Mississippi Debt Statistics

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

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

☰ Use “CTRL+F” to quickly find statistics. There are total 16 Mississippi Debt Statistics on this page 🙂

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Mississippi Debt “Latest” Statistics

• According to InCharge, Mississippi residents carry an average of $5,134 in credit card debt, 17% below the average national average of $6,194.^[1]
• Farm sector debt is forecast to increase by $27.8 billion (5.9%) in 2022 to $501.9 billion in nominal terms but it is forecast to fall by 0.4% when adjusted for inflation.^[2]
• 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.^[3]
• About 400,000 individuals in the state have student loan debt, with an average monthly payment of $225.^[1]
• Debt-to-asset levels for the sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.^[2]
• According to Consolidated Credit, the average credit card debt per household is $6,673 in Mississippi.^[4]
• Mississippi residents carry a credit card balance of $5,911 and 58% of Mississippians have student loan debt – $30,439 worth to be precise.^[5]
• 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.^[6]
• Farm enterprises make up half of US farms, but they provide more than 90% of the value of the industry’s output and control the majority of its assets and debt.^[7]
• Experian has produced data on student loans that reveals Mississippi has an average student loan debt per borrower of $35,478, up 9.4% over the previous year and 36% from 2014, according to the statistics.^[8]

Mississippi 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.^[6]
• According to US News, at Mississippi State University, the median federal loan debt among borrowers who completed their undergraduate degree is $22,500.^[9]
• The median monthly federal loan payment for student federal loan borrowers who graduated is $225.^[9]
• According to Experian, the average mortgage debt is $121,608, a 2.1% increase compared to 2018, but third lowest in the country.^[8]
• 11% of graduating students at Mississippi State University took out private loans and students with private loans had an average of $26,568 at graduation.^[9]
• Federal and private student loan borrowers in the state owe an average of $33,182. That’s less than the national average, but had been increasing for the ten-year period from 2009-2019.^[1]

Also Read

How Useful is Mississippi Debt

One of the key arguments in favor of using debt in Mississippi is that it allows the state to fund important infrastructure projects that could otherwise not be completed. From building and maintaining roads and bridges to constructing schools and public buildings, debt can provide the upfront funding needed to address vital public needs. By borrowing money to finance these projects, the state can make upfront investments in key infrastructure and resources that will benefit the state’s residents for years to come.

In addition to funding infrastructure projects, debt can also play a crucial role in helping to support education in Mississippi. By borrowing money to fund education initiatives, the state can make investments in its students and educators that can help to improve educational outcomes and opportunities. Whether it’s funding new programs, hiring additional teachers, or improving school facilities, debt can provide a vital source of funding that can help to support the state’s education system.

Despite these arguments in favor of using debt in Mississippi, there are also concerns about the potential downsides of accumulating debt. One of the primary concerns is that excessive debt can limit the state’s financial flexibility and ability to respond to unexpected economic challenges or crises. High levels of debt can increase the state’s interest payments and limit its ability to invest in other priorities, putting strain on the state’s budget and potentially leading to cuts in services or tax increases.

Furthermore, accumulating debt can also burden future generations with financial obligations that they may struggle to repay. As debt accumulates, future generations of Mississippi residents may be left to bear the costs of past borrowing decisions, potentially limiting their own financial opportunities and resources. In this way, the use of debt in Mississippi can have long-term implications that must be carefully considered and managed.

Ultimately, the usefulness of Mississippi debt depends on how it is used and managed. While debt can provide vital funding for infrastructure projects, education, and other priorities, it must be used wisely and in moderation to avoid potential pitfalls. By carefully considering the costs and benefits of borrowing, as well as implementing strong financial management practices, Mississippi can ensure that its debt remains a useful tool for supporting the state’s residents and economy.

Reference

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1. incharge – https://www.incharge.org/debt-relief/credit-counseling/mississippi/
2. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
3. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
4. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/mississippi/
5. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/mississippi/
6. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
7. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/farm-business-income/
8. unitedsettlement – https://unitedsettlement.com/mississippi-debt-settlement/
9. usnews – https://www.usnews.com/best-colleges/mississippi-state-2423/paying