Debt Relief in Michigan | Look no Further Than CuraDebt

Have you struggled to find the right help with debt problems in the Great Lake State? CuraDebt would love to talk with you about your issues!

Our Michigan debt relief program offers a simple, personalized plan with big benefits that could change the course of your financial future.

Look no further than CuraDebt for guidance and help. We understand the risks and challenges of this tough situation, but you can relax knowing that we will be here to guide you through it all with our experience and expertise.

When your debt feels unmanageable, it’s important to get the best information and the expert advice you deserve. CuraDebt has decades of experience and unmatched expertise with licensed debt consolidation agents. We are a one-stop shop to cure your debt woes!

Founded in 1998, CuraDebt has helped thousands of individuals and families – just like you – work through their debt woes.

With a team nationwide since 2000, our goal is to help millions of Americans find relief from their financial stress.

We’re happy to provide you with more information and answer any questions you have about our debt solutions. Contact us today!

Did You Know Michigan is the car capital of the world?
  • Get your free savings to estimate at CuraDebt or give us a call at 1-877-850-3328.
  • Review various options for debt relief at CuraDebt, to maximize your savings.
  • Not available to speak with a counselor? Check out our free online analysis here.

Debt Statistics in Michigan

If you’re struggling with debt, you’re not alone. In Michigan, the average person has about $4,692 in credit card debt. And with the average interest rate on credit cards being about 15%, that debt can quickly get out of control. There are a few options for debt relief, but it’s important to know what you’re getting into before you decide on a plan. 

The auto industry is one of the most important industries in Michigan. It is responsible for a large portion of the state’s economy and employs a significant number of people. This industry in Michigan has been hit hard by the economic downturn. However, there are signs that the industry is beginning to rebound. In recent years, auto sales have increased and new investment has flowed into the state. Michigan’s auto industry is critical to the state’s economy as it provides good-paying jobs and generates billions of dollars in economic activity. 

  • Consumers in Michigan have a much lower debt average, at $72,735. This is almost $25,000 less than the national average.
  • The average Michigan resident carries about $150,482 in mortgage debt which is the ninth lowest among the 50 states.
  • Residents of the state of Michigan are at an average of $36,642 in student loan debt. This puts them 18th in the country for the most debt.
  • It’s no secret that car loans can be expensive, and the average auto loan debt is $16,560. Which has multiplied to 7.5% since last year.
  • A significant portion of Michigan residents is debt-free, ranking it in the top 10 lowest credit card debt in the nation. The average credit card debt per person is $4,692
  • The average credit score in Michigan is 714, which is the same as the national average.
  • Michigan’s high foreclosure and bankruptcy rates place it among the top 10 in the country, with 4,155 filed this past year.
  • Michigan is ranked as the 20th lowest of states where residents have been victims of identity theft. In the last year, 20,556 cases were filed.

Michigan Consumer Protection Laws

Michigan citizens are protected from abusive and harassing debt collectors under the Fair Debt Collection Practices Act (FDCPA). The FDCPA is a federal law that prioritizes consumer safety and ensures no one is harassed or ripped off their basic rights by debt collection companies. It protects consumers from illegal debt-collection tactics and provides limitations on what debt collectors can do when collecting certain types of debt.

The FDCPA is only applicable to the collection of debt obtained by a consumer mainly for personal, family, or household purposes. It is not applicable to the collection of corporate debt, business-related debt, or agricultural use.

If you have experienced disturbing phone calls from creditors, speak with a counselor at CuraDebt. At CuraDebt, our goal is to ensure you get your rights. We will be your advocate in defending you against illegal debt-collection tactics.

The Most Effective Debt Relief Options

Debt Settlement: What is it and How Does it Work? 

Debt settlement is the procedure of negotiating with your creditors to pay less than the full amount that you owe, based on your available funds each month. 

Debt Settlement is also referred to as debt relief or debt adjustment, and it is typically managed by a third-party company, however, if necessary you can do it yourself. Debt settlement options are very helpful, but truly require guidance from a professional. Most importantly, people have been effectively using debt settlement programs for many years. 

