Missouri Debt Statistics


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

missouri

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

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

Missouri Debt “Latest” Statistics

  • According to Benson, in Missouri, the average household owes $4,950 while the US household possesses $6,270 in credit card debt.[1]
  • The total student loan debt has risen from 480.1 billion in 2006 to $1.7 trillion in 2020 in Missouri.[1]
  • In terms of student loan debt, the average resident in Missouri possesses roughly $37,189.[1]
  • Missouri residents owe an average of $143,545 on in terms of the mortgage debt with a 2.9% increase from 2020.[1]
  • 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.[1]
  • According to the Institute of College Access and Success, the Missouri people has an average debt of $28,713 with a percentage of 56%.[2]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[1]
  • 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]
  • In 2021, mortgage balances for borrowers averaged $220,380 in 2021, a 5.9% increase from 12 months earlier.[3]
  • According to Education Data Initiative, in Missouri, there are $29.5 billion student loan debt.[4]
  • 50.3% of students who underwent student loan debt are under the age of 35.[4]
  • Among the Missouri’s indebted student borrowers, 15.5% owe less than $5,000.[4]
  • According to the latest Quarterly Report on Household Debt and Credit, the total household debt rose by $351 billion, or 2.2%, to reach $16.51 trillion in the third quarter of 2022.[5]
  • Mortgage balances climbed by $282 billion and stood at $11.67 trillion at the end of September 2022.[5]

Missouri Debt “Other” Statistics

  • According to InCharge, Missouri has a median household income of $57,409, falling a bit short of the national average of $68,703.[6]
  • 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.[1]
  • Residents of Missouri carry an average of $2,690 in credit card debt, 39th in the US.[6]
  • In Missouri, residents average $5,270 in student loan debt, according to InCharge.[6]
  • Commercial banks hold about 20% of government-guaranteed student loans and about 40% of private student loans.[7]
  • Under federal law, debt collectors are entitled to seize no more than 25% of a consumer’s paycheck, according to Pew.[1]

Also Read

How Useful is Missouri Debt

On one hand, debt can be an invaluable tool when used effectively. Missouri, like other states, may leverage debt to finance important infrastructure projects, such as roads, bridges, schools, and public utilities. By borrowing money to fund these projects, the state can improve its overall quality of life, attract businesses and residents, and stimulate economic growth. In this sense, debt can be a smart investment in the future of Missouri, paving the way for progress and prosperity.

Furthermore, debt can provide necessary financial flexibility in times of crisis or unexpected expenses. By having access to borrowed funds, Missouri can respond quickly and effectively to natural disasters, public health emergencies, or economic downturns. Debt can serve as a safety net, ensuring that vital services and programs remain intact even in the face of uncertainty and adversity.

However, the usefulness of Missouri debt must be viewed through a critical lens. While debt can be a strategic tool for growth and stability, it can also pose significant risks and challenges. Excessive debt levels can lead to financial instability, credit downgrades, and higher borrowing costs. If debt is not managed prudently, Missouri may find itself unable to meet its debt obligations, leading to serious consequences for the state’s fiscal health and reputation.

Moreover, debt can sometimes be a burden that weighs heavily on future generations. By borrowing money today to finance current expenditures, Missouri may be passing on the costs to its children and grandchildren. This intergenerational transfer of debt raises ethical questions about the fairness and sustainability of adding to the state’s debt burden.

In assessing the usefulness of Missouri debt, it is crucial to strike a delicate balance between leveraging debt as a strategic tool for growth and development, while also exercising caution and prudence to avoid overextending. The state must carefully consider the costs and benefits of taking on debt, ensuring that borrowed funds are used wisely and responsibly to benefit all Missourians both now and in the future.

In conclusion, the usefulness of Missouri debt ultimately depends on how it is managed and utilized. Debt can be a valuable resource for financing critical projects and providing financial flexibility, but it must be approached with careful consideration and diligence. Missouri must aim to strike a responsible balance between leveraging debt for progress and ensuring fiscal stability for current and future generations.

Reference

  1. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  2. ticas – https://ticas.org/interactive-map/
  3. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  4. educationdata – https://educationdata.org/student-loan-debt-by-state
  5. newyorkfed – https://www.newyorkfed.org/microeconomics/hhdc/background.html
  6. incharge – https://www.incharge.org/debt-relief/credit-counseling/missouri/
  7. federalreserve – https://www.federalreserve.gov/econresdata/notes/feds-notes/2015/how-much-student-debt-is-out-there-20150807.html

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