Minnesota Debt Statistics


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

minnesota

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

☰ Use “CTRL+F” to quickly find statistics. There are total 21 Minnesota Debt Statistics on this page 🙂

Minnesota Debt “Latest” Statistics

  • According to Self, a cost of living that is 25% lower than the national average is one factor that undoubtedly helps Minnesotans in keeping their debt under control.[1]
  • According to the OHE, bachelor’s degree alumni from Saint John’s University who borrow have a tendency to graduate with more debt than graduates from Minnesota’s institutions as a whole, with a median debt of $31,800.[2]
  • According to Education Data Initiative, Minnesota has a student loan debt of $26.5 billion and the average student loan debt is $33,604.[3]
  • In the 10 years between 2007 and 2017, Minnesota’s average debt per borrower climbed by more than 31%.[1]
  • The projected total debt in Minnesota is $155.6 million dollars, with 53,000 families owing an average of $2,900 each.[4]
  • 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.[5]
  • According to MinnPost, 86% of 2017 bachelor’s degree graduates from for-profit institutions in the OHE dataset had student debt, which was a higher percentage than that of graduates from other kinds of schools.[2]
  • According to the 2022 Graduation Questionnaire survey by the Association of American Medical Colleges, medical students who graduated in 2022 had a median debt of $200,000.[6]
  • 70% of private non-profit bachelor’s degree grads graduated from college in debt.[2]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[5]

Minnesota Debt “Household” Statistics

  • According to census data, Minnesota’s median household income is close to $68,000 compared to the national median of $60,000.[2]
  • According to Self, the difference between household debt in Minnesota and the national average was more than $6,000 in 2003.[1]
  • United States household debt reached $16,505 billion in September 2022, compared with the reported number of $16,154 billion in the previous quarter.[7]
  • As of 2019, Minnesota ranked 14th in average total household debt at $55,380 per household.[1]
  • According to the Federal Reserve System, the median household debt-to-income ratio in Minnesota during the second quarter of 2020 stood at 1.41 to 1.51, which is below the national average of 1.51.[8]

Minnesota Debt “Other” Statistics

  • According to the Minnesota Multi Housing Association’s most recent study, rent costs in Minnesota were 95% for the best apartments and 86% for what is regarded as naturally affordable housing.[4]
  • 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.[5]
  • According to US News, at University of Minnesota, Twin Cities, the median federal loan debt among borrowers who completed their undergraduate degree is $19,500.[9]
  • 9% of graduating students at University of Minnesota, Twin Cities took out private loans and students with private loans had an average of $30,181 at graduation.[9]
  • According to Minnesota Chamber of Commerce, loans are up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. The average microloan is about $13,000.[10]
  • The Department of Education has approved approximately $16 billion in loan discharges for more than 680,000 borrowers.[11]

Also Read

How Useful is Minnesota Debt

Minnesota debt serves as a key tool for funding essential public services and infrastructure projects across the state. From transportation improvements to healthcare investments, debt allows the state government to make necessary investments without placing an undue burden on taxpayers. By spreading out the costs of these projects over time, debt financing ensures that essential services can be delivered efficiently and effectively, without requiring significant upfront payments.

Moreover, Minnesota debt can also be a strategic financial tool for managing economic fluctuations and uncertainties. During periods of economic downturn, debt can provide the necessary flexibility to bridge funding gaps and support critical programs and services. By leveraging debt to maintain stability and continue investing in the state’s future, Minnesota can navigate challenging economic cycles and emerge stronger and more resilient.

Critics of Minnesota debt often argue that borrowing money can lead to increased financial risks and potential budget constraints in the future. While it is true that debt comes with obligations and interest payments, responsible debt management can help mitigate these risks and ensure long-term sustainability. By adhering to prudent borrowing practices and maintaining a diversified portfolio of debt instruments, Minnesota can effectively manage its debt burden and minimize the potential negative impacts on the state’s financial health.

Furthermore, the usefulness of Minnesota debt also extends to its role in fostering economic growth and development. By financing key infrastructure projects and public investments, debt can help stimulate economic activity, create jobs, and attract new businesses to the state. These investments not only improve the quality of life for residents but also lay the groundwork for a strong and prosperous economy for generations to come.

In conclusion, the debate over the usefulness of Minnesota debt is a complex and multifaceted issue. While debt certainly comes with risks and challenges, it is also an essential tool for funding critical public services, managing economic uncertainties, and promoting long-term growth and development. By approaching debt management with caution and foresight, Minnesota can harness the benefits of debt while safeguarding the state’s financial stability and future prosperity.

Reference

  1. self – https://www.self.inc/info/average-credit-score-and-debt-minnesota/
  2. minnpost – https://www.minnpost.com/education/2019/05/how-bad-is-minnesotas-student-debt-situation/
  3. educationdata – https://educationdata.org/student-loan-debt-by-state
  4. minnpost – https://www.minnpost.com/state-government/2021/05/new-data-tool-estimates-53000-households-in-minnesota-behind-on-rent/
  5. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  6. umn – https://med.umn.edu/md-students/financial-aid/resources-managing-debt/average-debt
  7. ceicdata – https://www.ceicdata.com/en/indicator/united-states/household-debt
  8. thecentersquare – https://www.thecentersquare.com/minnesota/debt-to-income-ratio-of-minnesota-households-averaged-up-to-1-51-in-q2/article_a12a83e8-4581-11eb-bf0c-7f6542cc18e8.html
  9. usnews – https://www.usnews.com/best-colleges/university-of-minnesota-twin-cities-3969/paying
  10. mnchamber – https://www.mnchamber.com/economic-development-resources
  11. ed – https://www.ed.gov/news/press-releases/education-department-approves-415-million-borrower-defense-claims-including-former-devry-university-students

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