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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.


How Does Minnesota's Gas Tax Compare To Other States

MINNEAPOLIS (WCCO) - DFL Gov.-elect Tim Walz says Minnesota needs to raise the gas tax to fix the state's roads, but the idea of paying more at the pump doesn't sit well with some Republican ...

Published:  Mon, 12 Nov 2018 20:08:00 GMT

911 surcharge fees are taxes, Minnesota Supreme Court rules in False Claims Act case

ST. PAUL, Minn. (Legal Newsline) - The idea that fees associated with certain telecommunications calls, such as 911 services, are indeed taxes is what caused Minnesota's Supreme Court to ...

Published:  Fri, 16 Nov 2018 06:56:00 GMT

eBay to Collect Sales Tax in Minnesota Starting in January 2019

Starting January 1, 2019, online marketplace eBay will collect and remit Minnesota sales tax on behalf of out-of-state sellers making sales in the state. However, Minnesota-based eBay sellers will sti...

Published:  Mon, 05 Nov 2018 10:46:00 GMT

Medtech pins tax repeal hopes on a lame duck

Medtech lost one of its biggest backers in Washington with the defeat of Minnesota's Erik Paulsen in the mid-terms; it was his bill that the House approved last summer. Paulsen, who filed his first bi...

Published:  Thu, 15 Nov 2018 09:53:00 GMT

Walz says he'll push for gas tax to improve roads

Incoming Minnesota Gov. Tim Walz is just starting the transition process for his new administration, but one policy change is already on his radar for the coming legislative session: A gas tax to impr...

Published:  Fri, 09 Nov 2018 03:29:00 GMT

Gov.-elect Tim Walz sets up shop at the Capitol. Gas-tax hike for roads "ėAbsolutely.'

Tim Walz arrived at the Minnesota Capitol on Thursday, setting up shop in a transition office two days after winning the election. And he promptly confirmed he will seek to raise the state's gasoline ...

Published:  Thu, 08 Nov 2018 16:23:00 GMT

3 Tips For Minnesotans Ahead Of Filing For Next Year's Taxes

real estate taxes and a lot of charitable contributions," Spicer said. Third, Minnesota did not conform to the federal tax changes, so it may still make sense to itemize your state taxes.

Published:  Wed, 14 Nov 2018 02:24:00 GMT

Cannon River Civic Center Referendum Results 2018

NORTHFIELD, MN - The property tax aimed at raising funds for the Cannon River Civic Center is projected to fail. According to Northfield News reporter Philip Weyhe, The city of Dundas voted ...

Published:  Tue, 06 Nov 2018 06:25:00 GMT

Economist's View: For our economic health, Minnesota must cut tax burdens

Minnesota is one of the highest-taxed states in America. Our top rate of income tax, 9.85 percent, is the fourth-highest in the country. And it is not just "the rich" who are hit hard. The bottom ...

Published:  Thu, 08 Nov 2018 05:35:00 GMT

MN State colleges and universities contribute $8B to MN economy, study says

The analysis said Minnesota State also had a total state and local tax impact of $458.5 million in 2017. That figure included $213.6 million in direct tax impact and $244.9 million in indirect and ind...

Published:  Wed, 14 Nov 2018 23:07:00 GMT

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