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Home to 5,519,952 American citizens, Minnesota is one of the more wealthy countries in the nation. With a median household income of $61,795, these residents typically sport a credit score of 739. This puts them in the very good to excellent range with the major credit bureaus.

Many of these residents own their own home at an estimated 76.1 percent of the state population. The average mortgage payment for a household is $848, while the average rent payment is $928. The unemployment rate is 5.2 percent, which is under the national average. The average credit card debt per household in Minnesota is $4591.

The three largest cities in this state are Minneapolis, St. Paul, and Rochester. Minneapolis has a population of 392,880 with an unemployment rate of 5.1 percent. The capital city, St. Paul, has a population of 290,770 with an unemployment rate of 5.5 percent. Lastly, Rochester has 108,992 residents and boasts an unemployment rate of 4.1 percent.

The three large cities make up about 30 percent of the entire 2,641,110 person workforce across the state. The most popular career fields are in Office and Administrative Support, Sales, and Food Preparation and Serving.

Bloomington, Minnesota is home to the nation’s largest mall, the Mall of America, which spans over 9.5 million square feet. That’s literally the size of 78 football fields. Minnesota is also home to the nation’s largest urban sculpture garden, Minneapolis Sculpture Garden, and largest regional playhouse, Guthrie Theater. It’s famous Metrodome was the only in the country to house multiple sporting events, including the NCAA Finals, the Super Bowl, and the World Series.

Credit Card Debt Settlement In Minnesota

For those who live in Minnesota and are struggling with credit card debt, debt settlement is an available option for you. This process will help lower your monthly payments. By contacting a debt settlement specialist you can avoid bankruptcy. The specialist will talk to creditors for you and come to an agreement about the total amount you owe. Typically they will help settle your outstanding credit card balances for less than the total amount owed.

Debt Collection and Negotiation Laws

There are specific laws set by the state of Minnesota regarding debt collection and wage protection. Minnesota debt law puts a cap of 6 percent on the interest rate that any debt collection company can charge. The wage protection for the state is 40 times the hourly minimum wage set by the Federal Government or 75 percent of a person’s after-tax weekly earnings. Whichever is higher is the rate of wage protection offered by the state.

The Federal Government has established a set of laws that limit that practices of collections agencies when attempting to collect a debt from consumers. These laws are referred to as the Fair Debt Collection Practices Act. The intent of these laws is to stop abusive debt collection practices while ensuring the debt collectors are not disadvantaged with the restrictions.

There are many sub-chapters written in this act. Let’s take a look at a couple of them:

Debt collectors may not speak to any third party regarding a borrower’s debt unless prior consent was given by the borrower.

Debt collectors may only contact borrowers between the hours of 8 am and 9 pm the borrower’s local time unless otherwise given consent.

Debt collectors may not use or threaten abusive, harmful, violent, or physical harm against the borrower, their reputation, or their property.

These are just a few examples outlined in the debt collection Act. Be sure to check out the FTC Website to read the entire list of your rights as a borrower.

Minnesota Statutes Of Limitations

Along with the other states, Minnesota has set a maximum amount of time that a creditor can take legal action against a borrower before they forfeit their right to do so. This time starts from the first date of delinquency in an account. For all written contracts, oral agreements, open accounts, and promissory notes there is a six-year limitation for legal action.

This means the creditor has up to six years from the time of the borrower’s first delinquency on their account to sue the borrower. If they fail to initiate legal action within this allotted time frame the creditor forfeits their right to take any legal action in the future. The borrower would be free from legal obligation from the creditor after this time.

No matter if you have credit card debt, medical bills, personal loans, or many other forms of debt that you can’t seem to get a handle on, contacting a debt settlement company can help. These trained professionals know how to deal with creditors to ensure you get the lowest settlement price possible on all your debt accounts. This is the ideal solution for anyone who has more debt than they can handle.