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:

  • Average credit card debt: $4,558 per borrower [1]
  • 90-day credit card delinquency rate: 1.27%
  • Average student debt: $29,583
  • Student loan default rate: 14.40%
  • % of homes underwater (mortgage more than value): 18.35%
  • Mortgage delinquency rate for underwater homes: 3.33%
  • Average debt in collections: $4,352

[1] https://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)

Angel from Mount Temperance, MI

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
Jorge from Taylor, Mi

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
Kenneth from Belleville, MI

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