Michigan Debt Relief Guide
Michigan suffered a one-two punch caused by COVID-19. First, a massive drop in demand for manufactured products significantly cut employment. Then the chip shortage further curtailed production in a state where auto manufacturing accounts for a major sector of employment.
But the state has always been resilient, and now the outlook for “The Great Lakes State” is looking better. Both production and demand for manufactured goods are on the rise.
However, many residents who held lower-wage and lower-skilled jobs are still unemployed. The retail and entertainment sectors are hard-hit. Inflation is hurting many residents as well.
“The situation is challenging for Michiganders,” says Gary Herman, President of Consolidated Credit, “The state’s service sectors are still suffering, and many households continue to struggle to regain their pre-pandemic income. Pair that with the inflation we’re seeing nationwide, and it’s a recipe for credit card debt.”