpose and mechanics of debt consolidation in the earlier post. In this post we ...

Published:  Thu, 18 Oct 2018 08:00:00 GMT

Make Debt 'Relief' Your Last Resort

Should you trust a debt relief company That's what we're looking at this week. Each Monday we're tackling one of your pressing personal finance questions by asking a handful of money experts for thei...

Published:  Mon, 08 Oct 2018 12:01:00 GMT

- View Full Site -