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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.
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