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Michigan

If you were to identify the one state that’s really struggling with unemployment it would be Michigan with its rate of 8.8%. The state’s largest city, Detroit, has even more of a problem with an unemployment rate of 17.7%. The state’s second-largest city Grand Rapids is doing a bit better with unemployment of 8.9% but the city of Warren also has a large problem, as its unemployment rate is currently 11.6%.

While Detroit has an unemployment rate that can only be called appalling, it is still the car capital of the world. Michigan is called the Wolverine state and yet there are no wolverines in Michigan. Michigan State University was the nation’s first land-grant university. It served as the prototype for the 69 other land-grant institutions established under the Morel Act of 1862. And Michigan is the only state that consists of two separate parts – the lower part with cities such as Lansing and Detroit – and the Upper Peninsula, which is renowned for its hunting and fishing. The Mackinac Bridge connects the two peninsulas, is five miles long and required three years to complete.

Of Michigan’s total labor force of 3,918,120, the largest segment is Office and Administrative Support Occupations with 602,520 employees. Its second largest employment segment is Sales and Related Occupations with 407,580 employees. And its third largest is Production Occupations where there are 394,510 employees.

Michigan may be struggling with unemployment but its average credit card debt is only $4558 vs. the U.S. average of $5,235 per borrower – suggesting that the average Michigander is doing a good job of handling his or her credit cards. The state’s average credit score is 708, which would be seen by lenders as a “very good or excellent credit score.”

Michigan’s median household income is just $50,015. But home ownership is on the high side at 77.2%.

The state’s largest city is – no surprise – Detroit with a population of 1,027,974. Second is Grand Rapids, the birthplace of Pres. Gerald Ford, with a population of 189,673. Michigan’s third largest city is Warren. Its population is 145,080.

Michigan consists of 96,716,011 square miles making it America’s 11th largest state. Its our eighth most populous with a population is 9,895,622.

Debt Help & Debt Relief in Michigan

Michigan Debt Relief and Settlement Laws

(This is intended to be a helpful and informational debt resource for Michigan consumers and does not constitute legal advice.)

Debt Collection

Michigan follows the set of federal laws dealing with collection agencies (and law firms that collect debts) that are collectively known as the Fair Debt Collection Practices Act (FDCPA). Original creditor or creditor collecting own debt must comply with all the provisions of the FDCPA, except those provisions dealing with required disclosures. (For example, the original creditor does not have to verify the debt’s validity).

Debt collector must provide debtor with receipts for cash payments and other payments when specifically requested to do so

Maximum Interest Rate a Collection Agency Can Charge in Michigan: 5%

Michigan Debt Law

Michigan Wage Protection: 60% of wages (no less than $15/week) plus $2/week per nonspouse dependent; if not head of household, may keep up to 40% of wages (no less than $10/week). FEDERAL LAW STIPULATES THAT AT LEAST 75% IS PROTECTED—OVERRIDES STATE LAW.

Statute of Limitations

A statute of limitations is a law that sets forth the maximum period of time, after certain events, that legal proceedings based on those events may be initiated. For debt, the statutes of limitation apply to the maximum period of time after a consumer has become delinquent on their payments. The key point to remember is that you are considered delinquent not from the date of your last payment, but rather the day after you have gone past due. In other words, if you made your last payment on 3/3/03 and your next payment was due the same day of the next month, the statute of limitations on the debt would not start running until 4/4/04. The statutes of limitations vary from state to state and depend on the type of debt and where the original transaction took place (i.e. if you took the loan out in California but currently live in Michigan, the applicable statutes of limitations would be California’s).

Oral Agreements: 6 years
Written Contracts: 6 years
Promissory Notes: 6 years
Open Accounts (credit cards): 3 years

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