When you think of Minnesota, your first thought is probably Minneapolis. This bustling city is home to the largest mall in the U.S., the Mall of America. Here you’ll find more than 520 stores and 60 restaurants as well as the nation’s first indoor theme park and the state’s largest aquarium. Visitors often spend several days at the mall and still leave many parts unvisited!
Minnesota offers much more than one of the largest malls in the world. Foodies enjoy the state’s diverse food markets. In St. Paul, you’ll find Keg and Case, a brewery and market filled with local vendors offering sweets and coffee. And don’t miss Mercado Central, a Latino market specializing in Mexican and South American food.
Those looking for outdoor adventures can’t go wrong in Minnesota. No matter the season, there is something everyone can enjoy. Ice fishing is popular in Lake of the Woods, while snowshoers will enjoy Whitetail Woods in Farmington.
Finally, if you’re lucky enough to visit Minnesota in the summer, you can join in the numerous activities at the Minnesota State Fair, the largest fair in the nation.
Despite all of Minnesota’s activities, its residents still know the pain of financial struggles. Individuals dealing with Minnesota debt must balance their family’s needs with their debt obligations. As a result, many get caught up in too much debt and too little income to pay it off.
According to recent surveys, the average household in St. Paul, Minnesota, carries $9,039 in Minnesota debt. The national average credit card debt is $8,425.
In addition to high debt, Minnesotans struggle with a high cost of living. The cost-of-living index is 100 in Minnesota, with groceries being more expensive than in other parts of the nation.
Salaries in Minnesota are lower than expected compared with the state’s cost of living. The average Minnesotan earns a wage of $60,480, compared to the national average of $58,260. Of course, salaries vary widely across different market sectors, and individuals in the service sectors tend to fare the worst.
If you’re concerned about your Minnesota debt, use our convenient online calculator to determine how long it will take to pay off your creditors and how much you’ll pay in interest.
Fortunately, residents of Minnesota aren’t stuck paying down their debt for years to come. Americor offers several solutions to households tired of being financially bogged down by credit cards. To learn more, check out our links provided below: