New Hampshire Debt Statistics


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

new-hampshire

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

☰ Use “CTRL+F” to quickly find statistics. There are total 27 New Hampshire Debt Statistics on this page 🙂

New Hampshire Debt “Latest” Statistics

  • According to Forbes, at public colleges, average debt in 2012 was $25,550 (25% higher than in 2008, when the average was $20,450).[1]
  • As of 2018, more than 42 million student loan borrowers have student loan debt of $100,000 or less.[1]
  • Americans had over $905 billion in student loan debt as of the second quarter of 2011, meaning that during the previous ten years, their debt had climbed by more than 91%.[2]
  • According to InCharge, If an individual choose a debt management program, a counselor may negotiate with creditors to decrease interest rates to 8% and create a payment schedule that will help pay off the debt.[3]
  • The average student debt in the US in 2016 was $28,699, and 59% of students nationwide graduated with student debt.[4]
  • In New Hampshire, students graduating from four year public and private colleges in 2016 had an average debt of $36,367, and 74% of graduates had loans.[4]
  • At for profit institutions, the average debt in 2012 was $39,950, which was 26% more than the average debt of $31,800 in 2008.[1]
  • According to Forbes, more than 2 million student loan borrowers have student loan debt greater than $100,000, with 415,000 of that total holding student loan debt greater than $200,000.[1]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[5]
  • According to Make Lemonade, there are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the U.S. alone.[1]
  • According to InCharge, the average overall debt in New Hampshire is $95,504.[1]
  • In terms of a percentage, the amount of student loan debt owed by those in their 30s and 40s has climbed by 30.2% during the previous five years.[1]
  • In 2018, 65% of seniors who attended public and private nonprofit universities and graduated had student loan debt.[6]
  • In New Hampshire, the average credit card debt per household is $6,838.[7]
  • The average available credit limit in New Hampshire is $17,679, according to Consolidated Credit.[7]
  • 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]

New Hampshire Debt “Other” Statistics

  • According to the survey, New Hampshire individuals in the college class of 2019 have the highest average student loan balances of any state at over $39,410 dollars.[2]
  • The current overall attainment rate in New Hampshire is 50.6%, according to A Stronger Nation, a study by the Lumina Foundation.[4]
  • At Southern New Hampshire University, the average debt at graduation is $37,047.[8]
  • Students and families may review the Financial Aid and Debt tab on the College Scorecard, an online tool created by the U.S Department of Education, and a three year repayment rate percentage for SNHU borrowers.[9]
  • According to Forbes, 47% of those who took out private loans for education borrowed less than they would have under the government Stafford loan program.[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.[5]
  • According to the U.S. Census Bureau, New Hampshire had a debt of $8,210,346,000 in fiscal year 2015.[10]
  • The state debt per capita of New Hampshire was $6,173.[10]
  • The total state debt owned by the 50 states was $1.15 trillion with a per capita debt of $3,582.[10]
  • During the second quarter of 2019, the debt-to-income ratio for New Hampshire was between 1.62 and 1.75.[10]
  • According to the Federal Reserve System, the median household debt-to-income ratio in New Hampshire during the second quarter of 2020 stood at 1.75 to 1.89, which is above the national average of 1.51.[10]

Also Read

How Useful is New Hampshire Debt

One of the key questions when analyzing a state’s debt is how useful it is in providing necessary services and infrastructure while balancing the need to keep debt levels manageable. For New Hampshire, this balancing act is especially crucial given its relatively small population and limited resources compared to other states.

On one hand, taking on debt can be a valuable tool for investing in critical infrastructure projects that can enhance the overall well-being of the state’s residents. This could include improvements to highways, bridges, schools, and other public facilities that are essential for a thriving economy and quality of life. In such cases, debt can be seen as a strategic investment in the future of the state, with the benefits outweighing the costs over the long term.

Additionally, access to debt can also help New Hampshire take advantage of historically low interest rates to fund projects that might otherwise be unaffordable. In a state where transportation and education are vital components of the economy, borrowing can be a smart financial decision to ensure that these sectors continue to function efficiently and effectively.

However, it’s important to note that irresponsible borrowing can also have serious consequences for the state’s future. High levels of debt can constrain budgetary flexibility, limit the state’s ability to invest in other important areas, and lead to higher taxes or reduced services for residents. Given New Hampshire’s smaller size and population, the state must be especially prudent in managing its debt to avoid burdening future generations with unsustainable financial obligations.

Moreover, the rolling over of debt can sometimes lead to a situation where repayments become a significant component of the state budget, diverting funds away from other important priorities. This can create a cycle where interest payments on the debt continue to rise, making it increasingly difficult for the state to meet its obligations without cutting important services or raising taxes.

In conclusion, while debt can be a useful tool for financing necessary projects and investments, it must be managed carefully to avoid negative consequences for the state and its residents. New Hampshire’s debt levels may not be as high as some other states, but that does not mean that the state can afford to be complacent. By prioritizing responsible borrowing and ensuring that debt levels remain sustainable, New Hampshire can continue to invest in its future while safeguarding the financial well-being of its residents.

Reference

  1. forbes – https://www.forbes.com/sites/zackfriedman/2018/06/13/student-loan-debt-statistics-2018/
  2. cnbc – https://www.cnbc.com/2021/09/09/america-has-1point73-trillion-in-student-debtborrowers-from-these-states-owe-the-most.html
  3. incharge – https://www.incharge.org/debt-relief/credit-counseling/new-hampshire/
  4. nebhe – https://nebhe.org/policy-research/state-data/new-hampshire-state-data/
  5. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  6. forbes – https://www.forbes.com/sites/zackfriedman/2021/02/20/student-loan-debt-statistics-in-2021-a-record-17-trillion/
  7. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/new-hampshire/
  8. usnews – https://www.usnews.com/best-colleges/southern-new-hampshire-university-2580
  9. snhu – https://www.snhu.edu/consumer-information
  10. ballotpedia – https://ballotpedia.org/New_Hampshire_state_debt,_2004-2017

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