Debt Consolidation MN

Consolidating debt in Minnesota can be a great way to lower your bills and make paying all your credit cards and other debts cheaper and easier. Check out more about different debt consolidators in MN.

How Much Debt is the Average Minnesota Resident in?

Minnesota’s household debt is regularly higher than the national average.
Minnesota ranked 14th in total household debt in 2019, with an average of $55,380 per family.
Minnesota has a debt-to-income ratio of 1.41, which is in the middle of the pack.

So, how can a state manage to carry continually above-average debt while maintaining such a high credit score? While Minnesota’s debt level is higher than the national average, the gap appears to be closing.
The difference between Minnesota’s household debt and the national average was more than $6,000 in 2003. The gap was well over $5,000 in 2007, shortly before the recession. The difference is less than $4,000 in 2019.

Best Debt Consolidation Loans in Minnesota

Upgrade is a debt consolidation lender for those in Minnesota, APR is 5.94-35.97%. The term is 3-5 years and a max of $50,000.

Lightstream is a debt consolidation lender which has an APR of 4.98% with a loan term of 2-7 years. Their max loan size is $100,000.

Best Egg is a debt consolidator for Minnesota, APR is 5.99% for 3-5 years. The max loan is $50,000.

SoFi is a debt consolidator for Minnesota, APR 4.99-19.63%. The term is 1-5 years with a maximum of $100,000.

PenFed offers debt consolidation loans in Minnesota. The APR is from 5.99 – 17.99% for 1-5 years with a maximum of $50,000.

PayOff‘s loans offer an APR of 5.99% for a 2-5 year term. The maximum loan is $35,000.

Marcus offers AZ debt consolidation loans for APR 6.99-19.99% for 3-6 years. Loans max out at $40,000.

Avant is a debt consolidator than has an APR of 9.95 – 35.99% for 2-5 years. The maximum loan amount is $35,000.

LendingClub‘s debt consolidation loans have an APR 7-35%. The loan term is 3-5 years and the max you can borrow is $40,000.

Freedom Debt Relief also offers debt consolidation across the country but they don’t publicize their rates.

Check out a full list of debt consolidation lenders for Minnesota here.