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Debt Consolidation in Michigan

Michigan MapStatistics 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.


City of Kalamazoo approves tax break for recycling business expansion

KALAMAZOO, MI -- Schupan & Sons LLC will receive a six-year tax break to support an expansion expected to bring 80 jobs to Kalamazoo. The Kalamazoo plastic and metals recycling business is planning to ...

Published:  Tue, 20 Nov 2018 06:56:00 GMT

State of Michigan to join DTE tax fight

Faced with the potential loss of school taxes, the State of Michigan is coming to Monroe County's aid in its battle against DTE Energy and its plan to lower its property taxes. The City of Monroe and ...

Published:  Mon, 19 Nov 2018 07:03:00 GMT

Tax cut deemed budget buster, but state corporate subsidies total $623 million this year

In 2017, the Michigan House of Representatives rejected a promised reduction in the state's income tax rate. That tax cut, had it been passed, would have saved individuals and households $463 million ...

Published:  Tue, 20 Nov 2018 13:15:00 GMT

Detroit poverty tax exemption change hits snag over notaries

"What prevents tax fraud, in fact, is our Board of Review having the technology ... According to Alexa Eisenberg, a doctoral student at the University of Michigan and member of the coalition that help...

Published:  Mon, 19 Nov 2018 16:11:00 GMT

Holiday wish list: U.S. states count on extra online sales tax to boost budget

On average, Illinois, Michigan and New Jersey - another fiscally troubled state - include $188 million of new remote sales tax revenue in their current budgets, Reuters found. Vermont has included ...

Published:  Tue, 20 Nov 2018 22:17:00 GMT

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