Minnesota gained statehood in 1858 and has been a major settlement for Central and Northern Europeans looking for prosperity. Perhaps those many nomads from Germany and the Scandinavian countries were drawn to the similar frigid weather of their homelands.
Typically more than 75 inches of snow falls each year in Minnesota which makes the state the perfect living arrangement for lover’s of winter sports.
The state is called the “Land of Lakes” for good reason as the state boasts nearly 12,000 separate bodies of water. That’s the reason why the Los Angeles Lakers – a team that originated in Minnesota and moved to the West Coast in the 1960s is called just that.
Big business hails from Minnesota and its largest cities: St. Paul, Minneapolis, Bloomington and Duluth. Target, General Mills, 3M and United Health Group were all founded in Minnesota. In addition, the global medical research group, the Mayo Clinic is headquartered in the state.
Is Minnesota Debt Free?
Minnesota ranks at the low end of the country’s average credit card debt at 36th in the nation with an average household debt at $6,761. Even more impressive than their low debt is the fact that the average credit score in Minnesota is 40 points above the national average at 709.
The one debt area where Minnesota is behind the curve is its increasing student loan debt at $24.7 billion. More than two-thirds of Minnesota students seeking a bachelor’s degree in 2017 needed to secure a loan to pay for school.
Minnesota Debt Fast Facts
- Population: 5.5 million
- Median Household Income: $70,315
- Average Credit Score: 709 (the national average is 669)
- Average Credit Card Debt: $6,761
- Average Student Loan Debt: $31,995
- State Debt Total: $17.2 billion
Debt Relief Laws That Aid Minnesota Citizens
Disclaimer: The information shared herein is intended to be a free resource for Minnesota consumers looking to dismiss debt and does not constitute legal advice.
Whether battling credit card debt, medical debt or private student loan debt, Minnesota has long been known for passing laws that aggressively protect its citizens and seek to dismiss debt.
If you are embroiled in a deepening debt situation in Minnesota, Resolvly can help find an expert team of seasoned debt resolution lawyers to help eliminate debt or at least dismiss debt as soon as possible.
The Fair Debt Collection Practices Act
There are many ways to get debt resolution and fight harassing debt collectors and avoid or defend a debt lawsuit. In one case, every consumer has specific rights invoking the federal laws outlined in the Fair Debt Collection Practices Act (FDCPA).
The FDCPA as it relates to Minnesota residents specifies exactly what a third-party debt collection service can and cannot do. For example, a collector can only call an individual between the local hours of 8am and 9pm. In addition, collectors cannot harass individuals or threaten a citizen with bodily harm or the potential of arrest.
Whether battling credit card debt or medical debt, Minnesota residents in debt also have the ability to stop collectors from repeat callings by sending a physical letter to the agency requesting a cease and desist from the pestering calls. If the FDCPA is violated, you can sometimes dismiss debt with the aid of a debt defense attorney who can help you get out of debt and also seek damages and attorney fees.
The Fair Credit Reporting Act
Another consumer protection law designed to assist Minnesota residents from false or misleading credit information is the Fair Credit Reporting Act (FCRA). The FCRA protects the privacy and accuracy of your personal credit history. If an entity violates your rights outlined in the FCRA, there are legal actions that could not only dismiss debt, but earn monetary damages in addition to the recoupment of attorneys’ fees.
Let Resolvly Find The Right Debt Relief Lawyer
When it comes to dealing with debt – whether medical debt or credit card debt – ignoring the problem won’t make you suddenly debt free. Utilizing the legal referral service of Resolvly, can help you hire a lawyer to get out of debt by helping you understand your specific circumstances, and clear the path to debt relief and dismissing debt.
We work with consumer protection lawyers trained in debt relief to protect your rights, fight harassing debt collectors and hopefully eliminate debt completely.
Resolvly helps you hire a lawyer to hopefully dismiss debt and avoid debt collectors so that you can live debt free. Our goal is to help you attain true financial freedom and debt resolution. We offer a free consultation designed to refer you to a consumer defense attorney who will work to eliminate your debt. Simply call 844-479-3457 to speak with a debt freedom specialist who will help guide you on the path toward debt resolution so you can once again be debt free.