Debt Consolidation in Action: Michigan

Learn how other Michiganders are overcoming challenges with credit card debt.

Residents in Michigan have a fairly unique perspective when it comes to financial issues and debt, given the challenges faced by the state being forced to declare bankruptcy during the Great Recession. However, on a personal level Michiganders are actually doing far better at addressing financial challenges than their state government. Compared to the national average, Michigan residents have less credit card debt, less debt in collections and rank 41st for credit card debt in the nation.

That’s not to say that residents don’t face debt problems, but they take action and overcome those issues with great resilience.  The information below can help you understand how debt is impacting Michigan residents, as well as showing how some neighbors have used debt consolidation to take control. If you’re fighting your own personal battle with debt, give us a call at or complete an online application for a free consultation with a certified credit counselor.

Debt Statistics in Michigan

The following statistics can help you understand the financial outlook and situation with debt that Michiganders face today:

[1] http://www.washingtonpost.com/blogs/govbeat/wp/2013/08/20/ranking-the-states-credit-card-debt/

All other statistics brought to you by America’s Voice on Debt (AVOD)

Credit Counseling in Action for Michigan residents

The following case studies are from real Consolidated Credit clients who live in Michigan. This can help you get a better picture of what you can expect if you are eligible to consolidate debt through a debt management program.

The monthly interest amount was reduced to a small fraction of what I was paying before. Thanks!

Where he started:

  • Total unsecured debt: $53,937.00
  • Estimated interest charges: $31,477.00
  • Time to payoff: 15 years, 3 months
  • Total monthly payments: $2,157.48

After DMP enrollment:

  • Average negotiated interest rate: 2.46%
  • Total interest charges: $2,640.90
  • Time to payoff: 4 years, 10 months
  • Total monthly payment: $985.00
Time Saved:
10 years, 5 months
Monthly Savings:
$1,172.48
Interest Saved:
$28,836.10
This has been such a great help. I’m rebuilding my life without debt.

Where she started:

  • Total unsecured debt: $13,248.00
  • Estimated interest charges: $7,822.43
  • Time to payoff: 14 years, 5 months
  • Total monthly payments: $529.92

After DMP enrollment:

  • Average negotiated interest rate: 0.00%
  • Total interest charges: $0.00
  • Time to payoff: 5 years, 5 months
  • Total monthly payment: $204.00
Time Saved:
9 years
Monthly Savings:
$325.92
Interest Saved:
$7,822.43
My experience with Consolidated Credit has been exceptional. All of my expectations have been met and I am so thankful!

Where he started:

  • Total unsecured debt: $64,722.00
  • Estimated interest charges: $37,947.00
  • Time to payoff: 16 years, 5 months
  • Total monthly payments: $2,588.88

After DMP enrollment:

  • Average negotiated interest rate: 6.50%
  • Total interest charges: $10,373.46
  • Time to payoff: 4 years, 8 months
  • Total monthly payment: $1,336.00
Time Saved:
11 years, 9 months
Monthly Savings:
$1,252.88
Interest Saved:
$27,573.54

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

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Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

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You can save!

With this amount of debt, you'd pay around $xx.xx on a DMP.

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