At CuraDebt, we help to guide the relationship between the lenders and creditors for your debt. We are with you every step of the way and will educate you, communicate with you, and advocate on your behalf. If you are unable to pay the full amount, the professional expertise of CuraDebt can help to reduce some burden.

CuraDebt will use its decades of background and expertise to help you get the best possible debt terms. As you can see on our Google Reviews, our clients have incredible things to say about our team and our expertise!

Benefits:

With expert help and guidance from a company like CuraDebt, the path to success is much easier. The benefits of a sound debt settlement plan include: 

  • Get relief from devastating debts
  • Avoid bankruptcy 
  • Pay off your debt quickly
  • Lowering interest rates

Factors Affecting Debt Settlement

The final saving after debt settlement lies on a lot of factors including

  • Details about the outstanding debt
  • Current reason for requesting debt settlement (unexpected loss, unemployment termination, etc)
  • Current financial situation
  • Financial history
  • Work experience 
  • The age of the debt

Debt That is Included in Debt Settlement Programs in Michigan

  • Personal cards (credit cards)
  • Department store credit cards
  • Car repossession (repo)
  • Credit unions
  • Old accounts in the collection
  • Signature loans
  • Personal lines of credit
  • Private student loans
  • Car repossession (repo)
  • Medical and healthcare debt
  • All other types of unsecured debt (ask us if you are unsure!)

Debt That is Not Included in Debt Settlement Programs in Michigan

  • Car loans
  • Credit Union debts
  • Federal student loans
  • Home mortgages
  • Some other secured debts
  • Some Medical / Hospital bills

Types of Debt Included in Michigan Debt Settlement Program

  • Credit cards
  • Car repossession (repo)
  • Credit unions
  • Department store cards
  • Old accounts in the collection
  • Personal loans
  • Personal lines of credit
  • Private student loans
  • Signature loans
  • Medical bills
  • Any type of unsecured debt

Debts Not Included in Michigan Debt Settlement Program

  • Car loans
  • Credit Union debts
  • Federal student loans
  • Home mortgages
  • Some other secured debts
  • Some Medical / Hospital bills

Debt Included in Tax Debt Relief in Michigan

CuraDebt will point you in the right direction with your tax debts. CuraDebt can help you with these types of tax payments

  • State Taxes
  • Federal Taxes
  • Payable Taxes
  • Taxes from the spouse you feel you don’t owe
  • Interest
  • Penalties
  • Audit Tax Assessment
  • Other Types of Tax Debts

Business Debt Relief Programs in Michigan | Types Of Debt Included

CuraDebt understands how important your business is to you. CuraDebt will help your business with these types of debt.

  • Business Debt
  • Suppliers
  • Vendors
  • Lines of Credits
  • Merchant Cash Advance
  • Other types of loans, that are not secured by the property

CuraDebt understands the value of your business. CuraDebt will help your business with these types of debt.

Top Cities in Michigan Where You Can Find Debt Settlement

  • Detroit Debt Settlement
  • Grand Rapids Debt Settlement
  • Warren Debt Settlement
  • Sterling Heights Debt Settlement
  • Lansing Debt Settlement
  • Ann Arbor Debt Settlement
  • Flint Debt Settlement
  • Dearborn Debt Settlement
  • Livonia Debt Settlement
  • Clinton Debt Settlement

What are the Different Options You Have for Debt Relief in Michigan?

Before giving up and getting stressed, check some of the options that can best suit you.

1. Make Consecutive Monthly Minimum Payments 

Most major credit cards have the option to pay a monthly minimum. This is a very common option and is quite tempting

However, the most common issues with making minimum payments are:

  • You will pay more interest
  • You will continue to build on your debt and dig a deeper hole
  • Your credit score will be affected

There’s a reason credit card companies request monthly fees – they believe consumers can only handle fees for one month of living expenses!

After a few months, the accumulated fee will make it harder for you to get out of debt. Also, as the interest rate rises, getting debt-free will take far longer

In short, this option may seem tempting but it has long-term repercussions!

