The Best Minnesota Debt Consolidation Companies of 2020

For Minnesotans struggling with medical, credit card, auto, payday or other types of debt, you can rest assured you’re not alone. Though The North Star State has a extremly strong economy with 2.6% GDP growth, and a low unemployment rate of 3.1% (#7 lowest in the US), many Minnesota residents have been left behind. In fact, 11.50% of residents live in poverty, and many have debt problems

The average Minnesotan has $2,870 in personal debt, plus $175,085 of mortgage debt for homeowners. On average, Minnesota residents carry a credit cardd balance of $5,622 and 68% of Minnesotans have student loan debt – $31,734 worth to be precise. Every year approximately 9,698 Minnesotans declare bankruptcy. Fortunately, there are plenty of Minnesota debt consolidation options to help you get back on track financially.

So whether you live in Minneapolis, Saint Paul, Minneapolis, or somewhere in-between, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in Minnesota (updated 2020)

Finding a legit debt consolidation firm can be tough. We’ve done the research and picked the [n] best debt consolidation firms in the state of Minnesota. Our criteria includes online reputation, breadth of services offered, and demonstration of expertise. All have at least an A rating with the Better Business Bureau.

Teton Asset Management LLC

200 Coon Rapids Blvd NW
Coon Rapids, MN, 55433-5876
(763) 235-4050

Rating: 8.21/10

Minnesota Modifications

1 Groveland Ter Ste 104
Minneapolis, MN, 55403-1175
(612) 424-3959

Rating: 8.31/10

Innovative Credit Enhancement

3020 Old Highway A 102 102 A
Saint Paul, MN, 55113
(651) 283-9223

Rating: 8.41/10

Hispanic Solutions Group LLC

333 Washington Ave N Ste 300
Minneapolis, MN, 55401-1353
(651) 226-7656
http://hispanicsolutionsgroup.com/

Rating: 8.51/10

Goldman & Martin

PO Box 504
Hopkins, MN, 55343-0504
(952) 777-3930

Rating: 8.61/10

Global Debt Systems

2915 Wayzata Blvd
Minneapolis, MN, 55405-2145
(612) 234-1806
http://www.globaldebtsys.com

Rating: 8.72/10

Getten Credit Company

202 Snelling Ave N
Saint Paul, MN, 55104-6340
(651) 645-5881
http://gettencreditcompany.com

Rating: 8.82/10

Fourscore Resource Capital, LLC – St Louis Park

7900 Highway 7 Ste 200
St Louis Park, MN, 55426-4045
(952) 939-8100
http://www.fourscorellc.com

Rating: 8.93/10

Fourscore Resource Capital, LLC

PO Box 640
Minneapolis, MN, 55440-0640
(952) 939-8100
http://www.fourscorellc.com

Rating: 9.04/10

Fi-cial Sync, Inc.

1200 Centre Pointe Curve Ste 300
Mendota Heights, MN, 55120-1397
(651) 204-2153
http://www.fi-cialsync.com

Rating: 9.15/10

Diversified Retail Services, LLC

6066 Shingle Creek Pkwy STE 248
Brooklyn Center, MN, 55430-2316
(612) 369-7341

Rating: 9.26/10

Consumer Credit of Minnesota

5871 Cedar Lake Rd S Ste 105
Saint Louis Park, MN, 55416-1478
(952) 544-6800
http://www.ccofminnesota.com/

Rating: 9.37/10

AscensionPoint Recovery Services, LLC – Saint Louis Park

600 Highway 169 S STE 1520
Saint Louis Park, MN, 55426-1219
(763) 235-3710
http://www.ascensionpoint.com

Rating: 9.48/10

AscensionPoint Recovery Services, LLC

200 Coon Rapids Blvd NW Ste 200
Coon Rapids, MN, 55433-5867
(763) 235-3710
http://www.ascensionpoint.com

Rating: 9.6/10

Minnesota Debt Statistics

Total Debt$16,363,418
Debt Per Capita$2,870
Debt Per Capita Rank31

Source: World Population Review

Minnesota Credit Card Debt Statistics

Average Credit Card Balance677
Average Credit Score$5,622
Avg Credit Card Balance Rank (1 = Highest Balance)43
Avg Credit Score Rank (1=Highest Score)30

Source: Experian

Mortgage Debt in Minnesota

Mortgage Debt Per Capita$175,085
Avg 30 yr Mortgage Rate3.97%
Avg 15 yr Mortgage Rate3.44%
Median Home Value$239,900
Avg Outstanding Mortgage Debt$175,374
Difference Between Value and Mortgage Debt$64,526
Avg Homeowner FICO Score733

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in Minnesota

Payday Loan Legal StatusLegal
Max Payday Loan Amount350
Max Payday Loan Term30 days
Max Payday Loan APR200%

Source: Minnesota Government Website

Unemployment and the Economy of Minnesota

Poverty Rate – Population11.50%
Poverty Rate – Population – Rank44
Poverty Rate – Family7.50%
Poverty Rate – Family – Rank47
Unemployment Rate (March 2020)3.1
Unemployment Rank7
GDP Growth2.6
GDP Growth Rank20

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in Minnesota

Percent of Population with Student Loans68%
Average Student Loan debt$31,734
Average Debt of New Graduates (2017-18)$32,317
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)68%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)23
Percent of Graduates at Schools with Usable Data78%
Nonfederal debt of graduates, as percent of total debt29%
Fall enrollment – Undergraduate total (IPEDS)299,295
Tuition and Fees (in-district/in-state)$16,740
Total Cost of Attendance (on-campus)$33,077
Percent of Institutional Grants that are Need-Based73%

Source: Value Penguin, TICAS

Cost of Living in Minnesota

Annual Mean Wage (All Occupations)$54,200
Median Monthly Rent$1,449
Value of a Dollar$1.03
Cost of Living101.6
Cost of Living Rank31
Grocery Cost Index106.7
Housing Cost Index88.3
Utilities Cost Index96.8
Transportation Cost Index103.7
Miscellaneous Cost Index108.6

Source: World Population Review