For Minnesotans struggling with medical, credit card, auto, payday or other types of debt, you can rest assured you’re not alone. Though The North Star State has a extremly strong economy with 2.6% GDP growth, and a low unemployment rate of 3.1% (#7 lowest in the US), many Minnesota residents have been left behind. In fact, 11.50% of residents live in poverty, and many have debt problems
The average Minnesotan has $2,870 in personal debt, plus $175,085 of mortgage debt for homeowners. On average, Minnesota residents carry a credit cardd balance of $5,622 and 68% of Minnesotans have student loan debt – $31,734 worth to be precise. Every year approximately 9,698 Minnesotans declare bankruptcy. Fortunately, there are plenty of Minnesota debt consolidation options to help you get back on track financially.
So whether you live in Minneapolis, Saint Paul, Minneapolis, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.
Table of Contents
The Best Debt Consolidation Companies in Minnesota (updated 2020)
Finding a legit debt consolidation firm can be tough. We’ve done the research and picked the [n] best debt consolidation firms in the state of Minnesota. Our criteria includes online reputation, breadth of services offered, and demonstration of expertise. All have at least an A rating with the Better Business Bureau.
Teton Asset Management LLC
200 Coon Rapids Blvd NW
Coon Rapids, MN, 55433-5876
(763) 235-4050
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Rating: 8.21/10
Minnesota Modifications
1 Groveland Ter Ste 104
Minneapolis, MN, 55403-1175
(612) 424-3959
–
Rating: 8.31/10
Innovative Credit Enhancement
3020 Old Highway A 102 102 A
Saint Paul, MN, 55113
(651) 283-9223
–
Rating: 8.41/10
Hispanic Solutions Group LLC
333 Washington Ave N Ste 300
Minneapolis, MN, 55401-1353
(651) 226-7656
http://hispanicsolutionsgroup.com/
Rating: 8.51/10
Goldman & Martin
PO Box 504
Hopkins, MN, 55343-0504
(952) 777-3930
–
Rating: 8.61/10
Global Debt Systems
2915 Wayzata Blvd
Minneapolis, MN, 55405-2145
(612) 234-1806
http://www.globaldebtsys.com
Rating: 8.72/10
Getten Credit Company
202 Snelling Ave N
Saint Paul, MN, 55104-6340
(651) 645-5881
http://gettencreditcompany.com
Rating: 8.82/10
Fourscore Resource Capital, LLC – St Louis Park
7900 Highway 7 Ste 200
St Louis Park, MN, 55426-4045
(952) 939-8100
http://www.fourscorellc.com
Rating: 8.93/10
Fourscore Resource Capital, LLC
PO Box 640
Minneapolis, MN, 55440-0640
(952) 939-8100
http://www.fourscorellc.com
Rating: 9.04/10
Fi-cial Sync, Inc.
1200 Centre Pointe Curve Ste 300
Mendota Heights, MN, 55120-1397
(651) 204-2153
http://www.fi-cialsync.com
Rating: 9.15/10
Diversified Retail Services, LLC
6066 Shingle Creek Pkwy STE 248
Brooklyn Center, MN, 55430-2316
(612) 369-7341
–
Rating: 9.26/10
Consumer Credit of Minnesota
5871 Cedar Lake Rd S Ste 105
Saint Louis Park, MN, 55416-1478
(952) 544-6800
http://www.ccofminnesota.com/
Rating: 9.37/10
AscensionPoint Recovery Services, LLC – Saint Louis Park
600 Highway 169 S STE 1520
Saint Louis Park, MN, 55426-1219
(763) 235-3710
http://www.ascensionpoint.com
Rating: 9.48/10
AscensionPoint Recovery Services, LLC
200 Coon Rapids Blvd NW Ste 200
Coon Rapids, MN, 55433-5867
(763) 235-3710
http://www.ascensionpoint.com
Rating: 9.6/10
Minnesota Debt Statistics
| Total Debt | $16,363,418 |
| Debt Per Capita | $2,870 |
| Debt Per Capita Rank | 31 |
Source: World Population Review
Minnesota Credit Card Debt Statistics
| Average Credit Card Balance | 677 |
| Average Credit Score | $5,622 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 43 |
| Avg Credit Score Rank (1=Highest Score) | 30 |
Source: Experian
Mortgage Debt in Minnesota
| Mortgage Debt Per Capita | $175,085 |
| Avg 30 yr Mortgage Rate | 3.97% |
| Avg 15 yr Mortgage Rate | 3.44% |
| Median Home Value | $239,900 |
| Avg Outstanding Mortgage Debt | $175,374 |
| Difference Between Value and Mortgage Debt | $64,526 |
| Avg Homeowner FICO Score | 733 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in Minnesota
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 350 |
| Max Payday Loan Term | 30 days |
| Max Payday Loan APR | 200% |
Source: Minnesota Government Website
Unemployment and the Economy of Minnesota
| Poverty Rate – Population | 11.50% |
| Poverty Rate – Population – Rank | 44 |
| Poverty Rate – Family | 7.50% |
| Poverty Rate – Family – Rank | 47 |
| Unemployment Rate (March 2020) | 3.1 |
| Unemployment Rank | 7 |
| GDP Growth | 2.6 |
| GDP Growth Rank | 20 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in Minnesota
| Percent of Population with Student Loans | 68% |
| Average Student Loan debt | $31,734 |
| Average Debt of New Graduates (2017-18) | $32,317 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 68% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 23 |
| Percent of Graduates at Schools with Usable Data | 78% |
| Nonfederal debt of graduates, as percent of total debt | 29% |
| Fall enrollment – Undergraduate total (IPEDS) | 299,295 |
| Tuition and Fees (in-district/in-state) | $16,740 |
| Total Cost of Attendance (on-campus) | $33,077 |
| Percent of Institutional Grants that are Need-Based | 73% |
Source: Value Penguin, TICAS
Cost of Living in Minnesota
| Annual Mean Wage (All Occupations) | $54,200 |
| Median Monthly Rent | $1,449 |
| Value of a Dollar | $1.03 |
| Cost of Living | 101.6 |
| Cost of Living Rank | 31 |
| Grocery Cost Index | 106.7 |
| Housing Cost Index | 88.3 |
| Utilities Cost Index | 96.8 |
| Transportation Cost Index | 103.7 |
| Miscellaneous Cost Index | 108.6 |
Source: World Population Review