This time of year, it is normal for American consumers to face overwhelming credit card debt from the holiday shopping season. Michigan readers may know how hard it can be to deal with the sudden onset of exorbitant credit card debt, but there may be options to move past this situation. It is not uncommon for holiday debt to accumulate on top of existing debt, leaving consumers wondering how they will ever pay it all off.
Michigan residents may have options other than foreclosure
Michigan residents may have other options when facing the difficulty of foreclosure. The Michigan State Housing Development Authority offers assistance to homeowners facing foreclosure through funds set aside for hardship assistance. Homeowners facing foreclosure must act quickly to claim financial assistance and there are certain qualifications which much be met.
Study shows that insurance offers no immunity from medical debt
Many people in Michigan and elsewhere have to pay for some medical costs out of pocket. According to a recent study by the Henry J. Kaiser Family Foundation, medical debt is an issue faced by both the insured and uninsured. In fact, the study reveals that the majority of people who struggle to pay their out-of-pocket expenses actually have health insurance plans. Unfortunately, it is often difficult to get rid of this type of debt.
Indicators for Michigan consumers' overwhelming credit card debt
Whether once intended for emergencies or even for the rare impulse purchase, credit card debt may quickly overwhelm some consumers. For some Michigan families, it may seem as though they are constantly pulling their card out as unforeseen emergencies and events roll in. This can sometimes lead to overwhelming credit card debt that can seem impossible to rise above.
