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Debt Consolidation in Minnesota

Minnesota MapAcross 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. statesí 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.


House Speaker Paul Ryan talks jobs, taxes with Reps. Erik Paulsen, Jason Lewis at Minnesota firms

U.S. House Speaker Paul Ryan visited several Twin Cities businesses Monday, touting tax cuts and technical careers while also talking up the chances of two fellow Republicans facing competitive congre...

Published:  Tue, 10 Jul 2018 05:16:00 GMT

Study: Minnesota enjoying robust job market, but high taxes still seen as concern

For any Minnesotan who's been putting off seeking new employment, there's some recent evidence that this might be the perfect time to dip a toe in the water. That evidence comes from a report from fin...

Published:  Fri, 06 Jul 2018 09:40:00 GMT

Govt ups threshold for tax case appeals to Rs 2 mn to reduce litigations

With about Rs 5 trillion stuck in litigations, the government has decided to hike the threshold monetary limit for tax department to file appeals in tribunals and courts to bring down litigation by 41 ...

Published:  Thu, 12 Jul 2018 01:34:00 GMT

Minnesota County's Cabin Rentals Face Tax Debate

The rental market for vacation cabins in northern Minnesota is so popular that one county may change how such dwellings are classified to ensure the tax burden is fairly distributed. The Star Tribune ...

Published:  Mon, 02 Jul 2018 12:36:00 GMT

India tax department sells $216 mn of Vedanta shares

Cairn Energy said on Monday it would write down the value of its investment in Vedanta Ltd after Indian tax authorities sold $216 million worth of its shares in the Indian mining company in a dispute ...

Published:  Mon, 09 Jul 2018 06:56:00 GMT

Income tax not unconstitutional, MN Supreme Court affirms

Terrance Sargent has struck out in his bid to get the Minnesota income tax declared unconstitutional. The Minnesota Supreme Court didn't even hold oral arguments in Sargent's case against Minnesota's ...

Published:  Thu, 05 Jul 2018 09:16:00 GMT

Column: What the Supreme Court's online sales tax decision means for southwest Minnesota

WORTHINGTON - The recent U.S. Supreme Court decision on South Dakota v. Wayfair Inc. answered the prayers of local brick-and-mortar businesses that have long complained that online retailers enjoy a c...

Published:  Mon, 02 Jul 2018 21:11:00 GMT

President Trump went on a media tour boasting about the economic effects of his tax cut. If only the real data backed him up

Furthermore, mining employment has not changed dramatically since the December's tax cut. Here are the figures for mining and logging employment in Minnesota (FRED does not separate out mining and log...

Published:  Tue, 03 Jul 2018 07:24:00 GMT

Rochester City Council Approves Tax Increment Financing for Bloom Riverfront Project

"We're not obligated to provide the Tax Increment Financing if the project doesn't me the test that we've set." Staver said they still need to approve those final plans and are still negotiating in a ...

Published:  Mon, 02 Jul 2018 21:07:00 GMT

Minnesota County's Cabin Rentals Face Tax Debate

MINNEAPOLIS (AP) -- The rental market for vacation cabins in northern Minnesota is so popular that one county may change how such dwellings are classified to ensure the tax burden is fairly distribute...

Published:  Mon, 02 Jul 2018 09:27:00 GMT

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