Colorado Debt Statistics


Steve Goldstein
Steve Goldstein
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Colorado Debt Statistics 2023: Facts about Debt in Colorado reflect the current socio-economic condition of the state.

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LLCBuddy editorial team did hours of research, collected all important statistics on Colorado Debt, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a Colorado LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Colorado Debt Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any word.

Top Colorado Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 22 Colorado Debt Statistics on this page 🙂

Colorado “Latest” Debt Statistics

  • According to a research from 2016, collection agencies got about 10% of the total $729 billion in debt that was outstanding, demonstrating that this sector of the economy is worth billions of dollars.[1]
  • Nearly 7 in 10 Americans (69%) have financial concerns about the next 12 months.[2]
  • Total consumer debt balances increased 5.4% from 2020 to 2021 to $15.31 trillion, a $772 billion increase and more than double the 2.7% increase from 2019 through 2020, according to Experian.[3]
  • A 2016 Commonwealth Fund study found that 40% of persons between the ages of 19 and 64 reported having a poorer credit score as a result of medical debt.[1]
  • Nearly 64% of the 99 instances had debts for less than $1,000, with half of those debts being for less than $600.[1]
  • According to Experian, the total amount of consumer debt in the US reached $13.3 trillion at the end of 2018, with numerous categories setting new records.[4]
  • According to Experian, the average amount of debt that Colorado residents accumulated in the fourth quarter of 2018 and the fourth quarter of 2017 was $3,536.[4]
  • According to CCHI, 52% of individuals with just collection debt from unpaid medical claims had otherwise unblemished credit histories.[1]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff in the countries for which statistics are available.[5]
  • According to a HowMuch.net review of data from credit karma and the federal reserve bank, the per capita debt load in the country is $50,090.[4]

Colorado “Family” Debt Statistics

  • U.S. households that carry credit card debt will pay an average of $1,380 in interest this year, according to NerdWallet.[2]
  • Over the past year, nearly 3 in 10 Americans (28%) say their overall debt has increased, with 14% of Americans saying they’ve taken on medical debt during this time.[2]

Colorado “Household” Debt Statistics

  • NerdWallet’s annual look at household debt finds that credit card balances carried from month to month have increased over the past 12 months, totaling an estimated $460 billion as of September 2022.[2]
  • Median household income has grown by 44% since 2012, while overall expenses have increased by 28% in the same span.[2]

Colorado “Other” Debt Statistics

  • The mortgage delinquency rate fell from 1.8% in February 2020 to 1.0% in October 2020 which is likely due in large part to certain provisions of the CARES Act.[6]
  • In Colorado, the median amount of debt in collections fell from $1,682 to $1,637 between February and October 2020.[6]
  • The Colorado Loan Repayment Assistance Program (LRAP) is available to graduates working in qualifying public interest jobs and provided partial loan repayment awards in the amount of $6,500 to 52 qualified applicants in the 2022 award year.[6]
  • According to University of Colorado, on average, the annual student loan payment is 6% of annual earnings.[6]
  • At CU, Colorado residents earning bachelor’s degrees who graduate with debt have between $25,000 and $28,000, based on analysis by the Colorado Department of Higher Education.[6]
  • Colorado recently saw the passage of a ballot initiative limiting payday lending interest and fees to 36%.[1]
  • The most recent federal data (2014) found that almost 20% of credit reports had at least one medical collection account listed.[1]
  • According to US News, in terms of education in Colorado, after graduation, the average debt is $26,562.[1]

Also Read

How Useful is Colorado Debt

Debt, when used wisely, can be a useful tool for achieving financial goals. For example, taking out a mortgage to buy a home can be a smart decision for many individuals, as owning property can provide stability and potentially increase in value over time. Similarly, student loans can help individuals obtain an education that may lead to higher-paying jobs in the future. In cases like these, debt can be viewed as an investment in one’s future, with the potential for long-term benefits that outweigh the short-term costs.

On the other hand, debt can also be a slippery slope that leads to financial hardship and stress. When individuals accumulate high levels of debt without a clear plan for repayment, they may find themselves struggling to make ends meet and feeling weighed down by financial obligations. Credit card debt, for example, can quickly spiral out of control if left unchecked, leading to high interest rates and mounting fees that make it difficult to break free from the cycle of debt.

Whether debt is considered useful or detrimental largely depends on how it is managed and utilized. Responsible borrowing that takes into account one’s ability to repay can help individuals achieve their financial goals and build wealth over time. In contrast, reckless borrowing without regard for the consequences can lead to financial instability and hardship.

When considering whether to take on debt, individuals should carefully weigh the potential benefits against the risks. It is important to have a clear plan for repayment and to avoid taking on more debt than can be comfortably managed. Setting a budget, prioritizing needs over wants, and seeking financial advice when needed can all play a role in ensuring that debt is used responsibly.

Overall, the usefulness of Colorado debt ultimately comes down to how it is managed and utilized by individuals. When used wisely as a financial tool, debt can help individuals achieve their goals and build wealth over time. However, when debt is accumulated without a clear plan for repayment, it can quickly become a burden that weighs individuals down financially. By carefully considering the potential benefits and risks of debt, individuals can make informed decisions that align with their financial goals and priorities.

Reference

  1. cohealthinitiative – https://cohealthinitiative.org/articles/medical-debt-collections-cchis-deep-dive/
  2. nerdwallet – https://www.nerdwallet.com/blog/average-credit-card-debt-household/
  3. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  4. denverpost – https://www.denverpost.com/2019/07/19/colorado-debt-credit-experian-california/
  5. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  6. kiowacountypress – https://kiowacountypress.net/content/how-consumer-debt-colorado-changed-during-pandemic

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