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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.


Minnesota Capitol standoff fuels worries about chaotic tax season next year

The stalemate over taxes between Gov. Mark Dayton and the GOP-controlled Legislature is fueling worries of a turbulent tax season for Minnesota taxpayers and businesses early next year. As the Legislature's midnight Sunday deadline for votes nears, the ...

Published:  Fri, 18 May 2018 01:15:00 GMT

Minnesota bonding loses, tax bill faces veto

ST. PAUL-Legislation that would affect every Minnesota taxpayer appears headed toward a veto. A separate measure to fund public works projects failed to pass the Senate, Wednesday, May 16. If the governor follows through with his tax bill veto threat ...

Published:  Wed, 16 May 2018 14:55:00 GMT

Tax Deal, Education Funding in Flux as Session Ticks Away

The stakes for a tax bill are high. Failure to pass a bill would leave state regulators with the daunting task of matching Minnesota residents' tax returns with a drastically different federal tax framework. St. Paul tax attorney Eric Johnson told the Star ...

Published:  Fri, 18 May 2018 16:51:00 GMT

Tax ruling on Enbridge has Minnesota counties concerned

BEMIDJI, Minn.-Area counties are concerned a recent decision by a Minnesota Tax Court regarding Enbridge Energy's oil pipeline system could leave them paying out potentially large refunds to the company. On Tuesday, May 15, tax court Judge Joanne Turner ...

Published:  Thu, 17 May 2018 20:00:00 GMT

John Spry: Minnesota needs to pass federal tax conformity now

Doing our Minnesota taxes next year could become a paperwork nightmare if the Minnesota Legislature doesn't pass and Gov. Dayton doesn't sign a Minnesota federal tax conformity bill. Taxpayers and the Minnesota Department of Revenue need time to plan ...

Published:  Wed, 16 May 2018 23:11:00 GMT

A bumpy ending for Minnesota Legislature

That is because federal tax law changed late last year, which threw Minnesota tax law for a loop. Much of the Minnesota tax code matched federal law, but the new federal law changes all of that. Without "conformity" measures in the Minnesota bill ...

Published:  Sun, 20 May 2018 21:36:00 GMT

Minnesota Legislature tests governor's resolve with tax bill

ST. PAUL, Minn. - Republicans who control the Minnesota Legislature are testing Gov. Mark Dayton's resolve with a bill that syncs Minnesota taxes with the federal overhaul. The House passed the bill Tuesday on a 78-50 vote despite the Democratic governor ...

Published:  Tue, 15 May 2018 19:41:00 GMT

Dayton Vetoes Tax Bill While Visiting Elementary School

MINNEAPOLIS (WCCO) - Minnesota Governor Mark Dayton vetoed the big tax bill of the year Thursday, setting the stage for a rocky end of the 2018 legislative session. The Democratic governor vetoed the bill while surrounded by second- and third-grade ...

Published:  Thu, 17 May 2018 07:29:00 GMT

Minnesota companies give 'Trump bumps' to employees, communities after federal tax reform

St. Paul-based Priority Courier Experts gave bonuses to its 80 employees earlier this year, calling it a "Trump Bump." The company intends to give employees another bonus on their hire date anniversary in 2018. "Our hope for the future is to make the ...

Published:  Thu, 17 May 2018 13:32:00 GMT

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