Michigan has long been known for its contributions to American manufacturing and the pristine natural beauty of its natural environment in the Great Lakes region. From the birth of the automobile in the early 1920s, the rise of Motown Records in the 1960s, and the championship-winning Tigers, Wolverines, Pistons, and Red Wings teams of the 80s, 90s, and 2000s, Michigan has always had its finger on the pulse of American daily life and culture.
Unfortunately, a rich, vibrant history isn’t going to pay the bills in 2022. To add insult to injury, the blue-collar automotive and manufacturing sectors that built Michigan into what it is today have been replaced by newer industries. Detroit’s labor participation rate of 67% ranks last out of the top 100 most populous cities in the nation. With statewide unemployment higher than the national average, smaller cities aren’t faring much better.
Though Michigan credit card debt and consumer debt are below average, this is misleading –many jobless Michigan residents have low credit scores and struggle to secure loans in the first place, while many more are simply declaring bankruptcy to clear their debt. An average credit card debt of $5,399 might not seem high in a state with high wages, but in Michigan, it can be crippling. Failure to pay your bills on time can be disastrous for your family’s financial outlook.
The first step towards sustainable debt relief is getting off the ‘minimum payment’ hamster wheel. The second step? Finding a solution that actually works for you: