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Consumer Debt Facts in Northfield

Minnesota Consumer Debt Accumulation by County

Northfield Consumer Debt Accumulation

$228 dollars in debt in 2016

The average Northfield resident accumulated $228 dollars in debt in 2016. Northfield citizens racked up a total of $4.7 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Northfield?

Facing Debt: You have options

If you've got some serious debt accumulating, it can be extremely daunting. When the bills keep piling up, and you might not know where to turn to for help. Maybe you've heard a bit about debt consolidation but aren't too sure on how it can help you climb your way out from the hole you're in.

Debt consolidation doesn't have to be scary, and there are many options which will help you get out of debt faster. Research all of your options and then pick the one that works best for you and your financial situation.

Secured Debt Consolidation Loans in Northfield

Typically a secured debt consolidation loan allows you to lump most of your debt payments under a single bill at a lower rate than the individual rates you may have been getting. However, in order to secure a lower rate with a secured debt consolidation loan, you must have some type of asset to use as collateral, such as your home. More information on that can be found below.

How much of a loan you can get depends on the type of collateral you have and how much it's worth. These types of loans can also be repaid back over a long length of time, anywhere from 5 to 30 years, and they can often boost your credit rating if managed properly. Otherwise, you risk defaulting on the loan and losing the asset used as collateral.

Unsecured Debt Consolidation Loans in Northfield

Much like a secured debt consolidation loan, an unsecured debt consolidation loan lets you combine your debt payments under one lump sum with one interest rate. However, unlike a secured debt consolidation loan, you're not required to have an asset or collateral to receive such a loan.

Because you aren't offering up any collateral for such a loan, it's a much riskier loan for debt consolidators, and your interest rate could be somewhat high. These loans are determined according to your credit history and score, and the upside to an unsecured debt consolidation loan is that you aren't in jeopardy of losing your asset should you default.

Using a Home Equity Loan as Debt Consolidation in MN

A home equity loan lets you borrow money, using your home as collateral. This home equity loan is essentially a second mortgage that allows you to turn the equity on your home (the money your property is worth minus the amount you owe on it) into cash to be used at your discretion, such as debt consolidation. These loans are set up to be repaid quicker than your mortgage in equal payments with a fixed interest rate.

Home equity loans are secured loans which have the same risks and rewards already mentioned.

There are also programs which permit you to consolidate all of your credit card debt into one single payment (and interest rate). If you've got good credit, you could also be able to negotiate a lower interest rate on your credit cards, making it easier to repay.

Another option is to qualify for a new credit card at a low introductory interest rate (possibly as low as 0%) and transfer your credit card balance to your new card. While you're in your interest free rate, you should pay double payments in order to pay off your debt faster. But understand that the interest may very well be fairly high after the promotional period. Consider this way of consolidating debt only if you know you can pay off the debt while the introductory rate is in effect.

Another option with respect to debt consolidation is to enroll in a debt management program. A credit counseling agency will help you set up a debt management plan to help you pay off your debt as quickly as possible. This agency will also usually negotiate with your debtors so that they can reduce interest rates and fees.

Once the repayments are negotiated you will usually set up an account with the credit counseling agency and pay one lump sum a month into the account. The credit counseling agency will then disburse the payments out to each creditor. This benefits you because you only have to make one payment, and additionally it gives creditors more assurance that your payments will be made on time every month.

Credit counseling agencies can also help you develop a budget that's simple for you to follow and help alleviate some of the stress your debt has been causing you. If you stick to the plan a debt management program can help you save money, get rid of debt sooner and have a positive effect on your credit score.

Debt settlement is a strategy intended to pay off debts for less than you owe in a timeframe less than if you pay the debt in full. Debt Settlements are usually reserved for higher debt amounts of at least $10,000. Usually, the consumer enlists the help of a professional debt settlement company and/or lawfirm.

Those who choose to settle their debt can end up paying less than the full amount they owe. You will usually damage your credit in the short term, and there is a risk of litigration from creditors.

If you are serious about settling your debt, give us a call and we will see if you qualify.

Consumers have recently filed 10 debt or credit card complaints in Northfield.

Date Company and Reason
02/03/2015 A complaint against SYNCHRONY FINANCIAL was filed on 02/03/2015 regarding credit card practices
02/03/2015 A complaint against SYNCHRONY FINANCIAL was filed on 02/03/2015 regarding credit card practices
11/28/2014 A complaint against AMERICAN EXPRESS COMPANY was filed on 11/28/2014 regarding credit card practices
11/28/2014 A complaint against AMERICAN EXPRESS COMPANY was filed on 11/28/2014 regarding credit card practices
12/23/2013 A complaint against AMERICAN EXPRESS COMPANY was filed on 12/23/2013 regarding credit card practices
12/23/2013 A complaint against AMERICAN EXPRESS COMPANY was filed on 12/23/2013 regarding credit card practices
06/22/2012 A complaint against WELLS FARGO & COMPANY was filed on 06/22/2012 regarding credit card practices
06/22/2012 A complaint against WELLS FARGO & COMPANY was filed on 06/22/2012 regarding credit card practices
05/16/2012 A complaint against BANK OF AMERICA, NATIONAL ASSOCIATION was filed on 05/16/2012 regarding credit card practices
05/16/2012 A complaint against BANK OF AMERICA, NATIONAL ASSOCIATION was filed on 05/16/2012 regarding credit card practices

Last updated: 2018-04-12

Top Reasons for Debt in Northfield

OverSpending

The single most common form of debt help that people seek is for credit cards that got out of control.

Divorce

If you are going through a change in marital status in Northfield and can't pay all of the bills, we may be able to help.

Job Loss

When unemployment in Northfield rises, many consumers are left unable to pay their bills. Debt management options are available.

Medical Bills

Unexpected medical expenses happen. A simple treatment can be billed at outrageous rates. Many consumers prefer to settle their medical debt.

Dakota County, Minnesota annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 34 cities and towns in Dakota County, MN. The average citizen in Northfield is spending approximately $228 more dollars than they earned annually, compared to the average of $277 across Minnesota. All statistics according to the latest data(2016).

