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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.

 

West Michigan lawyer accused of income tax fraud for not reporting embezzled funds

GRAND RAPIDS, MI -- A Holland lawyer is charged with income tax fraud for failing to report income he made from allegedly embezzling more than $300,000 from clients, federal attorney say. Jeffrey Jame...

Published:  Thu, 21 Feb 2019 18:57:00 GMT



Michigan Predicts Over $18 Million in Medical Marijuana Tax Revenue This Year

The governmental green rush is on in Michigan. The state's Bureau of Marijuana Regulation has announced that its nascent medical marijuana program sold $30.2 million of medical product in the ...

Published:  Wed, 13 Feb 2019 15:43:00 GMT



Comptroller approves $58M tax incentive for Houston-area chemical project

The Texas Comptroller approved a $58.43 million tax incentive for a project The Dow Chemical Co. is considering in Freeport, Texas. Dow, a subsidiary of Michigan-based DowDuPont Inc. (NYSE: DWDP), is ...

Published:  Thu, 21 Feb 2019 11:10:00 GMT



How will state leaders fix Michigan roads Taxes seem certain.

AUBURN HILLS, MICHIGAN (WXYZ) - We all know Michigan's roads are in ... that when we pay hundreds every year that is a road tax," Whitmer said. The big question on everyone's mind is: how One thing i...

Published:  Thu, 14 Feb 2019 14:53:00 GMT



Marquette Township Board approves Whetstone Village tax ordinance

Magellan Property Management, the company that oversees the low-income housing development, requested the PILT in order to seek the allocation of Low-Income Housing Tax Credits from the Michigan State ...

Published:  Fri, 22 Feb 2019 22:33:00 GMT



Rep. Hoitenga Drafting Resolution to Stop AG From Spending Tax Dollars on Lawsuit

California's attorney general filed the lawsuit Monday, and 15 other states including Michigan followed their lead. Now state Representative Michele Hoitenga is looking to make sure no state tax dolla...

Published:  Wed, 20 Feb 2019 19:46:00 GMT



DeWine proposes 18-cent gas tax hike

The proposal would increase Ohio's gas tax from 28 cents to 46 cents a gallon, putting it closer to its neighbors. Pennsylvania will still be higher at 58.7 cents per gallon, while Michigan and Indian...

Published:  Thu, 21 Feb 2019 10:25:00 GMT



Unscrupulous Preparers and "Ghost" Preparers and Tax Relief Firms, Oh My!

Recognizing this as a problem, the Department of Justice and the Internal Revenue Service have issued news releases cautioning taxpayers to be wary of certain tax return preparers. The state of Michig...

Published:  Fri, 22 Feb 2019 11:42:00 GMT



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