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2. Balance Transfer of Payments

Many love the idea of balancing transfers, initially. Quite simply, you take the card you have a high credit line on, open up a new credit card and transfer the balance from one credit card to a new one. This is typically done because people want to move the amount they owe to a credit card with a significantly lower interest rate and receive benefits such as cash-back rewards or points. 

Balance transfer credit card offers typically come with an interest-free introductory period of 6-18 months, and some can even be longer. If you breach the agreement with the cardholder, you can potentially revoke the introductory Annual Percentage Rate (APR) and cause penalty rates to be applied.

When you take on new loans, you have no previous payment history. This puts you in a tight spot to be consistent with payments. 

This may even give an illusion of fraud to lenders and lead to a worse situation. So, balance transfers aren’t a good option.

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3. Michigan Non-Profit Credit Counseling Or Debt Management Programs (DMP)

DMP is actually very similar to Debt Settlement Programs, however, DMPs are managed by non-profit credit counseling companies, whereas Debt Settlement Programs are for-profit.

In DMP, the non-profit organization aims to reduce your interest rates and accrued fees or lower your monthly payments by negotiating with your creditors. Unlike debt settlement, you still pay off the principal amount, so your credit score doesn’t take a hit. Credit counselors will work with you and teach you management skills to use towards handling your money and also create a budgeting plan.

DMPs typically won’t include your secured debts (such as auto loans, mortgages or home equity loans) and some types of unsecured loans (such as student loans). Guidance can be offered by credit counselors but you’ll usually have to handle those payments yourself.

Additionally, any credit cards that you include in the DMP, you will need to close which will ultimately decrease your access to credit throughout the month. Your creditors may also watch your credit reports and force you to stop using credit cards that aren’t part of the DMP, while you’re involved in the program.

Therefore, DMPs may not be the best option for you.

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4. Michigan Unsecured Debt Consolidation Loan

An unsecured debt consolidation loan allows you to combine all of your debts into one single debt.  Instead of making the standard individual payments to multiple cards or lenders each month, you bundle them into just one payment from one lender. This is usually a lower interest rate than what you would see on one of your credit cards. Unsecured debts are personal debts with no physical collateral. Some examples of this would be medical bills, student loans or credit cards. 

Suppose you are given the option to pay just one loan instead of multiple loans and credit cards.

Wouldn’t it be easier for you to pay just one bill monthly, that’s also at a lower interest rate?

Consolidating debt is a good idea when debt payments are getting out of hand and you can no longer manage multiple payments. 

Unsecured debt consolidation comes with a lot of disadvantages

Debt Consolidation companies are mostly inconsiderate of your hardships and try to make money on your hardships. They employ high fees to take out a loan and are often more aggressive than your current debt collectors

With unfavorable conditions written in fine print, they can dodge customer concerns. These conditions entitle them to increase interest rates which leads to even worse debt.

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5. Michigan Secured Debt Consolidation Loan

Secured loans for debt consolidation are loans backed by collateral such as a mortgage or auto loan.  If you own a home, a car, or other types of physical property, you can apply for a secured loan against it. 

This is highly risky since if you default on your payments due to any circumstances, the lender can repossess your property and sell it. That can leave you without a home or vehicle. 

However, if this is done with professional help like CuraDebt, you can get some room to breathe. With the lowest interest rates and highest savings, CuraDebt will come to your rescue. 

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6. File for Bankruptcy

Often the last option for any person is to declare bankruptcy. If your income is less than the median income of your state,  Chapter 7 bankruptcy will be applicable.

If your income is more than the median income of your state, but you still can not manage to pay back the debt, Chapter 13 bankruptcy will be applicable.

If your business is unable to repay its debt and is on the verge of insolvency, It will fall under Chapter 11 bankruptcy.

Bankruptcy is the last possible and least preferable solution. Before making any decision to declare bankruptcy, you should discuss it with a professional – whom you understand the ramifications that may stay with you for decades. 

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Debt Relief Michigan FAQs

How Long Can a Lender Go After You to Collect Debt in Michigan?

