In Michigan, creditors have up to 6 years to collect credit card debt or to obtain a judgment on it. Michigan residents might find this information useful, as credit card delinquencies have reached an all-time high across the country. Federal Reserve Bank data The...
Credit Card Debt
The pros and cons of credit card debt forgiveness programs
When inflation reached a four-decade high in mid-2022, millions of consumers in Michigan and around the country began using their credit cards to pay for necessities like groceries. They were dealt another blow when the U.S. Federal Reserve started to increase...
Why you should pay off your credit card debt now
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...
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...