The average interest rate on a credit card balance is 21.5%, which is the highest since the Fed started tracking such rates in 1994. Interest charges and fees may make it difficult for Michigan residents to pay down their balances in a timely manner. However, there...
Credit Card Debt
The alarming rise in credit card debt
The number of people struggling with credit card debt only seems to increase each year. You may have tried to alleviate your Michigan financial burdens with little or even no success. This is because the rise in credit card debt has reached alarming heights; these are...
Credit card options after Michigan personal bankruptcy
Chapter 7 is the bankruptcy choice for most individual filers in Michigan. It gives you a fresh start with your finances. The only downside is it takes some time to rebuild your credit. The good news is that with patience and discipline, rebuilding your credit after...
Filing a bankruptcy with relatively modest debts
Michigan residents file personal bankruptcies when their financial situations become unmanageable and their debts become inescapable. The Bankruptcy Code does not establish a minimum amount of debt that an individual must have to qualify for Chapter 7 or Chapter 13,...
Medical debt and credit reports
it is not uncommon for patients in Michigan hospitals to incur charges totaling thousands of dollars or more. If you fail to pay an outstanding balance, a service provider could report that debt to credit agencies. However, a new proposal would limit the impact...
Addressing high credit card debt
Excessive credit card debt can create problems for people trying to get their fiscal house into good shape. Unfortunately, Michigan residents may experience a job loss or unexpected and necessary living expenses that force them to borrow excessively. At some point, it...
Credit card debt rising among millennials in the United States
Adults born between 1981 and 1996 make up the millennial age group. As this group of people faces the challenges of adulthood in Michigan, recent research shows they're also taking on considerable debt. Rising home prices, inflation and student loan payments make it...
Unsecured versus secured debt
Many Michigan residents carry some level of debt. Debt can be a dangerous thing, and having a comprehensive understanding of it can be crucial to your financial well-being. Many potential sources of debt exist, from mortgages and car loans to credit card debt and...
The credit card debt trap
Credit card companies offer consumers in Michigan and around the country revolving rather than installment debt. It is called revolving debt because the credit limit becomes available again after the balance is paid, which means consumers can borrow the same money...
How long before bankruptcy falls off my credit report?
Many Michigan families rely on credit cards to supplement their incomes or to fund emergencies. Credit card debt affects millions of Americans and is a common reason people go into debt or file bankruptcy. Filing bankruptcy is a tough decision many people face, and...