The Best Michigan Debt Consolidation Companies of 2020

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.

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

Rating: 8.29/10

Thav Gross, P.C.

30150 Telegraph Rd Ste 444
Bingham Farms, MI, 48025-4549
(248) 645-1700

Rating: 8.39/10

Simpson Mortgage Company

29196 Hoover
Warren, MI, 48093
(000) 573-4600

Rating: 8.49/10

GreenPath Fi-cial Wellness – Ypsilanti

5397 W Michigan Ave
Ypsilanti, MI, 48197-4900
(888) 776-6735

Rating: 8.6/10

GreenPath Fi-cial Wellness – Sterling Hts

43120 Utica Rd Ste 300
Sterling Hts, MI, 48314-3579
(888) 776-6735

Rating: 8.7/10

GreenPath Fi-cial Wellness – Southfield

24333 Lahser Rd
Southfield, MI, 48033-6041
(888) 776-6735

Rating: 8.81/10

GreenPath Fi-cial Wellness – Novi

27780 Novi Rd Ste 105
Novi, MI, 48377-3427
(888) 776-6735

Rating: 8.91/10

GreenPath Fi-cial Wellness – Monroe

102 E Front St
Monroe, MI, 48161-2162
(888) 776-6735

Rating: 9.02/10

GreenPath Fi-cial Wellness – Jackson

2055 Spring Arbor Rd
Jackson, MI, 49203-2705
(888) 776-6735

Rating: 9.13/10

GreenPath Fi-cial Wellness – Flint

2425 S Linden Rd Ste D Ste 134
Flint, MI, 48532-5474
(810) 230-1077

Rating: 9.24/10

GreenPath Fi-cial Wellness – Flat Rock

26121 Vreeland Rd
Flat Rock, MI, 48134-1690
(888) 776-6735

Rating: 9.35/10

GreenPath Fi-cial Wellness – Farmington Hills

36500 Corporate Dr
Farmington Hills, MI, 48331-3553
(888) 776-6735

Rating: 9.47/10

GreenPath Fi-cial Wellness – Detroit

2111 Woodward Ave Ste 906
Detroit, MI, 48201-3421
(313) 961-1018

Rating: 9.58/10

GreenPath Fi-cial Wellness

44978 Ford Rd Ste C
Canton, MI, 48187-2903
(888) 776-6735

Rating: 9.7/10

Michigan Debt Statistics

Total Debt$33,463,604
Debt Per Capita$3,331
Debt Per Capita Rank23

Source: World Population Review

Michigan Credit Card Debt Statistics

Average Credit Card Balance699
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 Rate3.92%
Avg 15 yr Mortgage Rate3.43%
Median Home Value$154,500
Avg Outstanding Mortgage Debt$132,467
Difference Between Value and Mortgage Debt$22,033
Avg Homeowner FICO Score706

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Michigan

Payday Loan Legal StatusLegal
Max Payday Loan Amount600
Max Payday Loan Term31 days
Max Payday Loan APR369%

Source: Michigan Government Website

Unemployment and the Economy of Michigan

Poverty Rate – Population16.90%
Poverty Rate – Population – Rank15
Poverty Rate – Family12.10%
Poverty Rate – Family – Rank18
Unemployment Rate (March 2020)4.1
Unemployment Rank26
GDP Growth2.6
GDP Growth Rank20

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Michigan

Percent of Population with Student Loans58%
Average Student Loan debt$31,289
Average Debt of New Graduates (2017-18)$32,158
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)59%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)25
Percent of Graduates at Schools with Usable Data80%
Nonfederal debt of graduates, as percent of total debt20%
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-Based63%

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 Living88.9
Cost of Living Rank7
Grocery Cost Index89.3
Housing Cost Index75.2
Utilities Cost Index97.3
Transportation Cost Index97.4
Miscellaneous Cost Index93.0

Source: World Population Review