Montana Debt Statistics


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

montana

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

☰ Use “CTRL+F” to quickly find statistics. There are total 22 Montana Debt Statistics on this page 🙂

Montana Debt “Latest” Statistics

  • According to InCharge, Montanans has an average mortgage balances rise from $180,711 in 2019 to $189,021 in 2020.[1]
  • According to Experian’s research on student loans, Montana has an average student loan debt per borrower of $31,030 in 2019. This is an increase of 6.1% from the previous year and 27.2% from 2014.[2]
  • Montana ranks fifth in the nation in terms of credit card debt, checking in at an average level of $9,759 – 4.5% higher than the national average of indebted households of $9,333.[2]
  • 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.[3]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[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.[4]
  • 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.[5]
  • Debt-to-asset levels for the sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.[5]
  • The average amount of auto loan debt climbed from $20,046 in 2019 to $21,135 in 2020 among Montanans.[1]
  • Mortgage balances climbed by $282 billion and stood at $11.67 trillion at the end of September 2021.[3]
  • According to the Institute of College Access and Success, the Montana people has an average debt of $27,114 with a percentage of 55%.[6]
  • According to Education Data Initiative, $4.2 billion in student loan debt belongs to the Montana residents.[7]
  • 50.9% of of Montana students who have student loans are under the age of 35.[7]
  • In Montana, the average student loan debt is $33,149.[7]
  • 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.[8]
  • According to Experian, consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[8]

Montana Debt “Other” Statistics

  • According to InCharge, Montana has a credit card debt of $5,482, the 15th lowest amount in the U.S.[1]
  • 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.[4]
  • Statistics from the Department indicate that the total amount collected nationwide in criminal actions totaled $2.66 billion in restitution, criminal fines, and felony assessments.[9]
  • According to US New, at University of Montana, the median federal loan debt among borrowers who completed their undergraduate degree is $21,500.[9]
  • The median monthly federal loan payment for student federal loan borrowers who graduated is $215.[9]
  • 6% of graduating students at University of Montana took out private loans with an average private loan debt at graduation of $26,001.[9]

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How Useful is Montana Debt

Proponents of Montana debt argue that it can be a strategic tool to finance infrastructure projects, education, and other important investments that can benefit the state in the long run. By taking on debt to fund these projects, Montana can stimulate economic growth, create jobs, and improve the overall quality of life for its residents. Without debt, the state may not have the necessary funds to make these critical investments, leading to stagnation and missed opportunities.

Moreover, in times of economic downturn or crisis, debt can provide a lifeline for governments to continue providing essential services and support for their communities. By borrowing money, Montana can weather the storm and support its citizens when they need it most. This type of flexibility can be crucial in times of uncertainty and volatility in the economy.

On the other hand, critics of Montana debt point to the risks associated with borrowing money. High levels of debt can strain the state’s budget, leading to cutbacks in essential services or higher taxes for residents. Excessive debt can also lead to credit downgrades, making it more expensive for the state to borrow money in the future. This can create a cycle of debt that becomes harder and harder to break free from.

Additionally, debt payments can take away resources that could be used for other critical priorities. When a significant portion of the state budget is allocated towards servicing debt, there may be fewer funds available for healthcare, education, and other important programs. This can have long-term negative consequences for the wellbeing of Montana residents.

It is clear that Montana debt can be a double-edged sword, with both benefits and risks involved. The key lies in finding a balance that allows the state to make necessary investments while also maintaining fiscal discipline. Proper oversight, transparency, and accountability are critical in ensuring that debt is used responsibly and effectively.

In conclusion, the usefulness of Montana debt ultimately depends on how it is managed and used. When used wisely, debt can be a powerful tool to drive growth and prosperity. However, when mismanaged, debt can become a burden that hampers progress and limits opportunities for the state and its residents. It is crucial for policymakers to carefully weigh the costs and benefits of taking on debt and make informed decisions that will shape Montana’s future for years to come.

Reference

  1. incharge – https://www.incharge.org/debt-relief/credit-counseling/montana/
  2. unitedsettlement – https://unitedsettlement.com/montana-debt-settlement/
  3. newyorkfed – https://www.newyorkfed.org/microeconomics/hhdc/background.html
  4. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  5. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
  6. ticas – https://ticas.org/interactive-map/
  7. educationdata – https://educationdata.org/student-loan-debt-by-state
  8. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  9. justice – https://www.justice.gov/archive/usao/mt/pressreleases/20111117154846.html

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