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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's Pot Tax Is Too Low, Mitch Albom Says, Because It Could Be Higher

The goal [of legalization], at least partly, was to redirect the money going to (then) illegal drug dealers and put it to better public use through the government. And how did we do this

Published:  Mon, 12 Nov 2018 10:30:00 GMT



University of Michigan report: Effects of tax cuts on US growth to diminish

Economists at the University of Michigan say in an annual forecast that effects of federal spending and tax cuts on U.S. economic growth will start to diminish in 2019 before fading out in 2020. Resea...

Published:  Thu, 15 Nov 2018 08:19:00 GMT



After the Retail Apocalypse, Prepare for the Property Tax Meltdown

In Michigan, more than $75 million in tax value was lost from the rolls from related appeals between 2013 and 2015. In Indiana, an estimated $3.5 billion in property value is on the line. Texas stands ...

Published:  Thu, 15 Nov 2018 05:21:00 GMT



Economists: Effects of Tax Cuts on US Growth to Diminish

ANN ARBOR, Mich. (AP) - Economists at the University of Michigan say in an annual forecast that effects of federal spending and tax cuts on U.S. economic growth will start to diminish in 2019 before f...

Published:  Thu, 15 Nov 2018 06:42:00 GMT



Regulations Roundup: Chinese Mining Farms Undergo Tax Inspection, Michigan Bans Campaign Donations in Cryptocurrency

In recent regulatory news, we report on an authorized mining company in China that has had its operations temporarily halted for tax inspection and implementation of real-name registration processes.

Published:  Tue, 13 Nov 2018 12:13:00 GMT



Nevada's marijuana sales in August generate $8.1M in tax revenue, set new monthly record

marijuana earned Nevada around $4.9 million in tax revenue, or 60.5 percent fewer than during August 2018. Ten states and D.C. have passed laws legalizing recreational marijuana, including most recent...

Published:  Fri, 16 Nov 2018 21:13:00 GMT



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