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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.
Debt Consolidation In The News
BRUSSELS (Reuters) - Euro zone creditors are expected to disburse new loans to Greece this month and are working on debt relief measures, the head of the bloc's finance ministers said on Monday, steps that should help underpin its economic recovery.
Published: Mon, 12 Mar 2018 13:40:00 GMT
The code has been copied to your clipboard. The URL has been copied to your clipboard A group of past students at the former Corinthian Colleges are taking legal action against the United States Department of Education. In early March, the former students ...
Published: Sun, 25 Mar 2018 03:02:00 GMT
Legislators turn their attention to problems facing student borrowers, backing bills that would keep them from being overwhelmed by loan repayments New Jersey lawmakers, who were disturbed in the last legislative session by the practices of the agency that ...
Published: Thu, 12 Apr 2018 05:00:00 GMT
The joint IMF-World Bank comprehensive approach to debt reduction is designed to ensure that no poor country faces a debt burden it cannot manage. To date, debt reduction packages under the HIPC Initiative have been approved for 36 countries, 30 of them ...
Published: Wed, 07 Mar 2018 16:00:00 GMT
The federal government and 11 states have joined together to accuse 30 purported debt relief operations of using deception and false promises to swindle more than $95 million from student loan borrowers. "Operation Game of Loans" - the eyeroll-worthy ...
Published: Fri, 13 Oct 2017 10:44:00 GMT
GCredit card consolidation refers to merging all your existing debt into one loan, which is different than restructuring your debt, which refers to renegotiating the terms or amounts of your debt. Using credit card debt consolidation as a debt management ...
Published: Sat, 30 Dec 2017 20:00:00 GMT
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