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      September 19, 2018

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Debt Consolidation in North Dakota

North Dakota MapNorth Dakota typically ranks well across many dimensions of consumer debt. For example, when considering home foreclosures, North Dakota has one of the lowest overall rates in the country, with a miniscule one in every 108,237 homes in foreclosure. Even in Stutsman County, the region with the highest rate of foreclosure, there is only one home out of every 9936 in a state of foreclosure. These low foreclosure rates are in spite of the state having a median sales price of $172,525, higher than the national average.

In North Dakota, the average credit card balance held by an individual is $4,188.69, which puts the state in 41st place. Similarly, when looking at lowest rates of personal debt in America, North Dakota is 23rd; only 5% of credit holders have past due debt. Of those credit holders, 19.2% have debt in collections, with an average amount of $5,265. Debt consolidation is one way that residents manage those debts in collections before financial challenges move beyond their control.

North Dakota tends to have the lowest rate of auto loan delinquency in the nation, with only 0.56% of all auto loan payments being paid late. Using Debt Consolidation to reduce the number of lenders, including auto lenders is one way to manage monthly payments.

Individual bankruptcy rates are also low in North Dakota. In a typical year, less than 1,600 residents file for bankruptcy at a rate of 2.47 people filing out of every 1000 members of the state population. Debt consolidation agencies help individuals avoid filing for bankruptcy, possibly helping the state achieve its 46th place ranking with low bankruptcy filing rates.

Student loan debt in North Dakota can vary widely depending on the institution of higher learning. For instance, the proportion of students graduating with debt from Dickinson State University is 65%, but that jumps to 91% at Mayville State.

 

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