For Michiganians struggling with auto, medical, credit card, payday or other types of debt, you can rest assured you’re not alone. Among the states, Michigan ranks below average in terms of unemployment, with 4.1% of the labor force unemployed. About 16.90% of the population and 12.10% of families live in poverty.
The average Michiganian has $3,331 in personal debt, plus $132,523 of mortgage debt per capita. On average, residents have an open credit card balance of $6,327 and 58% of residents have a student loan, the average amount of which is $31,289 . Each year approximately 30,049 Michiganians declare bankruptcy. If this is you, there are Michigan debt consolidation options to help you get back on track financially.
So whether you live in Detroit, Grand Rapids, Flint, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.
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The Best Debt Consolidation Companies in Michigan (updated 2020)
Finding a legit debt consolidation firm can be tough. We’ve done the research and picked the [n] best debt consolidation firms in the state of Michigan. Our criteria includes online reputation, breadth of services offered, and demonstration of expertise. All have at least an A rating with the Better Business Bureau.
Thav Gross, P.C. – Flint
1000 Beach Street
Flint, MI, 48502-1421
(248) 645-1700
http://lawandreality.com
Rating: 8.29/10
Thav Gross, P.C.
30150 Telegraph Rd Ste 444
Bingham Farms, MI, 48025-4549
(248) 645-1700
http://lawandreality.com
Rating: 8.39/10
Simpson Mortgage Company
29196 Hoover
Warren, MI, 48093
(000) 573-4600
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Rating: 8.49/10
GreenPath Fi-cial Wellness – Ypsilanti
5397 W Michigan Ave
Ypsilanti, MI, 48197-4900
(888) 776-6735
http://www.greenpath.com
Rating: 8.6/10
GreenPath Fi-cial Wellness – Sterling Hts
43120 Utica Rd Ste 300
Sterling Hts, MI, 48314-3579
(888) 776-6735
http://www.greenpath.com
Rating: 8.7/10
GreenPath Fi-cial Wellness – Southfield
24333 Lahser Rd
Southfield, MI, 48033-6041
(888) 776-6735
http://www.greenpath.com
Rating: 8.81/10
GreenPath Fi-cial Wellness – Novi
27780 Novi Rd Ste 105
Novi, MI, 48377-3427
(888) 776-6735
http://www.greenpath.com
Rating: 8.91/10
GreenPath Fi-cial Wellness – Monroe
102 E Front St
Monroe, MI, 48161-2162
(888) 776-6735
http://www.greenpath.com
Rating: 9.02/10
GreenPath Fi-cial Wellness – Jackson
2055 Spring Arbor Rd
Jackson, MI, 49203-2705
(888) 776-6735
http://www.greenpath.com
Rating: 9.13/10
GreenPath Fi-cial Wellness – Flint
2425 S Linden Rd Ste D Ste 134
Flint, MI, 48532-5474
(810) 230-1077
http://www.greenpath.com
Rating: 9.24/10
GreenPath Fi-cial Wellness – Flat Rock
26121 Vreeland Rd
Flat Rock, MI, 48134-1690
(888) 776-6735
http://www.greenpath.com
Rating: 9.35/10
GreenPath Fi-cial Wellness – Farmington Hills
36500 Corporate Dr
Farmington Hills, MI, 48331-3553
(888) 776-6735
http://www.greenpath.com
Rating: 9.47/10
GreenPath Fi-cial Wellness – Detroit
2111 Woodward Ave Ste 906
Detroit, MI, 48201-3421
(313) 961-1018
http://www.greenpath.com
Rating: 9.58/10
GreenPath Fi-cial Wellness
44978 Ford Rd Ste C
Canton, MI, 48187-2903
(888) 776-6735
http://www.greenpath.com
Rating: 9.7/10
Michigan Debt Statistics
| Total Debt | $33,463,604 |
| Debt Per Capita | $3,331 |
| Debt Per Capita Rank | 23 |
Source: World Population Review
Michigan Credit Card Debt Statistics
| Average Credit Card Balance | 699 |
| Average Credit Score | $6,327 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 20 |
| Avg Credit Score Rank (1=Highest Score) | 5 |
Source: Experian
Mortgage Debt in Michigan
| Mortgage Debt Per Capita | $132,523 |
| Avg 30 yr Mortgage Rate | 3.92% |
| Avg 15 yr Mortgage Rate | 3.43% |
| Median Home Value | $154,500 |
| Avg Outstanding Mortgage Debt | $132,467 |
| Difference Between Value and Mortgage Debt | $22,033 |
| Avg Homeowner FICO Score | 706 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Michigan
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 600 |
| Max Payday Loan Term | 31 days |
| Max Payday Loan APR | 369% |
Source: Michigan Government Website
Unemployment and the Economy of Michigan
| Poverty Rate – Population | 16.90% |
| Poverty Rate – Population – Rank | 15 |
| Poverty Rate – Family | 12.10% |
| Poverty Rate – Family – Rank | 18 |
| Unemployment Rate (March 2020) | 4.1 |
| Unemployment Rank | 26 |
| GDP Growth | 2.6 |
| GDP Growth Rank | 20 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Michigan
| Percent of Population with Student Loans | 58% |
| Average Student Loan debt | $31,289 |
| Average Debt of New Graduates (2017-18) | $32,158 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 59% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 25 |
| Percent of Graduates at Schools with Usable Data | 80% |
| Nonfederal debt of graduates, as percent of total debt | 20% |
| Fall enrollment – Undergraduate total (IPEDS) | 488,714 |
| Tuition and Fees (in-district/in-state) | $13,320 |
| Total Cost of Attendance (on-campus) | $29,048 |
| Percent of Institutional Grants that are Need-Based | 63% |
Source: Value Penguin, TICAS
Cost of Living in Michigan
| Annual Mean Wage (All Occupations) | $49,510 |
| Median Monthly Rent | $1,110 |
| Value of a Dollar | $1.07 |
| Cost of Living | 88.9 |
| Cost of Living Rank | 7 |
| Grocery Cost Index | 89.3 |
| Housing Cost Index | 75.2 |
| Utilities Cost Index | 97.3 |
| Transportation Cost Index | 97.4 |
| Miscellaneous Cost Index | 93.0 |
Source: World Population Review