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Michigan debt remains below national average

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(The Center Square) – While debt remains a challenge for some nationally, Michigan shows the seventh lowest debt rate in the U.S.

According to Experian, the average consumer debt per capita in the Great Lakes State is $77,903, compared to the national average of $104,215. The state’s government debt per capita is $8,160, compared with the national debt’s $102,980 per capita, according to the International Monetary Fund.

Outstanding debt was at $865 in 2021, well below the national average of $1,808 per capita.

In total, Michigan’s debt represents 12.326% of its GDP, compared to states like Hawaii with a 15.8% ratio. The automotive, semiconductor and tourism industries in the state have helped flesh out a healthy economy not reliant on debt.

At a national level, the U.S. remains the country with the third largest debt. The GDP-to-government debt ratio is 123%, according to the IMF.

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