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Comprehensive Local Credit Card Guide

Michigan Credit Cards

Credit Card Debt in MI

^ Michigan residents have average credit card debt of $4,558, which ranks 41st in the nation. [1]

Credit Card Info in MI by City

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Credit Card Delinquency in MI

^ The credit card delinquency rate for Michigan residents is 0.55%, which ranks 27th in the U.S. [2]

MI Credit Cards

Michigan Credit Card & Personal Finance Statistics

Michigan Credit Card Debt


  • Credit Card Debt: MI vs. U.S.
    • Michigan residents have average credit card debt of $4,558. [1]
    • The average credit card debt amount in Michigan is 8% less than the national average of $4,965.
    • MI ranks 41st in the nation in average credit card debt. [1]

Credit Card Delinquency in MI


  • Cardholders that are more than 90 days late on credit card payments in Michigan [2]
    • Michigan ranks 27th in the nation with a credit card delinquency rate that is 4% less than the national average of 0.57%.
    • Michigan Rate: 0.55%
    • National Average: 0.57%
  • Statute of limitations for credit card debt in Michigan [4]
    • Michigan: 6 years
    • U.S. Average: 5.4 years

Michigan Credit Scores


  • Credit Scores: MI vs. U.S.
    • Michigan residents have an average credit score of 697. [3]
    • The average credit score for Michigan residents is 0% greater than the national average score of 696.
    • MI ranks 31st in the nation in average credit score. [3]

Michigan Demographics

Income Breakdown in Michigan

The state of Michigan has a median household income is $52,021. Approximately 17 percent of households in MI have incomes below the poverty level. [5]



Household Income: Michigan vs. U.S.

The median household income in the state of Michigan is approximately 11 percent less than the median income for the United States in its entirety.

For the nation as a whole, the median household income is $58,283, versus the Michigan median household income of $52,021. [5]


Age Breakdown in Michigan

In Michigan, just under 75 percent of state residents meet the minimum age requirement to own a credit card in their own name without a co-signer. [5] [6]



Additional information about Michigan

About Michigan

The state of Michigan has a population of approximately 9,883,640, ranking 10th in the nation. [5]

MI Credit Cards

More about Michigan Credit Cards

For more information about Michigan credit cards, or for additional resources regarding credit cards overall, visit Consumer Financial Protection Bureau.

Did you know?

A lot can be learned by looking at the first digits of a credit card. For example, MasterCards all begin with numbers between 51 and 55.

Michigan Cities

Michigan ZIP Codes


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References

1. ^ The Washington Post

2. ^ TransUnion

3. ^ Equifax

4. ^ Michigan State Legislature

5. ^ United States Census Bureau

6. ^ U.S. Federal Reserve