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

First and foremost, debt allows the state of Michigan to make necessary investments in infrastructure, education, and healthcare. Without borrowing money through debt, the state would not be able to fund important projects that benefit the well-being of its citizens. For example, Michigan’s transportation infrastructure is in constant need of repair and upgrades, and debt allows the state to address these issues in a timely manner.

Additionally, borrowing money through debt allows the state to take advantage of low interest rates, which can save money in the long run. By borrowing now at lower interest rates, Michigan can finance projects that will improve the quality of life for residents without paying excessive amounts in interest over time. This can ultimately lead to cost savings for taxpayers down the road.

Furthermore, debt can also be a strategic tool for managing cash flow and budgets. Just like individuals or businesses, the state of Michigan often faces fluctuations in revenue and expenses. By using debt strategically, the state can smooth out these cash flow issues and avoid potential shortfalls in funding important programs and services.

Critics of Michigan debt often argue that borrowing money puts future generations at risk of financial instability. While this is a valid concern, it’s important to remember that responsible debt management is key. Debt should be used wisely and in moderation, with a clear plan for repayment. By investing in projects that will benefit current and future generations, Michigan can ensure that the debt incurred today will have a positive impact on the state’s economy and society for years to come.

In conclusion, Michigan debt can be a useful tool when used appropriately and responsibly. By leveraging debt to fund important projects, take advantage of low interest rates, and manage cash flow effectively, the state can make strategic investments that benefit its residents and strengthen the economy. While debt should always be approached with caution and careful consideration, it’s clear that Michigan can derive value from borrowing money to finance necessary initiatives.

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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