TopConsumerReviews.com is a world-leading consumer product review site. We provide detailed reviews and ratings for thousands of products and services.

 

Go To Reviews >

Debt Consolidation in Minnesota

Across a number of dimensions, consumer debt in Minnesota varies. For example, Minnesota is the third lowest state with respect to auto loan delinquency at a mere 0.64%. On the other hand, Minnesota college graduates will find that they rank 4th and 5th in terms of the proportion of students finishing their studies with debt and the average amount of that debt (70% and $30,894, respectively). Either kind of debt can be serviced by debt consolidation strategies as a means of managing financial challenges.

Minnesota residents fall 8th in the ranking of U.S. states' average credit card balance, with $8,301.62 as a typical credit card debt. However, Minnesota is 5th in terms of states with the lowest levels of personal debt, with 4.1% of all credit holders having a past due balance. Among those individuals, 19.8% find themselves in collections with an average amount of $5,682 being pursued by debt collection agencies.

While median home sale prices in Minnesota are $197,500, the statewide average of foreclosures is comparatively low at 1 in every 2,172 homes in foreclosure. However, there are some counties with significantly higher rates; Sherburne County, for instance, has a foreclosure rate of 1 in every 792 homes.

Minnesotans rank 28th in America when it comes to bankruptcy. In a typical year, just over 22,000 residents file for bankruptcy, representing a per capita rate of 4.19 for every 1000 individuals in the population. Debt consolidation is one method used by people in the state as a means of preventing the need to file for bankruptcy.

Minnesota also has several laws in place to help consumers with medical debt. Those laws require hospitals and other providers to charge fair prices for services rendered, and that they must not be aggressive in any efforts to collect unpaid bills and medical debts in general. It also states that any individual with an income less than $125,000 yearly must get the same discounts as those given to insurance companies, resulting in a discount of up to 60% in medical bills.

 

Go To Reviews >


Debt Consolidation In The News

Business Debt: When Debt Consolidation and Debt Relief Make Sense

Small businesses take on a lot of debt, and it's not uncommon for this debt to lead to business failure. Every business takes on debt at some point, and even the world's largest entities, such as Amaz...

Published:  Thu, 06 Sep 2018 02:38:00 GMT



Feds No Help to Student Debt

While the income-driven payment plan allows immediate financial relief by reducing current loan payments it doesn't forgive any of the total amount the borrowers owe or - and that is the ...

Published:  Tue, 18 Sep 2018 21:05:00 GMT



Under DeVos, full loan relief rare for for-profit students

The Trump administration is granting only partial loan forgiveness to the vast majority of students approved for help because of fraud by for-profit colleges, according to preliminary Education Depart...

Published:  Fri, 07 Sep 2018 16:04:00 GMT



Reviews on Debt Relief programs from DebtReviews.com

America's leading online debt reviews provider, DebtReviews.com, helps students, companies, and individuals choose the most suitable debt relief company with 100% unbiased and free reviews DebtReviews ...

Published:  Thu, 06 Sep 2018 22:35:00 GMT



Zimbabwe's Options for Sovereign Debt Relief

A critical first step towards the promised economic awakening of Zimbabwe will be comprehensive debt relief. President Mnangagwa and his new government will need urgently to complete the technical ana...

Published:  Fri, 31 Aug 2018 23:30:00 GMT



Betsy DeVos proposes rules that would cut student loan relief by an estimated $13 billion

Students who are defrauded by their schools would have a harder time getting their federal loans erased under new rules proposed by the Trump administration Wednesday. The proposal, which aims to repl...

Published:  Wed, 25 Jul 2018 13:44:00 GMT



Full loan relief rare for students at for-profit colleges

WASHINGTON (AP) - The Trump administration is granting only partial loan forgiveness to the vast majority of students approved for help because of fraud by for-profit colleges, according to preliminar...

Published:  Sat, 08 Sep 2018 13:10:00 GMT




- View Full Site -