Michiganders Credit Card Debt Becoming More Manageable

How does Michigan rank in managing credit card debt?

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:

 

Tips for Managing Credit Card Debt

  • Which card is best for you? If you do use credit cards, make sure you’re getting the best rate and the best perks available.
  • Prioritize paying off debt, if possible. Do you have a debt you need to pay off? One way is to set aside some money each month to chip away at the debt. Use SmartAsset’s budget calculator to set up a spending plan that includes paying off a portion of your debt each month.
  • Seek expert advice if you feel it’s right for you. A financial advisor can also help you create a plan to take greater control of your finances.

To read the full report on how states are doing managing debt, click here.

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