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      September 21, 2018

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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. 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.


Big-box stores in Minnesota fight for lower tax bills

Big-box retailers are fighting property tax bills on their megastores across Minnesota, winning reductions that could shift more of the tax burden to homeowners and renters. Similar fights are playing ...

Published:  Sun, 09 Sep 2018 04:27:00 GMT

Charges: Minneapolis Business Owner Owes $27,000 in Taxes

The Minnesota Department of Revenue has announced that the Hennepin County Attorney's Office has charged an Isanti man and Minneapolis business owner with eight tax-related felonies and eight tax ...

Published:  Tue, 11 Sep 2018 09:12:00 GMT

States Looking To Tax Opioids Pin Hopes On November Elections

After almost slapping a tax on makers of opioid pills earlier this year, Minnesota lawmakers are set to try again when they meet in January. The drug manufacturers that helped create the opioid addict...

Published:  Tue, 11 Sep 2018 10:38:00 GMT

"˜The reason Minnesota thrives today is we're living off the fat of yesterday': A Q&A with Gov. Arne Carlson

Republican Arne Carlson was governor of Minnesota at Twin Cities Business' birth ... but for substantial legislative achievement, including tax, health care, education, and workplace reform. He succee...

Published:  Tue, 18 Sep 2018 07:11:00 GMT

Charges: Montrose Couple Accused Of Multiple Tax Crimes

... crimes after they both failed to pay individual income taxes and file income tax returns. The Minnesota Department of Revenue announced Friday Jay Alan Johnson and Sheila Ann Johnson were ...

Published:  Fri, 07 Sep 2018 09:41:00 GMT

Columbia Threadneedle Investments Launches Tax Efficient Portfolios

Columbia Threadneedle Investments today announced the launch of Columbia Tax Efficient Portfolios (TEP), a suite of equity separately managed account strategies designed to provide investors consisten...

Published:  Mon, 17 Sep 2018 07:30:00 GMT

Study takes dim view of TIF loans, a common finance tool in Minnesota

From 2000 to 2014, Minnesota issued $1.4 billion in TIF loans and financial obligations, making the state the fourth biggest user of TIF in the United States. The 72-page report, "Improving Tax Increm...

Published:  Tue, 11 Sep 2018 19:16:00 GMT

Fact-check: Bruce Rauner overstates facts about states with graduated income tax

At a different campaign event on the same day as his radio appearance, Rauner pointed to four graduated tax states with what he described as "stunningly high" rates: Minnesota, New Jersey ...

Published:  Sun, 09 Sep 2018 10:00:00 GMT

Merkley bill would extend electric car tax credit 10 years

Kamala Harris (D-CA), Tina Smith (D-MN), Dianne Feinstein (D-CA), and Cory Booker (D-NJ). "It's crazy that we might allow the electric vehicle tax credit to run out just as the American EV market is s...

Published:  Mon, 17 Sep 2018 19:50:00 GMT

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