(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.
