How does Michigan rank in managing credit card debt? A SmartAsset report says our grade is within the top ten. To be specific, Michiganders’ ranked at number five.
Among the key findings of the report, SmartAsset says nationwide, our average credit card debt is down 6.55% over the past three years. Only North Dakota has seen an increase.
Michigan’s ranking is part of what seems to be a Midwest trend as other states finding managing debt more efficiently include Wisconsin, Ohio and Indiana.
The report states that Michigan has the seventh-lowest Q2 2021 median debt, sitting at $4,850. That is a 8.66% decrease over three years and a 6.98% decrease over one year, ranking 15th and 19th respectively.
SmartAsset gives the following tips for managing credit card debt:
To read the full report on how states are doing managing debt, click here.