In Michigan, the statute of limitations for debt is three years from the last time your account was used.

Do you Qualify for Debt Settlement in Michigan?

This program is specifically made for people going through hardships, like loss of income or unexpected expenses

Are you suffering from debt issues and having to pay minimum payments regularly? Are you still struggling under debt, which has grown beyond what you imagined?

To see if you qualify, speak with a counselor at CuraDebt. We will create an estimate of your cash flow to see if you qualify for this program. We will get you a free estimate of your savings on the debt relief program.

CuraDebt will work for you and make your debt settlement extremely cost-effective. With CuraDebt, we help you become debt-free 2-3x faster than normal!

How Much Does Debt Consolidation Cost?

There are many types of debt relief programs available in Michigan, each with different terms and conditions. The short answer is – it depends.

Everyone’s price truly does depend on their financial history, debt, and CuraDebt audit. While we cannot say an exact answer – we encourage you to reach out to us and learn more about how we can help you. 

With unmatched service, CuraDebt gives you the best competitive rates. Most importantly, CuraDebt’s Debt Relief Program does not require an upfront fee and we provide you with various options – letting you select which is best for you. 

How to get started with debt relief

Debt relief can seem like a daunting task if you’re struggling with one. However, there are a few things you can do to get started on the path to financial freedom.

  1. Get organized. The first step to getting out of debt is to get organized. Gather up all of your bills and statements and take a close look at your finances. This will help you create a budget and figure out where you can cut back on expenses.
  2. Create a budget. Once you’ve taken a close look at your finances, it’s time to create a budget. Determine how much money you need to live on each month and allocate funds for essentials like food, shelter, and transportation first. Then, work on creating a plan to pay off your debt.
  3. Seek professional help. If you’re struggling to create a budget or get out of debt on your own, seek professional help from a credit counselor or another financial expert. They can give you sound advice and help you create a plan that fits your unique circumstances.
  4. Make extra payments when possible. When you get extra money from things like tax refunds or bonuses at work, put that money towards your debt instead of using it for other purposes. Any extra payments you make will help reduce the amount of interest you pay over time and could help you get out of debt faster.

What Makes CuraDebt One of the Best Debt Settlement Companies in Michigan?

  • We’ve helped settle millions of dollars of debt 
  • Since 1998, we have helped thousands of people, with a nationwide footprint! 
  • CuraDebt is one of the oldest and most experienced companies.
  • We are IAPDA and BSI certified.
  • We provide free saving estimates and create a plan specifically modeled toward your needs.
  • No hidden charges. Honesty and integrity are what we stand for.
  • Our success rate is high because client satisfaction and happiness are the main mission at CuraDebt.
  • With a 4.9 star average on Shopper approved, we are the most trusted company by people across the USA.
  • 140+ Google reviews with an average of 4.8-star ratings
  • CuraDebt is a Good Standing Member of the Online Business Bureau, American Fair Credit Council, US Chamber of Commerce, and AFCC.
  • Getting our clients the best possible settlement with creditors is something we know how to do.
  • We help settle debts quickly. We’re incredibly efficient and cost-effective as well. Our top-notch customer service ensures to address any queries or concerns our clients may have.

With CuraDebt, you are in the right hands. With satisfied customers and zero complaints, we are confident that we are the best in our industry. We are more resourceful than any competitor in the market and help you at every step along the way.

How To Get Started With Debt Relief in Michigan

If you’re struggling with debt in Michigan, there are a few options available to help you get relief. You can work with a credit counseling agency, file for bankruptcy, or negotiate with your creditors on your own. While you may also be able to negotiate with your creditors on your own to lower your interest rates, waive late fees, or set up a payment plan that works better for your budget, you can also consider talking to a financial advisor or an attorney who specializes in debt relief if you’re not sure where to start.

Whatever the reason, if you’re struggling with debt, don’t hesitate to reach out for help. There are many resources available to assist you in getting back on track financially.

Get rid of your high-interest-rate debt and create a debt-free future with us. 

Call 877-850-3328 for a free consultation now!

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