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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.


Michigan expects $18.2M in taxes on medical marijuana this year

Michigan's newly regulated medical marijuana program is expected to bring in $18.2 million in sales tax revenue this fiscal year, according to treasury officials. The Department of Treasury doesn't sp...

Published:  Wed, 13 Feb 2019 16:02:00 GMT

Smaller tax refunds mean some won't catch up on bills

But refunds could be smaller than expected this year. Check out this story on ... ...

Published:  Sun, 17 Feb 2019 03:12:00 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

After Amazon's HQ2 hunt, some states target corporate tax breaks

Corporate location experts say tax considerations are rarely a deciding factor in where ... He says all options are on the table when it comes to Venezuela Investigators in western Michigan say four p...

Published:  Mon, 18 Feb 2019 13:55:00 GMT

Tax bill sticker shock uncovers drain project petition flaw

Bryan Smith opened the winter tax bill for property he co-owns with his parents in ... drain consisting of the involved drainage commissioners and an employee of the Michigan Department of Agriculture ...

Published:  Mon, 18 Feb 2019 12:49:00 GMT

Bill introduced to remove Michigan's 'Tampon Tax'

Michigan women would no longer have to pay sales tax on tampons and sanitary napkins in the future under a newly introduced bill. State Reps. Brian K. Elder (D-Bay City) and Tenisha Yancey (D-Harper W...

Published:  Thu, 07 Feb 2019 11:32:00 GMT

Michigan Matters: Putting A Spotlight On Eye-Opening Tax Season

Southfield (CBS Detroit) - Millions of Michiganders and Americans filling out their 2018 taxes will likely be surprised to learn their refunds will be less than expected or that they owe thanks ...

Published:  Fri, 15 Feb 2019 07:39:00 GMT

Free tax services available online and in person

Q: My neighbors told me I should try to get a home heating tax credit. How do I find out if I qualify A: The Michigan Home Heating Credit is a way the state helps pay some of your heating expenses if ...

Published:  Sun, 17 Feb 2019 03:08:00 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

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