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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.

 

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Debt Consolidation In The News

David's Bridal files for debt relief; aims to avoid closing

David's Bridal Inc., the country's largest specialty bridal chain, is filing for bankruptcy, but it isn't planning to close stores or interrupt operations. David's filed for court protection Monday wi...

Published:  Tue, 20 Nov 2018 00:05:00 GMT



The Debt Panel: "I borrowed Dh55,000 to invest in Bitcoin and lost it all"

Without a salary of more than Dh8,000, you will not be able to get a consolidation loan to reduce the interest on your credit card. If you have any friends or family who will lend you, at a low intere...

Published:  Tue, 20 Nov 2018 02:32:00 GMT



U.S. Small Business Administration provides information on disaster relief loans

BAY COUNTY, Fla. (WJHG/WECP) - There's still time for hurricane survivors to apply for disaster relief. The U.S. Small Business Administration is offering loans to businesses, non-profits, homeowners, ...

Published:  Mon, 19 Nov 2018 16:41:00 GMT



Here Are Four Ways to Handle Debt Forgiveness That Even Mushy Centrists Might Like

I've received dozens of emails from people who made years of payments before finding out they either needed to be in a different repayment plan or consolidate into a different kind of loan ...

Published:  Mon, 19 Nov 2018 19:38:00 GMT



Regulatory rollbacks could threaten banks' debt ratings: Fitch

A debt ratings agency said it will monitor regional banks for ... "As regulatory rules are further relaxed, bifurcation of regulatory relief between Global Systemically Important Banks and smaller pee...

Published:  Mon, 19 Nov 2018 15:37:00 GMT



30,000 People Applied for Federal Loan Forgiveness. Only 96 Got it, Report Says

and new data provided by the education department showed that only 96 people received relief, CNBC reported. Many worked in public service for 10 years and thought their loans would be forgiven ...

Published:  Mon, 19 Nov 2018 15:40:00 GMT



Leaders: Consolidation about communities, not schools

While many in attendance seemed optimistic about the idea of a consolidation, there was also plenty of discussion around some of the obstacles that could hinder the proposal, such as debt, school taxe...

Published:  Mon, 19 Nov 2018 20:59:00 GMT




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