Debt Consolidation in Action: Minnesota

Learn how debt is affecting Minnesotans and how credit counseling may help you find relief.

Although Minnesotans face similar challenges with debt that consumers face in other parts of the country, by and large they’re facing those challenges head-on to successfully overcome problems with debt. For example, statistics show less than one percent of credit card users are behind on payments, even though Minnesotans’ debt levels are close to the national average of $4,965 per borrower. And even though almost 14 percent of homeowners face challenges with underwater homes and negative equity, only 3 percent of those owners are behind on their mortgage payments.

If you’re struggling with debt and working to regain control, we may be able to help. Call Consolidated Credit at or complete an online application to request a free confidential debt evaluation from a certified credit counselor. With the right plan, you can face financial adversity, too, and regain control.

Debt statistics in Minnesota

Here’s a quick look at how debt is affecting you and your neighbors in Minnesota.

  • Average credit card debt: $4,541 per borrower[1]
  • 90-day credit card delinquency rate: 0.93%
  • Average student debt: $30,894
  • Student loan default rate: 12.00%
  • % of homes underwater (mortgage more than value): 13.92%
  • Mortgage delinquency rate for underwater homes: 2.82%
  • Average debt in collections: $5,682

[1] https://www.washingtonpost.com/blogs/govbeat/wp/2013/08/20/ranking-the-states-credit-card-debt/

All other statistics are brought to you by America’s Voice on Debt (AVOD)

Heather from Savage, MN

I called customer service and within minutes all of my questions were answered. I feel so much better now knowing I have a plan to get out of debt.

Where she started:

  • Total unsecured debt: $32,456.00
  • Estimated interest charges: $18,967.65
  • Time to payoff: 16 years
  • Total monthly payments: $1,298.24

After DMP enrollment:

  • Average negotiated interest rate: 7.29%
  • Total interest charges: $6,729.64
  • Time to payoff: 4 years, 5 months
  • Total monthly payment: $738.00
Time Saved:
11 years, 7 months
Monthly Savings:
$560.24
Interest Saved:
$12,238.01
Jacqueline from Monticello, MN

Consolidated Credit helped us to see a light at the end of the tunnel, when we had no hope left. Thank you!

Where she started:

  • Total unsecured debt: $48,498.00
  • Estimated interest charges: $27,960.42
  • Time to payoff: 14 years, 7 months
  • Total monthly payments: $1,939.92

After DMP enrollment:

  • Average negotiated interest rate: 3.58%
  • Total interest charges: $5,996.46
  • Time to payoff: 4 years, 4 months
  • Total monthly payment: $1,042.00
Time Saved:
10 years, 3 months
Monthly Savings:
$897.92
Interest Saved:
$21,963.96
Susan from Saint Paul, MN

This program has been such a great help. Thanks Consolidated!

Where she started:

  • Total unsecured debt: $18,090.00
  • Estimated interest charges: $9,867.62
  • Time to payoff: 11 years, 2 months
  • Total monthly payments: $732.00

After DMP enrollment:

  • Average negotiated interest rate: 5.05%
  • Total interest charges: $1,049.95
  • Time to payoff: 4 years, 2 months
  • Total monthly payment: $383.00
Time Saved:
7 years
Monthly Savings:
$349.20
Interest Saved:
$8,817.67