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Helping State Residents Understand Options For Consolidation

Consolidate Qualifying Bills Into One Lower Monthly Payment

  • See your qualifying accounts
  • Compare best consolidation options
  • Request one lower monthly payment
  • Avoid bankruptcy

Join 300,000 Minnesota residents.

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A Message of Hope...

These are uncertain times for everyone. We have a message of hope for you, your family and your neighbors. We're committed to guide and support you. We believe there's no place for passing judgment, only lifting each other up as we work together to remove the burden of financial difficulties. Together we are stronger.

Help For Minnesota Residents

Debt consolidation options provide a vital lifeline for Minnesota residents who are struggling to keep up with minimum payments, those who have fallen behind, or those who are being forced to use credit cards or personal loans to take care of personal or business expenses.

Which Accounts Are Eligible?

Most of these accounts are eligible: credit cards, store cards, medical bills, personal loans, and other unsecured debts not backed by collateral.

What Are The Benefits?

These plans are designed to consolidate all qualifying accounts into one lower monthly payment so you can resolve financial burdens faster without declaring bankruptcy. This could immediately provide much-needed breathing room for you each month.

We're here to help you. We've served over 300,000 Minnesota residents since 2009.

Need Credit Card Debt Consolidation?

Many Minnesota residents struggling with credit cards and other unsecured debts are may be in search a debt relief option that will not only provide much-needed relief, but possibly save a substantial amount of money each month. The goal behind a debt consolidation plan is to combine or "consolidate" all of your high interest unsecured debts into a single, less stressful, and more structured payment each month made to a debt consolidation company. The debt consolidation, or credit counseling company then has the task of distributing on time payments to each of your creditors until all debts in the program are paid off, or resolved. Before we go into the details of how a debt consolidation debt relief program works, it's important to understand how a credit card debt consolidation debt relief program differs from a debt consolidation loan.

To learn more about your available debt relief options, take a moment to answer some simple questions to get a free debt relief savings estimate. Start here.

How is Debt Consolidation Different from a Debt Consolidation Loan?

While the goals of both debt consolidation debt relief and a standard debt consolidation loan are very similar, the method of getting relief is quite different. In the case of a debt consolidation or debt management plan coordinated by a credit or debt counselor, the goal is to gain an understanding of the debt load a consumer is facing, the amount of money each month that can reasonably be allocated to payoff or pay down debts, and then design a personalized plan that "consolidates" multiple high interest consumer debts into a single, more affordable, payment each month. These plans can help consumers resolve debts as quickly as possible, at a pace they can afford.

If you are in need of debt relief assistance: Get a free debt relief analysis and savings estimate from a BBB-accredited provider at no obligation.

In contrast, a debt consolidation loan involves taking multiple high interest credit cards and other debts and paying them off all at once with the proceeds from a debt consolidation loan. In theory, a debt consolidation loan makes perfect sense in that it can "convert" multiple high interest debts into a single, lower interest rate loan. However, many consumers should be aware that debt consolidation loans typically require that a home or other asset be used as collateral to get approved for the loan. That means if consumers, already struggling with debts, suddenly hit a rough patch financially, they could be putting their home or other asset at risk. What this means is, they may have traded "unsecured" debt that doesn't put their home at risk into a "secured" debt that puts their home at risk.

In addition, many consumers who pay off credit cards with the proceeds from a debt consolidation loan end up quickly accumulating a whole new round of credit card debts. In this scenario, consumers now have BOTH a debt consolidation loan and multiple high interest credit cards to deal with and to pay off. Thus, the situation has gone from bad to worse and the cycle of debt continues.

Benefits of a Debt Consolidation Program

The goal of debt consolidation or credit counseling, also known as a debt management program (DMP), is to combine or consolidate multiple high-interest consumer debts into a single, more manageable payment each month. Through the benefits of debt relief such as lower, more lenient interest rates and the removal of late fees and penalties, a debt management plan coordinated by a credit counselor or debt counselor can provide personalized assistance for consumers who need a proven, predictable, accelerated path out of debt.

