Michigan Debt Statistics


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Michigan Debt Statistics 2023: Facts about Debt in Michigan reflect the current socio-economic condition of the state.

michigan

LLCBuddy editorial team did hours of research, collected all important statistics on Michigan Debt, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a Michigan LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Michigan Debt Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any word.

Top Michigan Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 23 Michigan Debt Statistics on this page 🙂

Michigan Debt “Latest” Statistics

  • According to Education Data Initiative, Michigan has a student loan debt of $51.0 billion and the average student loan debt is $36,116.[1]
  • 78.1% of the state’s mortgage debt was at least 90 days past due during the height of the financial crisis in late 2009.[2]
  • The University of Michigan flint witnessed the largest increase in the proportion of graduates carrying debt, from 24% in 2007 to 58% in 2017.[3]
  • According to the Institute of College Access and Success, the Michigan people has an average debt of $29,863 with a percentage of 58%.[4]
  • Other public universities that had the highest increases in the number of students with debt were Northern Michigan University, which saw a 12% rise, and Wayne State University, which saw an increase of 13% .[3]
  • Less than 10% of defendants in debt collection actions from 2010 to 2019 had legal representation, compared to virtually all plaintiffs, according to research on cases from 2010 to 2019.[5]
  • According to USDA, debt-to-asset levels for the sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.[6]
  • From 2020 to 2021, total consumer debt balances climbed by 5.4%, or $772 billion, to reach $15.31 trillion, more than double the 2.7% growth that occurred from 2019 to 2020.[7]
  • The average loan debt for automobiles owned by buyers was $14,698, which was 31% less than the national average.[8]
  • In 2018, 65% of seniors who attended public and private non-profit universities and graduated had student loan debt.[9]
  • Farm sector assets are expected to increase 10% to $3.85 trillion while farm sector debt is expected to increase 5.9% to $501.9 billion in 2022.[10]
  • Farm non-real estate debt is expected to increase to $154.1 billion in 2022, a 2.8% increase in nominal terms but a 3.2% decline when adjusted for inflation.[10]
  • The national statistics reflect that general trend, with public colleges reporting a roughly 5% increase in graduates with debt.[3]

Michigan Debt “House” Statistics

  • In Michigan, the average consumer debt is $72,735, nearly $25,000 below the national average.[2]
  • The median Michigan household has a net worth of $117,600, although more than 60% of it is from equity in their home.[11]
  • Michigan consumers carry $800 less in credit card debt than the national average of $5,200 per borrower.[12]
  • According to Federal Reserve data, household debt rose 8.3%, the biggest annualized gain since 2006.[12]

Michigan Debt “Other” Statistics

  • The average Michigan resident carries $150,482 in mortgage debt which is ninth lowest among the 50 states.[2]
  • When it comes to student loan debt, Michigan residents are averaging $36,642, 18th highest in the country.[2]
  • Michigan is in the top 10 lowest credit card debt in the nation with an average of $4,692.[2]
  • In 2018 to 2019, 59% of Michigan college graduates had student loan debt. The average amount owed was $30,677, putting the state 17th highest in the U.S.[8]
  • 47% of those who took out private loans for education borrowed less than they would have under the government Stafford loan program.[9]
  • Debt collection lawsuits occupied an increasing percentage of civil dockets from an estimated 1 in 9 civil cases to 1 in 4 from 1993 to 2013, more than doubling from less than 1.7 million to nearly 4 million.[5]

Also Read

How Useful is Michigan Debt

Proponents of Michigan debt argue that taking on debt can be a strategic tool to fuel economic growth. By borrowing money, the state can invest in infrastructure projects, education, and other initiatives that can stimulate the economy and create jobs. This can ultimately pave the way for long-term prosperity and success for Michigan residents.

In addition, debt can also be a necessary means of addressing critical needs in the state. For example, during times of economic downturn or natural disasters, borrowing money may be the only way for Michigan to quickly provide relief and support to those in need. Without access to debt, the state may struggle to respond effectively in times of crisis.

Furthermore, taking on debt can also be a way for Michigan to leverage its resources and assets. By borrowing money at low-interest rates, the state can make strategic investments that generate returns in the long run. This can help Michigan expand its economic base and increase its overall competitiveness in the global marketplace.

However, critics of Michigan debt argue that excessive borrowing can have serious repercussions. High levels of debt can strain the state’s budget, resulting in cuts to essential services and programs. This can ultimately hinder Michigan’s ability to provide for its residents and invest in key areas like education and healthcare.

Moreover, taking on too much debt can also jeopardize Michigan’s long-term financial health. High levels of debt can lead to credit downgrades, making it more expensive for the state to borrow money in the future. This can create a vicious cycle of mounting debt and higher interest payments that can cripple Michigan’s ability to finance key priorities.

Ultimately, the usefulness of Michigan debt depends on how it is managed and utilized. While debt can be a valuable tool for investing in the future and addressing critical needs, it must be done responsibly and with an eye towards long-term sustainability. Michigan must strike a careful balance between leveraging debt to fuel growth and ensuring that it does not become a burden on future generations.

In conclusion, the question of how useful Michigan debt truly is remains a complex and contentious issue. While debt can be a powerful tool for driving economic growth and addressing critical needs, it must be approached with caution and careful planning. Michigan must weigh the risks and rewards of debt carefully to ensure that it helps rather than hinders the state’s ability to thrive in the long run.

Reference

  1. educationdata – https://educationdata.org/student-loan-debt-by-state
  2. debt – https://www.debt.org/faqs/americans-in-debt/consumer-michigan/
  3. michiganradio – https://www.michiganradio.org/news/2019-07-18/heres-a-school-by-school-breakdown-of-student-debt-in-michigan
  4. ticas – https://ticas.org/interactive-map/
  5. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  6. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
  7. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  8. incharge – https://www.incharge.org/debt-relief/credit-counseling/michigan/
  9. forbes – https://www.forbes.com/sites/zackfriedman/2021/02/20/student-loan-debt-statistics-in-2021-a-record-17-trillion/
  10. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/assets-debt-and-wealth/
  11. mlive – https://www.mlive.com/public-interest/2022/03/1-in-5-michigan-households-have-net-worth-of-500000-or-more.html
  12. neweradebtsolutions – https://neweradebtsolutions.com/debt-settlement-michigan/

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