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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

Ford development update: Community benefits proposed, tax breaks rushed

The Free Press has recently questioned why Ford needs tax breaks, when the company has $17 billion in cash. Ford reps told the Free Press: "Ford's investment in Michigan Central Station and ...

Published:  Tue, 18 Sep 2018 10:59:00 GMT

China's Tech Boom at Risk Over Muddled Tax Hike Proposals

"The 183 day tax limit is prompting entrepreneurs and VC investors alike to re-consider how long they can stay in China," said GGV's Lee. "It could present challenges for tech companies when they try ...

Published:  Wed, 19 Sep 2018 20:30:25 GMT

U.S. Steel wants tax incentives for Gary Works improvements

located at the northern end of Broadway at Lake Michigan. The U.S. Steel Economic Development Area would be the means by which tax increment finance measures could be used to give the company signific...

Published:  Thu, 20 Sep 2018 11:10:00 GMT

Fair Tax, term limits needed

I like what Mike Dickson from South Haven, Michigan, had to say in a former editorial. "The current system is so inefficient and unfair. We need to replace the income tax, payroll tax, capital gains t...

Published:  Wed, 19 Sep 2018 07:53:00 GMT

Michigan governor candidate wants to pay teens on Medicaid to delay having kids

LANSING, MI - Libertarian candidate for governor Bill Gelineau this ... The state would require an annual blood test to be submitted with tax returns to prove a participant wasn't pregnant. By age 23, ...

Published:  Fri, 21 Sep 2018 15:19:00 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 21:43:00 GMT

Proposed Derry Township Rec Center Causing Dispute Over Tax Increases

Stock photo via Mike Lewis/Ola Vista Photography Senior Siobhan Haughey leads a Michigan team that has steadily ... based on the estimated increase in taxes it will cause. The proposed space ...

Published:  Sun, 16 Sep 2018 07:01:00 GMT

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