Kansas Debt Statistics


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

kansas

LLCBuddy editorial team did hours of research, collected all important statistics on Kansas 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 Kansas 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 Kansas 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 Kansas Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 15 Kansas Debt Statistics on this page 🙂

Kansas Debt “Latest” Statistics

  • According to the Institute of College Access and Success, the Kansas people has an average debt of $26,002 with a percentage of 60%.[1]
  • According to Education Data Initiative, $12.5 billion in student loan debt belongs to Kansas residents.[2]
  • In Kansas, $32,578 is the average student loan debt, and almost 383,700 student have loans.[2]
  • According to Credit Summit, the average Kansan has $2,590 in personal debt, plus $137,542 of mortgage debt per capita.[3]
  • Kansas residents have an open credit card balance of $5,155 and 59% of residents have a student loan, the average amount of which is $27,720.[3]
  • From 2020 to 2021, total consumer debt balances climbed by 5.4%, or $772 billion, to reach $15.31 trillion, more than double the 2.7% growth that occurred from 2019 to 2020.[4]
  • According to Experian, the total mortgage balance grew by 7.6% over the previous 12 months to a total of $10.29 trillion in 2021, and the total auto loan and lease balance grew by 5.8% to $1.43 trillion.[4]
  • Total household debt rose by $351 billion, or 2.2 percent, to reach $16.51 trillion in the third quarter of 2022, according to the latest Quarterly Report on Household Debt and Credit.[5]
  • According to Consolidated Credit, the average credit card debt per household in Kansas is $7,040.[6]
  • The average cardholder uses over 31% of their available credit. Anything over 30% will decrease your credit score, limiting your options for do-it-yourself debt relief.[6]
  • The typical American holds four credit cards, and Kansas residents report having a total debt of around $5,063, according to Experian.[7]
  • Less than 10% of defendants in debt collection actions from 2010 to 2019 had legal representation, compared to virtually all plaintiffs, according to research on the cases from 2010 to 2019.[8]

Kansas Debt “Other” Statistics

  • Debt collection lawsuits occupied an increasing percentage of civil dockets from an estimated 1 in 9 civil cases to 1 in 4 from 1993 to 2013, more than doubling from less than 1.7 million to nearly 4 million.[8]
  • Over the past decade in the jurisdictions, courts have resolved more than 70 percent of debt collection lawsuits with default judgments for the plaintiff.[8]
  • 75% of civil case judgments were for less than $5,200, which means that in most states, debt claims are typically filed in a limited or small claims court.[8]

Also Read

How Useful is Kansas Debt

One of the key arguments in favor of debt is that it allows governments to invest in projects that otherwise would not be possible due to budget constraints. By borrowing money, the state can finance large-scale infrastructure projects, such as highways, schools, and bridges, without the need to raise taxes or cut spending in other areas. These investments can lead to long-term economic growth and improved quality of life for residents.

However, the use of debt also comes with risks. High levels of debt can restrict a government’s ability to borrow in the future, limit its options for responding to economic downturns or emergencies, and increase the cost of servicing the debt through interest payments. In the case of Kansas, concerns have been raised about the state’s ability to continue to make payments on its debt without jeopardizing essential services or increasing the burden on taxpayers.

Furthermore, the use of debt can also lead to intergenerational inequity. The costs of repaying debt are often borne by future generations who did not directly benefit from the projects financed by the debt. This can create a situation where current residents enjoy the benefits of new infrastructure while passing the costs onto their children and grandchildren.

Another consideration is the impact of debt on the state’s credit rating. High levels of debt can lead to lower credit ratings, which can result in higher borrowing costs and reduced access to credit in the future. A lower credit rating can also signal to investors that the state may have trouble meeting its financial obligations, further increasing the cost of borrowing.

At the same time, debt can be a useful tool when managed responsibly. By using debt strategically to fund essential investments that will yield long-term benefits for the state, Kansas can stimulate economic growth, enhance public services, and improve overall quality of life. It is important for policymakers to carefully consider the costs and benefits of taking on additional debt and to prioritize investments that will provide the greatest return on investment.

Ultimately, the usefulness of Kansas debt will depend on how it is managed and allocated. Responsible debt management, careful prioritization of investments, and transparency in decision-making are key to ensuring that debt is used effectively to benefit the state and its residents. By striking a careful balance between leveraging debt to finance needed investments and maintaining fiscal responsibility, Kansas can navigate the challenges of debt and build a more prosperous future for all its residents.

Reference

  1. ticas – https://ticas.org/interactive-map/
  2. educationdata – https://educationdata.org/student-loan-debt-by-state
  3. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/kansas/
  4. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  5. newyorkfed – https://www.newyorkfed.org/microeconomics/hhdc/background.html
  6. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/kansas/
  7. incharge – https://www.incharge.org/debt-relief/credit-counseling/kansas/
  8. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts

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