For debtors in the North Star State, finding Minnesota debt help is the starting point to reclaiming your financial life. In the face of expenses that are higher than the national average, its difficult for many families in the state. Indeed, for Minnesotans trying to keep their budgets in check, high costs on housing, groceries, utilities, healthcare, and transportation provide a constant challenge. This has led to an average credit card debt of $5,110 per household. If you live in Minnesota and find yourself under water financially, you need the help of financial experts who can provide the information you need.
For families living in Minnesota, the state offers protection and programs like Minnesota debt consolidation programs, or other debt relief plans. Understanding the state’s statutes of limitations is important to knowing your rights under the consumer protection laws. Although it varies state by state, the statutes of limitations is a specific limitation on the time in which creditors can file legal action against you for past due debts. In the North Star State, the statutes of limitations on outstanding debts include:
Additionally, the state’s consumer protection laws ensures that collection efforts conform to established norms and procedures that limit the hours and places they can call to reach you for a payment.
Minnesota follows the set of laws known as the Fair Debt Collection Practices Act. Details include:
Debt collector and original creditor cannot:
Maximum Interest Rate a Collection Agency Can Charge in Minnesota: 6%
Minnesota Wage Protection: 75% of disposable weekly earnings (after tax income) or 40 times federal hourly minimum wage, whichever is greater
You don’t need to lose sleep at night over your debt, but you do need to get control of your finances if you ever hope to sleep soundly again. You need to discuss the range of debt management options available to you, and our team of financial experts is standing by to help you with the Minnesota debt relief plan that you need help you to get back on your financial feet. Get the night of good sleep you deserve with the help of Americor Financial.