How Hennepin County's debt strategy could help your credit cards

Simple steps to reduce your debt

MINNEAPOLIS - Hennepin County is expected to pay off its Target Field debt ten years ahead of schedule, which could save taxpayers an estimated $150 million, according to the Hennepin County Board.

The county spent $350 million to help fund the $555 million stadium.

To pay for this debt, the county issued a .15 percent ballpark sales tax in the county back in 2006.

The county originally estimated paying off the debt by 2037, but after some help from the economy and some pragmatic investing, it’s now scheduled to be paid by 2027.

“We wanted to pay down the debt as soon as we could, and that’s what we did,” said Mike Opat, Hennepin County commissioner.

He says the county used three strategies to reduce the debt quicker: reinvest excess sales tax money back into the loans, refinance to lower interest rates, and pay off the smallest loan with the highest interest rate first.

What would happen if consumers paid off credit card debt the same way the county is paying off Target Field?

Watch the video.

© 2017 KARE-TV


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