Michigan Debt Management

Debt Management and Debt Counseling Services

For those who have problems getting out of debt, there are many sources to find help. Debt counselors, consolidators, and settlement agencies make up the majority of services available to the public. Debt counselors are often available for free through different services offered by the government. Other non-profit organizations claim to offer debt-counseling services, but charge a fee. Debt consolidation companies help individuals transfer debt from high interest rate credit cards to one loan with a lower rate. Debt settlement agencies use the collective bargaining power of all of their clients to negotiate lower rates with credit card companies and then assume the debt of their clients while negotiating a payment plan.

In Michigan, debt management services can usually be found within the government's health and human services departments, where programs are created with the partnership of local banks to help offer guidance to those in credit trouble. In these programs, citizen volunteers are trained by debt experts from banks and other lending organizations to counsel those who express a need to reign in debt spending. It has been determined that people with lower incomes are most vulnerable to credit card debt. The percentage of Michigan's population below the poverty level is moderate, and they rank #32 in the country *, meaning that its citizens are at an average risk of getting into debt trouble when compared to other states.

*Statistical Abstract of the U.S (2004)

Michigan Debt Management & Debt Counseling

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