Highest Debt Cities in Dakota County Minnesota

  1. Vermillion ranks 1st out of 34 cities in Dakota County in consumer debt accumulation with $40 per resident on average in 2016.
  2. Vermillion ranks 1st out of 34 cities in Dakota County in consumer debt accumulation with $40 per resident on average in 2016.
  3. Sunfish Lake ranks 3rd out of 34 cities in Dakota County in consumer debt accumulation with $67 per resident on average in 2016.
  4. Sunfish Lake ranks 3rd out of 34 cities in Dakota County in consumer debt accumulation with $67 per resident on average in 2016.
  5. Farmington ranks 5th out of 34 cities in Dakota County in consumer debt accumulation with $81 per resident on average in 2016.
  6. Farmington ranks 5th out of 34 cities in Dakota County in consumer debt accumulation with $81 per resident on average in 2016.
  7. Rosemount ranks 7th out of 34 cities in Dakota County in consumer debt accumulation with $92 per resident on average in 2016.
  8. Rosemount ranks 7th out of 34 cities in Dakota County in consumer debt accumulation with $92 per resident on average in 2016.
  9. Lilydale ranks 9th out of 34 cities in Dakota County in consumer debt accumulation with $97 per resident on average in 2016.
  10. Lilydale ranks 9th out of 34 cities in Dakota County in consumer debt accumulation with $97 per resident on average in 2016.
  11. Lakeville ranks 11th out of 34 cities in Dakota County in consumer debt accumulation with $106 per resident on average in 2016.
  12. Lakeville ranks 11th out of 34 cities in Dakota County in consumer debt accumulation with $106 per resident on average in 2016.
  13. Apple Valley ranks 13th out of 34 cities in Dakota County in consumer debt accumulation with $120 per resident on average in 2016.
  14. Apple Valley ranks 13th out of 34 cities in Dakota County in consumer debt accumulation with $120 per resident on average in 2016.
  15. Mendota Heights ranks 15th out of 34 cities in Dakota County in consumer debt accumulation with $143 per resident on average in 2016.
  16. Mendota Heights ranks 15th out of 34 cities in Dakota County in consumer debt accumulation with $143 per resident on average in 2016.
  17. Inver Grove Heights ranks 17th out of 34 cities in Dakota County in consumer debt accumulation with $167 per resident on average in 2016.
  18. Inver Grove Heights ranks 17th out of 34 cities in Dakota County in consumer debt accumulation with $167 per resident on average in 2016.
  19. Burnsville ranks 19th out of 34 cities in Dakota County in consumer debt accumulation with $190 per resident on average in 2016.
  20. Burnsville ranks 19th out of 34 cities in Dakota County in consumer debt accumulation with $190 per resident on average in 2016.
  21. Randolph ranks 21st out of 34 cities in Dakota County in consumer debt accumulation with $212 per resident on average in 2016.
  22. Randolph ranks 21st out of 34 cities in Dakota County in consumer debt accumulation with $212 per resident on average in 2016.
  23. Eagan ranks 23rd out of 34 cities in Dakota County in consumer debt accumulation with $218 per resident on average in 2016.
  24. Eagan ranks 23rd out of 34 cities in Dakota County in consumer debt accumulation with $218 per resident on average in 2016.
  25. Northfield ranks 25th out of 34 cities in Dakota County in consumer debt accumulation with $228 per resident on average in 2016.
  26. Northfield ranks 25th out of 34 cities in Dakota County in consumer debt accumulation with $228 per resident on average in 2016.
  27. West St. Paul ranks 27th out of 34 cities in Dakota County in consumer debt accumulation with $248 per resident on average in 2016.
  28. West St. Paul ranks 27th out of 34 cities in Dakota County in consumer debt accumulation with $248 per resident on average in 2016.
  29. Hastings ranks 29th out of 34 cities in Dakota County in consumer debt accumulation with $290 per resident on average in 2016.
  30. Hastings ranks 29th out of 34 cities in Dakota County in consumer debt accumulation with $290 per resident on average in 2016.
  31. South St. Paul ranks 31st out of 34 cities in Dakota County in consumer debt accumulation with $335 per resident on average in 2016.
  32. South St. Paul ranks 31st out of 34 cities in Dakota County in consumer debt accumulation with $335 per resident on average in 2016.
  33. Mendota ranks 33rd out of 34 cities in Dakota County in consumer debt accumulation with $534 per resident on average in 2016.
  34. Mendota ranks 33rd out of 34 cities in Dakota County in consumer debt accumulation with $534 per resident on average in 2016.
How does Dakota County rank in Minnesota?
Minnesota County Debt Distribution

5 counties in Minnesota accumulated $500+ in debt in 2016. Northfield averaged $228 per resident.

Debt-Consolidation.com

Rice County, Minnesota annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 6 cities and towns in Rice County, MN. The average citizen in Northfield is spending approximately $228 more dollars than they earned annually, compared to the average of $277 across Minnesota. All statistics according to the latest data(2016).

Highest Debt Cities in Rice County Minnesota

  1. Northfield ranks 1st out of 6 cities in Rice County in consumer debt accumulation with $228 per resident on average in 2016.
  2. Northfield ranks 1st out of 6 cities in Rice County in consumer debt accumulation with $228 per resident on average in 2016.
  3. Morristown ranks 3rd out of 6 cities in Rice County in consumer debt accumulation with $241 per resident on average in 2016.
  4. Morristown ranks 3rd out of 6 cities in Rice County in consumer debt accumulation with $241 per resident on average in 2016.
  5. Faribault ranks 5th out of 6 cities in Rice County in consumer debt accumulation with $252 per resident on average in 2016.
  6. Faribault ranks 5th out of 6 cities in Rice County in consumer debt accumulation with $252 per resident on average in 2016.
How does Rice County rank in Minnesota?
Minnesota County Debt Distribution

5 counties in Minnesota accumulated $500+ in debt in 2016. Northfield averaged $228 per resident.

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