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Debt Consolidation Loans in North Dakota: Best Credit Card Relief Programs & Settlement Help Companies


North Dakota has a relatively small population which is mainly employed by government, education, agriculture, and the oil/gas industries. Though anyone can find themselves in need of debt relief, the relatively small amount of diversity when it comes to employment opportunities makes some sectors of the population uniquely vulnerable to being overwhelmed by debt. This makes debt consolidation and relief resources especially important to North Dakota residents. If established and paid for properly, debt relief can be a blessing for qualified applicants. The socioeconomics, wealth distribution and ND-specific debt relief regulations should all be considered when studying or applying for the best debt consolidation loan in North Dakota.

Benefits of Debt Relief

Debt Consolidation Loans in North DakotaThe upside of debt consolidation is that it can substantially ease a borrower’s debt burden. Consolidating high-interest debt at a lower rate offers an obvious benefit due to less interest expense in a given monthly payment. The state-run Bank of North Dakota has a handy guide that outlines the benefits, terms, and rates that could apply to eligible applicants.

Debt Relief Candidates

People who have outstanding loans from school, credit cards, business loans or costly unexpected situations such as medical or legal issues can benefit from debt consolidation. That said, debt consolidation is not an automatic cure-all. It is often administered by private businesses that aim to make a profit. The Federal Trade Commission has an excellent outline of what debt relief seekers should have in mind when applying for debt consolidation. If your credit score is too low you can still talk to debt settlement companies as another possible option.

Socioeconomics in North Dakota

The latest data collected by the Bureau of Land Management specifies that North Dakota employers hired over 10,000 employees to work on the oil and gas sectors of the economy, with another 23,000 serving to support and conduct business with the direct employees. Scant employment in other energy ventures such as coal, soil and wind power illustrate North Dakota’s overbearing reliance on oil and gas production for continued prosperity. Debt consolidation programs would be wise to keep an eye on oil prices as well as the regulatory environment in North Dakota as a gauge of likely demand in the near future. Oil price collapse and consequent strain on employment could catapult debt relief demand in a surprisingly short time.

Wealth and Poverty Distribution

North Dakota is famous for the oil wealth it generates. Aside from natural resource wealth, overwhelmingly large portions of the state are largely rural. The counties that contain and are near Fargo, Bismark, Grand Forks and Minot have the highest relative wealth in the state. Rural counties generally see lower income and more widespread poverty, but exceptions in oil patch areas exist. Overall, North Dakota’s residents rely on sales of agricultural and fossil fuel commodities for a substantial portion of total income and state revenue. People who rely only on farming or petroleum exploration for income can suddenly find themselves in situations where debt relief becomes a priority.

Laws Regulations Overview

North Dakota laws largely comply with federal debt relief guidelines. Additionally, programs such as the Bank of North Dakota’s student debt relief help can assist with particular loan issues regarding student debt. Teacher and public service loan forgiveness programs give eligible applicants the chance to erase parts of their student loan obligations by completing the terms of employment stated by North Dakota law.


North Dakota offers an interesting study in loan forgiveness. Aside from the types of programs available for student loan relief all over the nation, North Dakota’s unique economic profile distinguishes it from many other states. Those working in oil or agricultural sectors may be tempted to make large investments based on high current or past incomes from those commodities. A sudden or persistent drop in prices can strain communities and budgets reliant on oil and crop prices, thereby making debt relief a high priority. If credit cards are your main source of debt stress then read more about how to eliminate credit card debt.