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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.


Here's who's running to be Michigan's next governor

He is the first candidate to qualify for a Libertarian Party primary election in Michigan. Issues: Gelineau wants to end tax subsidies for businesses, drop the state's tax limit, legalize recreational marijuana and modify business taxes to insure against ...

Published:  Sun, 20 May 2018 21:11:00 GMT

Why anti-marijuana group wants Michigan to legalize weed

More: GOP lawmakers contemplate tying marijuana legalization to income tax cut More: Michigan approves marijuana legalization vote for November "This committee was initially formed to defeat the recreational ballot proposal, but now we believe that the ...

Published:  Fri, 18 May 2018 11:44:00 GMT

Tax hike fuels jump in Indiana gas prices since last year

Indiana had the nation's seventh-highest state tax and fee on gasoline as of April of this year, according to the American Petroleum Institute, putting it behind Pennsylvania, California, Washington, Hawaii, New York and Michigan. "That's why we're so ...

Published:  Mon, 21 May 2018 06:33:00 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

Jim Harbaugh to take Michigan Wolverines to South Africa in 2019

which could create tax implications. He's yet to ask the NCAA if it would approve his ideas. 1 Related Last month, Michigan returned from a team-wide trip to France where the players and coaches visited Paris and Normandy. A year ago, the team traveled to ...

Published:  Mon, 21 May 2018 20:08:00 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

States Get A Windfall From GOP Tax Cuts, But Will They Return The Money To Taxpayers

This is a state, mind you, whose governor, Andrew Cuomo, described the tax bill as a "missile of destruction "¶ aimed at New York." Michigan figures revenues will be $1.7 billion higher in 2019. Georgia calculates that state revenues will climb by $5.2 ...

Published:  Fri, 18 May 2018 13:57:00 GMT

Michigan anti-pot-legalization group drops opposition in surprising about-face

The Michigan Responsibility Council donated $5,000 to the Committee ... for passing the recreational marijuana proposal by tying it to a cut in the state income tax. Separately, the CRMLA effort continues to face an attack from Healthy and Productive ...

Published:  Fri, 18 May 2018 22:56:00 GMT

Expect sports gambling in Indiana and Michigan and a 'growth opportunity' for casinos

Giving the state-governed casinos - such as Blue Chip in Michigan City - the ability to offer sports betting would enhance their operations and thereby produce more tax revenue for Indiana. Investors saw it the same way with shares in Boyd Gaming ...

Published:  Sun, 20 May 2018 06:29:00 GMT

Two things Illinois homeowners should know about the property tax assessment process

the assessed value on which your property tax bill is based could be higher than what you could actually sell your house for on the market. Some states (e.g., Michigan) provide for assessment every year, and some states mandate it every other year (e.g ...

Published:  Mon, 21 May 2018 16:06:00 GMT

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