Home » Debt Relief Programs in Action: Case Studies from Real Clients » Minnesota

Debt Relief Minnesota

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

When it comes to overcoming challenges with credit card debt, Minnesota credit users are ahead of the game. They have lower than average balances, fewer delinquencies, and an average credit score of 709. But that’s not to say that there aren’t some credit users who are struggling. With an average balance of over $6,700, some residents are finding it difficult to get out of debt using traditional monthly payments.

The good news is that there’s a program that can make it faster and easier to pay off credit card debt. A debt management program helps reduce or eliminate interest charges, so you can get out of debt faster. If you’re struggling with debt and working to regain control, we may be able to help. Call Consolidated Credit at (844) 276-1544 to request a free confidential debt evaluation from a certified credit counselor.

If minimum payments are getting you nowhere quickly, talk to a certified credit counselor to find the best solution to eliminate your balances fast.

Minnesota credit card debt statistics

Here’s a quick look at how credit card debt currently impacts cardholders in Minnesota.

Average credit card debt per household: $6,761 ^[1]
Average available credit limit: $17,023 ^[2]
Credit utilization ratio (debt vs available limit): 27.87% ^[2]
Average number of cards: 2.97 ^[3]
% of accounts that are delinquent (at least 90 days past due): 5.57% ^[4]
Average credit score: 709 ^[3]
Most popular type of credit card: Cash back rewards ^[5]

Debt relief Minnesota: See our program in action!

These case studies come from real clients of Consolidated Credit who live in Minnesota. This can give you an idea of how we’ve helped your neighbors, so you can decide if credit counseling is right for you, too.

Case Study

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

Case Study

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

Case Study

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

Ready to see if a debt management program can help you, too? Get a free debt and budget evaluation from a certified credit counselor now.

Sources:

[1] https://www.valuepenguin.com/average-credit-card-debt#by-region

[2] https://www.creditsesame.com/blog/credit-cards/states-maxing-out-their-credit-cards/

[3] https://www.experian.com/blogs/ask-experian/state-of-credit/

[4] https://www.creditsesame.com/blog/debt/states-that-dont-pay-bill-on-time/

[5] https://www.nerdwallet.com/blog/credit-cards/most-popular-credit-cards-state-map-2015/