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Minnesota

Minnesota gets a lot of grief over its weather and for good reason. It normally has very cold winters and hot, humid summers – with so many mosquitos that the city of Minneapolis sprays for them.

The good news for Minnesotans is that its unemployment rate is just 5.2% or one of the lowest in the U.S. In fact, it’s much better than the U.S. as a whole, where the unemployment rate is currently 6.7%.

Minnesotans have an average credit score of 739, which is definitely on the high side. If Minnesota were to apply for a car loan it would be seen by the lender as having a “very good to excellent” credit score. Plus, Minnesota’s average credit card debt is $4591 or well below the national average of $5235. When you add these statistics to its median household income of $61,795 and a home ownership of 76.1%, it becomes clear that Minnesotans are doing well financially.

If this weren’t enough, Minnesota is also the home of America’s largest mall called, not coincidentally, The Mall of America. It’s in Bloomington and the size of 78 football fields with 9.5 million square feet. In addition, the Minneapolis Sculpture Garden is the largest urban sculpture garden in the country and the Guthrie Theater is the largest regional playhouse in America. Despite its weather, Minneapolis has more golfers per capita than any city in the U.S. And its Metrodome is the only facility in the country to host a World Series, a Super Bowl and a NCAA Final Four Basketball Championship.

Minnesota’s total labor force numbers 2,641,110. The largest segment of this is Office and Administrative Support Occupations with 400,220 employees. Sales and Related Occupations comes in second with 271,500 workers and Food Preparation and Serving Related occupations accounts for 223,270 workers.

The state’s largest city is Minneapolis, followed by St. Paul and then Rochester. Minneapolis’ population is 392,880. St. Paul, which is the state’s capital, has a population of 290,770 and Rochester comes in third at 108,992.

As noted above, Minnesota’s unemployment rate is just 5.2%. Minneapolis’ unemployment rate is a bit better at 5.1% while Rochester’s is even better at 4.1%. Finally, St. Paul’s unemployment rate is 5.5%.

Credit Card Relief & Debt Settlement Options in Minnesota

Minnesota Debt Reduction and Debt Negotiation Laws

Looking for debt relief in Minnesota? Our debt consultants are always ready to speak with you and give you a free consultation – you can call now to see if you qualify:

(888) 703-4948

One way to reduce your debt in Minnesota is with debt settlement. Debt negotiation is a great program for reducing your debts with your creditors into one low monthly program payment. This method works because you pay less yet the creditor still recovers some of their loss had you gone bankrupt.

However, you may not have to even apply for debt negotiation if the statute of limitations is up in your state and the debt no longer appears on your credit report. Legally, credit companies must recover the debt in a period of time specified by the state or the debt is no longer recoverable after this time period. Read on to find out if the statute of limitations is up for you.

Debt Collection

(This is intended to be a helpful and informational debt resource for Minnesota consumers and does not constitute legal advice.)

Minnesota follows the set of federal laws dealing with collection agencies (and law firms that collect debts) that are collectively known as the Fair Debt Collection Practices Act (FDCPA).

  • Debt collector and original creditor cannot:
    • Use shame cards or shame automobiles, advertise or threaten to advertise for sale any claim in order to force payment
    • Transact business or hold oneself out as a debt prorater or debt adjuster, unless there is no charge to the debtor, or it is done in accordance to a court order
    • Use an automated message, unless a live operator tells the debtor that the message is from a debt collector and is intended to illicit payment
    • Imply that health care services will be withheld from the debtor in an emergency -fail to provide a receipt for cash payments
    • Contact a third party other than a co-inhabitant asking the debtor to contact the collector when the debtor has a listed phone number
  • During the first mail contact, the debt collector must include a disclosure asserting, “This collection agency is licensed by the Minnesota Department of Commerce”, in a font size that is equal to or larger than the largest font on the document.

Maximum Interest Rate a Collection Agency Can Charge in Minnesota: 6%

Minnesota Debt Law

Minnesota Wage Protection: 75% of disposable weekly earnings (after tax income) or 40 times federal hourly minimum wage, whichever is greater

Statute of Limitations

A statute of limitations is a law that sets forth the maximum period of time, after certain events, that legal proceedings based on those events may be initiated. For debt, the statutes of limitation apply to the maximum period of time after a consumer has become delinquent on their payments. The key point to remember is that you are considered delinquent not from the date of your last payment, but rather the day after you have gone past due. In other words, if you made your last payment on 3/3/03 and your next payment was due the same day of the next month, the statute of limitations on the debt would not start running until 4/4/04. The statutes of limitations vary from state to state and depend on the type of debt and where the original transaction took place (i.e. if you took the loan out in California but currently live in Minnesota, the applicable statutes of limitations would be California’s).

Oral Agreements: 6 years
Written Contracts: 6 years
Promissory Notes: 6 years
Open Accounts (credit cards): 6 years

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Whether you have unsecured credit cards, medical bills, personal loans or collection accounts, there’s help for you. National Debt Relief offers a free consultation. You can fill out our Short Application and one of our debt specialists will contact you within minutes, or you can call now – (888) 703-4948.

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