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Overwhelmed by debt? You are not alone.

On Behalf of | Feb 4, 2025 | Personal Bankruptcy

The weight of debt can feel crushing, especially when fresh out of college and facing a mountain of student loans. The pressure to succeed, coupled with financial strain, often brings out feelings of anxiety and shame, causing isolation. But remember, you’re not alone in this battle.

Why do so many Michigan graduates feel trapped by debt?

In Michigan, where the average student debt is $35,359, many young adults struggle to keep their heads above water. These factors combine to create a perfect storm of financial stress for many young Michigan students. They include:

  • High tuition costs: Michigan’s public universities have, unfortunately, some of the highest tuition rates in the nation
  • Limited job opportunities: Many graduates struggle to find high-paying jobs in their field
  • Cost of living: Rising housing and healthcare costs eat into already tight budgets
  • Interest rates: Federal student loan interest rates can go as high as almost 8% on average

The burden of debt can feel overwhelming, but it’s important to remember that options are available to help you manage your finances.

How can you break free from the cycle of debt stress?

Here are some steps to take to start facing your debt head-on:

  • Acknowledge your feelings: It’s normal to feel anxious or ashamed about debt
  • Talk to someone: Share your concerns with friends, family, or a financial counselor
  • Create a budget: Track your spending and look for areas to cut back
  • Explore repayment options: Income-driven repayment plans can make federal student loans more manageable

Remember, taking control of your finances is a process. Be patient with yourself and celebrate small victories along the way.

How can you find your path to financial freedom?

Dealing with debt is an emotional journey, and having an attorney with experience in debt relief and bankruptcy can provide valuable insights into your situation. They can help you explore alternatives like debt consolidation, negotiation with creditors, or, in some cases, bankruptcy protection. While facing your debt head-on may seem too much, taking that first step toward financial freedom can empower you in the long run. Don’t let shame or fear keep you from seeking help to regain control of your financial future.

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