How are plans customized for each debtor? A credit counselor (or debt counselor) typically will interview consumers to gain a clear understanding of all of their debts. Then they will conduct a budget analysis with consumers to find out how much money can be realistically allocated each month to pay down those debts. Finally, based on this information they will come up with a game plan and send proposals to each of the consumer's creditors requesting the benefits of debt relief for the individual or family experiencing financial hardship. These benefits can include lower interest rates, a waiving of late fees and penalties, and generally more favorable repayment terms. Those creditors who agree to the proposals are then added to the debt management plan. For those that do not, consumers are still obligated with creditors according to the terms of their original agreements. Overall, debt consolidation or debt management plans can be very effective and save a substantial amount of money IF consumers STOP using credit cards AND begin the process of paying down the principal amount of debt on time, month after month, at a LOWER INTEREST RATE.

Will a debt consolidation or debt management plan help you resolve debts faster and how much could you save? Find out by requesting your Free Debt Relief Evaluation and Savings Estimate.

State Programs for Low-Income Families and Individuals

Residents of Minnesota, like many across the country, are struggling and experiencing financial hardships that make it difficult to obtain life's basic essentials, such as food, utilities, rent, or even childcare. To help people who need financial assistance, including the elderly and those needing medical assistance, the state of Minnesota has programs and services that help these people get what they need, acting as a sort of lifeline. Examples of such programs include the Children's Health Insurance Program or CHIP, Medicaid, and Minnesota Head Start. To find out more about these services and resources, go to the state's homepage Benefits section.

Comparing Debt Consolidation with Debt Settlement

Debt consolidation or credit counseling is a method of debt relief that has helped many individuals and families, but it's worth noting that debt management requires discipline and a certain amount of restraint to avoid relying credit cards. In addition, the program normally takes three to five years to complete and for the consumer to take advantage of all the money saving benefits of the plan. On the other hand, an alternative to debt management is debt settlement, considered a more aggressive form of debt relief that may help consumers, facing the prospects of bankruptcy, get out of credit card debt faster, assuming they can accumulate money in a "set aside" designated account which can later be used as the funding source to reach a settlement with individual creditors.

With debt settlement, it's customary, that if consumers fall seriously behind in payments, credit card companies may decide eventually to "sell off" debt as "bad debt" to a collection agency. In this scenario, creditors may get as little as 10 cents on the dollar, so it stands to reason that credit card companies may be willing to accept a reasonable settlement offer made by the consumer or by a debt settlement company working on the consumer's behalf to negotiate a settlement. Be aware that when consumers default on the terms of credit card agreements in order to set aside monies in a settlement account, creditors may threaten or take legal action. In addition, money saved through credit card negotiated settlements are subject to federal taxation. Finally, debt settlement typically will have a negative impact on one's personal credit, but not as serious or long lasting of an impact as personal bankruptcy.

To learn more about your debt relief options, request Your Free Debt Relief Evaluation and Savings Estimate.

Creditors calling?

When you're falling behind with credit card debts and creditors are calling – it feels great to know that there's bankruptcy alternatives to lower your payments and get you out of debt much faster than you ever imagined.

Unexpected bills

Credit card debts and unexpected medical bills can put you in a real bind. Fortunately, bankruptcy alternatives can help save you money and get you out of debt faster.

A brighter future

When you work hard to provide a bright future for your children, you don't want high interest credit card debts to get in the way. You need a proven path to become debt free as quickly as possible.

Debts piling up

When you own your own business, it's easy for credit card debts to become a problem – bills piling up, creditors calling, and you need a way out. The good news is there are bankruptcy alternatives that can help you save money each month and take control of credit card debts.

Supporting a family

Credit card debts can add up quickly, especially when families run into unexpected expenses like medical bills, or loss of a job. The good news is there are hardship programs that can help you.

Financial hardships

When you go through tough times and credit card debt start closing in on you – it feels good to know there are hardship programs to help you get back on track.

Retire debt free

When you're planning for retirement, paying monthly credit card minimums will get in the way of your dreams. The good news is there are hardship relief programs that can help you save money each month and help you get out of debt faster.
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