Best Debt Consolidation Loans in Michigan of 2023

Debt consolidation might be a good option for Michigan residents, who hold an average of $4,850 in credit card debt and $14,756 in personal load debt with an average personal loan interest rate of 9.71%. Consolidation combines several debts, many of which have high interest rates, into a single payment. It reduces the number of payments you must make and may result in lower interest rates.

Lenders frequently take credit history, equity and financial stability, among other factors, into account when deciding whether to approve a loan for use in debt consolidation. This article is a guide in choosing the best debt consolidation loan lender in Michigan.