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If you’re seeking a way out of debt, we know how you feel. Many of the providers of CareOne Debt Relief Services® have been in your shoes, and we know how to get out. Over the years we’ve helped millions of people across the country, including in Minnesota.
According to our internal data, the number of Minnesota residents seeking relief was up almost 50% from 2010 to 2011, which was 26% higher than the national average. The actual amount of debt owed is high too, increasing 29% during year over year—which was 44% higher than the national average.
The figures are especially sobering for college-aged Minnesota residents. Our data shows that the number of 18-24-year-olds seeking debt relief leapt 52% from 2010 to 2011, landing at 9% above the national average. Why the steep rise? One culprit might be student loan debt. According to the Winona Daily News1, state funding for higher education has plummeted over the last decade. While students were once responsible for about a third of their tuition with the rest supplemented by the state, the numbers have reversed. Minnesota students are now borrowing an average of $29,000 for college tuition, making the state the fifth highest in the country for student debt. Many students take out loans or use credit cards to fund their education and their day-to-day living expenses, racking up debt that can linger for decades.
Minnesotans are struggling with high levels of debt for a variety of reasons. The good news is that you do have options and help is available. For example, our Debt Management Plans (DMPs) consolidate your unsecured debts into one affordable monthly payment, helping you pay back your unsecured debt faster and at a lower interest rate. For some customers a Debt Settlement Plan (DSP) is more appropriate. With a DSP, you deposit money into e an escrow account into which you’ll make regular monthly deposits while we work with your creditors to reach a settlement. Once we agree on a settlement, we’ll make payments from the money in your escrow account.
Many of the providers of CareOne Debt Relief Services have been in your shoes and understand what it’s like to struggle with debt. That’s why we’re committed to helping people in Utah work toward a debt-free life through our multiple debt consolidation options. Our Certified Personal Finance Counselors® will work with you to create a personalized solution based on your unique situation.