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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.


In light of 2017 law, Minnesota needs to take a look at its income tax

Perhaps it's time for at least a little concern that Minnesota, a state that gets more than half its general fund revenue from individual income taxes, has the kind of problem that has been brewing el...

Published:  Sat, 16 Feb 2019 05:00:00 GMT

Reality Check: Tax Refund Shock

On top of that, high-tax states like Minnesota got a double-tax-whammy! There's a limit on deducting state and local taxes you can deduct, and a cap on home mortgage interest. Here's the ...

Published:  Wed, 13 Feb 2019 20:24:00 GMT

Central Minnesota politicians make push to slash taxes on charitable gambling

BRAINERD, Minn. - Central Minnesota politicians are taking a shot at slashing tax rates on charitable gambling activities - a push to halve exorbitantly high rates, they said, which hamstring nonprofi...

Published:  Thu, 14 Feb 2019 13:57:00 GMT

Gas Tax: How Much More Minnesota Residents Pay To Fill Up

MINNESOTA - Crossing state lines could increase or decrease how much you pay for gas. A new report from 24/7 Wall Street looked at which states have the highest and lowest gas taxes and found ...

Published:  Wed, 13 Feb 2019 13:24:00 GMT

CVB a nonprofit formed to promote visitation to Marshall area; receives some tax funding

beverage and lodging tax, through a contract of services with the city, said Marshall city administrator Sharon Hanson. Under Minnesota statutes, cities can impose a tax on short-term lodging like hot...

Published:  Fri, 15 Feb 2019 23:36:00 GMT

Column: Gas tax issue illustrates rural, urban divide

In Minnesota this electricity is provided by coal ... An electric truck simply won't get this job done, and a 25-cent-per-gallon gas tax assessed on a truck that gets 11 to 14 miles per gallon while t...

Published:  Sat, 16 Feb 2019 05:28:00 GMT

Ruud, Lueck make push to slash taxes on charitable gambling

... discussed in the Minnesota House of Representatives and the Minnesota Senate this session. In the Senate, Ruud's legislation was heard Feb. 7 and laid over for possible inclusion in the tax omnibu...

Published:  Thu, 14 Feb 2019 07:34:00 GMT

Minnesota notebook: GOP picks up Senate seat, gas tax fight gets tougher this week at the Capitol

ST. PAUL - Republicans in the Minnesota Senate got a new edge this week with a special election seat pickup. And the win shook up the conversation about a possible gas tax to fund improvements to road...

Published:  Fri, 08 Feb 2019 10:55:00 GMT

How slavery's lingering stain on the US Constitution spoils Elizabeth Warren's wealth tax proposal - for now

So if a tax costs Alabama $1,000 per person, the impact on Minnesota and California must be the same. It doesn't matter who actually pays the tax, so long as the per capita cost for each citizen is th...

Published:  Fri, 15 Feb 2019 13:48:00 GMT

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