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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.


Before Tuesday election, compare property tax rates in your Michigan county

Voters throughout Michigan will be going to the polls Tuesday to decide on tax proposals on the May 8 ballot. Most of the requests are from school districts, but libraries, cities, townships and other governmental units also have ballot proposals.

Published:  Mon, 07 May 2018 07:07:00 GMT

More than 35 Michigan businesses passed on millions in savings to employees, customers as a result of federal tax reform

More than 35 businesses in Michigan invested hundreds of millions of dollars in bonuses and raises for millions of employees in the state and nationwide, improved their pension plans, enhanced educational programs, donated to charities, created new jobs ...

Published:  Wed, 16 May 2018 09:26:00 GMT

Michigan Chamber Applauds Senate Passage Of Legislation To Repeal And Replace Health Insurance Tax On Employers, Individuals

"The Michigan Chamber has long sought legislation to repeal and replace Michigan's wholly unique and uncompetitive Health Insurance Claims Tax, or 'HICA Tax.' The legislation passed by the Senate would allow the state to turn a page on a tax which serves ...

Published:  Thu, 17 May 2018 08:53:00 GMT

Podcast: Howes on MI's paddle tax grab

Detroit News Columnist Daniel Howes and Michigan Radio are partners in weekly essays examining what's hot in Michigan business and politics - and what it all means. This week, Howes says the halting campaign in Lansing to tax the state's kayaks, canoes ...

Published:  Sat, 12 May 2018 06:53:00 GMT

Michigan House votes to oppose 'kayak tax'

(WNDU) The Michigan House has voted to oppose the so-called "kayak tax" that was proposed by the Michigan State Waterways Commission. That's according to our reporting partners at WSJM. The measure would have required people to register all kayaks ...

Published:  Wed, 09 May 2018 09:15:00 GMT

Michigan's property tax rate ranks 14th in U.S.

The average Michigan homeowner pays 1.51 percent of their home value in taxes, according to an ATTOM Data Solutions analysis of property taxes levied on single family homes. The state has 3.6 million single family homes with an average estimated value of ...

Published:  Fri, 18 May 2018 08:20:00 GMT

The Battle Between Taxes and Fees in Storm Sewer Finance

The law's drafters, on the other hand, seem less intent at avoiding litigation than they are at avoiding the popular votes required to approve new taxes. When it rains, storm sewers in an area redirect the water to nearby bodies of water. This works to ...

Published:  Mon, 07 May 2018 05:54:00 GMT

Wisconsin Governor: Sales tax holiday could draw in Yoopers

if the sales price of any single item is $75 or less "When they have a sales tax holiday you see a rush of people not only within state, you'll see people coming"¶ I imagine there might be a few Yoopers coming down from Michigan to shop at a store like ...

Published:  Wed, 16 May 2018 08:54:00 GMT

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