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      September 19, 2018

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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.


Whitmer's plan to fix Michigan roads could raise taxes

LANSING, MI - Democratic candidate for governor Gretchen Whitmer has toured the state touting her plan to "fix the damn roads," but been less vocal about a key component of her plan that could end up ...

Published:  Mon, 17 Sep 2018 07:41:00 GMT

Pence touts steel comeback in Michigan: 'Get ready to get even busier'

In his eight visit to Michigan since taking office less than two years ago, Pence said also touted federal tax cuts and offered a tribute to businessman Rich DeVos, a philanthropist and Republican hea...

Published:  Wed, 12 Sep 2018 21:44:00 GMT

Do tax incentives for billionaires really work for Detroit

Hundreds of millions of dollars are at stake.. So over the years, I've listened to economists and academic researchers who have studied tax incentives like the kind Ford will get to revamp the Michiga...

Published:  Sat, 15 Sep 2018 04:53:00 GMT

AP Interview: 'Underdog' Schuette Pushes Tax Cut, AG Record

LANSING, Mich. (AP) - Republican Bill Schuette said he will not distance himself from Donald Trump despite the president's unpopularity with Michigan voters and will win them over with a pro-tax cut m...

Published:  Sat, 15 Sep 2018 01:21:00 GMT

Detroit Should Not Give Ford a $104 Million Tax Break

Sitting vacant, the Michigan Central Station was costing the previous owner, billionaire trucking mogul Manuel "Matty" Moroun, about $1 million annually in taxes, with roughly $200,000 going ...

Published:  Wed, 12 Sep 2018 13:01:00 GMT

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