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Tourists and families looking for a city with lots of culture and history can certainly do worse than St. Paul. The capital of Minnesota is rich in heritage, having several parks and museums that cater to those who love history. Even the houses hark back to the golden age of architecture. But it is unwise to think of St. Paul as an “old” city, as it has all the modern amenities of any major metro, including contemporary skyscrapers, and a collection of bars and entertainment venues.

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Economy and financial situation in St. Paul

In the old days, St. Paul’s economy was driven largely by agriculture. But this has shifted dramatically in the past decades, with farms and produce being more consolidated and concentrated, and bigger players having a much larger share of the economy. This has led to a bigger disparity between the rich and the poor, evident in the staggering 22.3% poverty rate. This is mildly offset by a relatively affordable housing, with monthly mortgages at $1,474 and monthly rentals at $838. Still, a relatively low per capita income of $26,622 is not probably enough for a lot residents to cope. Debt is certainly an option, but careful management is a must as to not be further imbibed in poverty.

Debt consolidation and what it can do for you

Debt consolidation offers a way to mitigate the extreme stress associated with having several debts. Instead of juggling multiple debts with different monthly due dates and risking penalties, a person with a good credit rating can get a new loan with longer terms and lower interest rate and then pay off the other current loans. You’ll have a much better chance of making on-time payments when you are just focused on one single loan account, therefore greatly reducing anxiety and stress. You will also have more time to resolve the cause of your financial troubles while still slowly paying off your debt.

Are there laws against debt consolidation?

The Fair Debt Collection Practices Act is a federal law that regulates how creditors implement their collection strategies. But when it comes to debt consolidation, it is a legal practice and there is no law against it. But as mentioned, there might be laws that govern the implementation of debt relief practices, and advice from a lawyer or trusted financial expert can go a long way towards helping you make an informed decision regarding debt consolidation.