Louisiana Debt Statistics


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

louisiana

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

☰ Use “CTRL+F” to quickly find statistics. There are total 20 Louisiana Debt Statistics on this page 🙂

Louisiana Debt “Latest” Statistics

  • According to Education Data Initiative, $22.5 billion in student loan debt belongs to Louisiana residents.[1]
  • The average student loan debt in Louisiana is $34,525.[1]
  • Federal reserve consumer finances survey people with college degrees carry higher credit card balances even though only 43% carry credit card debt compared with 52% who have some college and 47% who ended their education after high school.[2]
  • According to US Courts, nonbusiness filings (filings involving mainly consumer debt) constituted 97% of all Chapter 7 bankruptcies and 99% of all Chapter 13 bankruptcies.[3]
  • In the fourth quarter of 2021, 4% of all auto debt balances in the country were over 90 days delinquent.[4]
  • In 2018, the average mortgage debt in the state was $145,922, then jumped to $151,763, a 4 percent increase in a year.[5]
  • Experian reported an average mortgage debt level of $151,763 in Louisiana, representing an increase of 4.0% compared to 2018, and ranking the state 32nd in the nation.[6]
  • The average household credit card debt carried by Louisiana citizens is $7,260, 22.2% below the national average for indebted households of $9,333, placing them 25th nationwide.[6]
  • In Louisiana, the average debt per student borrower is $23,855, the seventh lowest in the nation.[7]
  • According to Southeastern Louisiana University, 51% of Louisiana students graduated with debt.[7]
  • Southeastern graduates reported an average debt of $19,356, 1.93% less than 2020.[7]
  • According to US News, Alabama, Louisiana, Florida, Alaska and Georgia have the highest shares of renters with debt, each at 20% or more.[8]

Louisiana Debt “Household” Statistics

  • The federal reserves survey of consumer finances’ most recent findings show that us households have an average credit card debt of $6,270.[2]
  • Black households had the lowest average debt of any group, at $3,940, which is 37% less than the national average.[2]
  • According to Self, the average VantageScore in Louisiana is 661 and the average household debt is $39,740.[5]

Louisiana Debt “House” Statistics

  • Alabama, Louisiana and Florida are among the states with the highest shares of households with rent debt providing more than 5.7 million households that are behind on payments nationally and owing nearly $20 billion total, according to recent data from a joint advocacy effort.[8]
  • According to USDA, single family housing repair loans and grants can be combined for up to $50,000 in assistance in Louisiana.[2]

Louisiana Debt “Other” Statistics

  • According to KALB, the nationwide total average auto loan balance per capita has increased from $2,960 to $5,210, an increase of around 76% since 2023.[4]
  • In Louisiana, the median amount of debt in collections climbed from $1,899 to $1,934 between February and October 2020.[9]
  • According to research from Student Loan Hero, in Louisiana, the average balance for both federal and private student loans is $33,823, 8% lower than the US average of $36,689.[10]

Also Read

How Useful is Louisiana Debt

One of the primary arguments in favor of taking on debt is that it allows states to fund important projects and investments that would otherwise be difficult to afford. From infrastructure improvements to public education funding, debt can serve as a crucial tool for addressing critical needs and stimulating economic growth.

However, the downside to accumulating debt cannot be overlooked. In Louisiana, high levels of debt have not only placed a significant strain on the state’s budget but have also led to credit downgrades and increased borrowing costs. This means that tax dollars that could be used for essential services are instead going toward paying off interest on loans.

Moreover, excessive debt can hinder a state’s ability to respond to unforeseen challenges and emergencies. With limited fiscal flexibility, Louisiana may find itself ill-equipped to tackle crises such as natural disasters or economic downturns. This could have serious repercussions for the state’s long-term financial health.

Another consideration is the impact that debt has on future generations. As Louisiana continues to rack up debt, it is essentially passing the burden onto its children and grandchildren. This intergenerational transfer of liabilities raises ethical questions about the responsibility of current policymakers to ensure that future generations are not unduly burdened by the financial decisions of today.

Of course, the usefulness of debt depends on how it is managed and allocated. Prudent borrowing for strategic investments can yield long-term benefits for the state, while reckless spending fueled by borrowing can lead to unsustainable levels of debt. Louisiana must carefully consider its debt strategy to ensure that it is prioritizing investments that will benefit its residents and boost economic prosperity.

In light of these considerations, it is clear that Louisiana’s high levels of debt raise important questions about the state’s financial health and sustainability. While debt can be a useful tool for addressing pressing needs and fostering growth, it must be managed responsibly to avoid dire consequences. Louisiana must balance its desire for fiscal flexibility with the imperative to ensure that the burden of debt remains manageable for current and future generations.

Ultimately, the usefulness of Louisiana’s debt hinges on the state’s ability to make smart financial decisions and allocate resources effectively. By carefully analyzing its debt obligations and prioritizing investments that will yield long-term benefits, Louisiana can work toward a more sustainable financial future.

Reference

  1. educationdata – https://educationdata.org/student-loan-debt-by-state
  2. valuepenguin – https://www.valuepenguin.com/average-credit-card-debt
  3. uscourts – https://www.uscourts.gov/news/2018/03/07/just-facts-consumer-bankruptcy-filings-2006-2017
  4. kalb – https://www.kalb.com/2022/06/29/louisiana-has-2-highest-auto-loan-balance-per-capita-nationwide/
  5. self – https://www.self.inc/info/average-credit-score-and-debt-louisiana/
  6. unitedsettlement – https://unitedsettlement.com/louisiana-debt-settlement/
  7. southeastern – http://www.southeastern.edu/news_media/news_releases/2021/june/lowest_student_debt_ranking.html
  8. usnews – https://www.usnews.com/news/best-states/articles/2021-05-17/data-shows-us-households-are-nearly-20-billion-in-debt-on-rent
  9. bizneworleans – https://www.bizneworleans.com/how-consumer-debt-in-louisiana-changed-during-the-pandemic/
  10. wafb – https://www.wafb.com/2021/12/23/data-shows-average-student-loan-balance-louisiana-residents-close-34000/

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