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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.


From taxes to school safety, Minnesota Legislature's work is in limbo

From revamping the state's tax code to enhancing security measures at public schools and clamping down on opioid abuse, much of the session's work was stuffed into just two massive bills. Dayton has threatened to veto those bills.

Published:  Mon, 21 May 2018 15:15:00 GMT

Duluth strikes out on sales tax

Duluth came up empty on its request for legislative authorization to increase its local sales tax this year, even though 77 percent of the city's voters supported the proposed hike. The Minnesota Legislature adjourned shortly before midnight Sunday without ...

Published:  Mon, 21 May 2018 20:04:00 GMT

No Legislative Approval for Duluth Street Sales Tax

With just minutes to spare before the Midnight deadline, Minnesota state legislators freed up funding ... Even though Duluth voters supported a half-percent tax to fix city roads by a three-to-one margin, the legislature never passed the bill.

Published:  Mon, 21 May 2018 17:23:00 GMT

More work for CPAs if Dayton vetoes tax bill

Minnesota's Republican-controlled legislature passed a bill that would put the state's tax code in line with the new federal tax law. But DFL Governor Mark Dayton doesn't agree with how it's constructed and says he'll veto it. So what does that mean for ...

Published:  Tue, 22 May 2018 09:04:00 GMT

MN legislative session is a wrap, without an ending

Taxes/likely veto: Dayton says he will veto a tax bill to align ... Legislation on sexual harassment that could have affected every workplace in Minnesota died before reaching Dayton. Lawmakers supported making butt-grabbing illegal, but it is in the ...

Published:  Tue, 22 May 2018 12:02:00 GMT

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