The average Michigan household owes about $6,082 in credit card debt.

While that may sound high, Michigan is actually on the lower end of the debt spectrum with Detroit ranking in the top 4 percent of cities with the least amount of credit card debt.   

Michigan residents interested in either a free credit counseling session and/or enrolling in our debt management program can connect with one of our certified credit counselors by calling us directly at 888-686-4040.  

License Number: #DM-0018125 
Michigan Licensed Debt Management Company
Michigan Department of Insurance and Financial Services
Office of Consumer Finance
530 W. Allegan Street, 7th Floor
Lansing, Michigan 48933
(517) 284-8800 or (877) 999-6442 (toll-free) 

Section 13(1) 

Upon establishing a debt management plan for a debtor, a licensee may charge and receive an initial fee of $50.00. However, unless 51% or more in number or dollar amount of all the debtor’s creditors consent to the debt management program within 90 days of establishing the debt management plan, the licensee shall provide notice to the debtor of the lack of required consent and the debtor may, at its option, close the account. If the debtor decides to close the account, any unexpended funds shall be returned to the debtor or disbursed as directed by the debtor. 

Section 14(1) 

A contract between a licensee and debtor shall include all of the following: 

  • A.) Each creditor to which payments will be made and the amount owed each creditor. A licensee may rely on records of the debtor and other information available to it to determine the amount owed to a creditor.
  • B.) The total amount of the licensee’s charges.
  • C.) The beginning and termination dates of the contract.
  • D.) The principal amount and approximate interest charges of the debtor’s obligations to be paid under the debt management plan.
  • E.) The name and address of the licensee and of the debtor.
  • F.) Any other provisions or disclosures that the director determines are necessary for the protection of the debtor and the proper conduct of business by a licensee.

Section 18 

  1. A licensee may charge a reasonable fee for providing debt management services under a debt management plan. The fees shall not exceed 15% of the amount of the debt to be liquidated during the express term of the plan.
  2. A licensee may offer a debtor the option to purchase credit reports or educational materials and products and charge a fee to the debtor if the debtor elects to purchase any of those items from the licensee. Fees charged under this subsection are not subject to the 15% limitation on fees described in subsection (1).
  3. Except for a cancellation described in subsection (4), in the event of cancellation of or default in the performance of the contract by the debtor before its successful completion, a licensee may collect $25.00 in addition to any fees and charges of the licensee previously received by the licensee. This $25.00 fee is not subject to the 15% limitation on fees and charges under in subsection (1).
  4. A contract is in effect when it is signed by the licensee and the debtor and the debtor has made a payment of any amount to the licensee. The debtor has the right to cancel the contract until 12 midnight of the third business day after the first day the contract is in effect by delivering written notice of cancellation to the licensee. A cancellation described in this section is not subject to, and a licensee shall not collect, the fee described in subsection (3).
  5. If a debtor fails to make a payment of any amount to a licensee within 60 days after the date a payment is due under a contract, the licensee may, in its discretion, cancel the debt management contract if it determines that the plan is no longer suitable for the debtor, the debtor fails to affirmatively communicate to the licensee the debtor’s desire to continue the plan or the creditors of the debtor refuse to continue accepting payments under the plan.
  6. A licensee shall not contract for, receive, or charge a debtor an amount greater than authorized by this act. A person that violates this subsection, except as the result of an inadvertent clerical or computer error, shall return to the debtor the amount of the payments received from or on behalf of the debtor and not distributed to creditors, and, as a penalty, an amount equal to the amount overcharged.


Testimonials from our Michigan Clients: 
  • “Very happy my account is in good hands.” 
  • “Thanks to your company I have only five more payments until I’m debt-free!!!” 
  • “I’m glad to have found DebtWave. It’s nice when you find a company that is very honest and truly wants and does help you. Thanks for everything!”