New Jersey Debt Statistics


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

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

☰ Use “CTRL+F” to quickly find statistics. There are total 24 New Jersey Debt Statistics on this page 🙂

New Jersey Debt “Latest” Statistics

  • According to the Institute of College Access and Success, the New Jersey people has an average debt of $35,117 with a percentage of 63%.[1]
  • At for profit universities, the average student loan debt is $39,950, which is 26% more than it was in 2008.[2]
  • In 2015, 68% of seniors with degrees from public and nonprofit universities have debt from student loans, which is close to seven in ten.[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]
  • 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.[2]
  • Non-profit private colleges 75% of borrowers who graduated from private nonprofit colleges have student loan debt.[2]
  • 88% of borrowers who attended for profit universities and graduated with debt had student loans.[2]
  • According to the New York Federal Reserve, consumer debt reached $14.56 trillion after the fourth quarter of 2020.[4]
  • Instead of paying up to 25% interest to credit card issuers, customers often put up collateral and pay approximately 10-12% interest for a debt consolidation loan.[5]
  • Nonprofit debt settlement, which nonprofit credit counseling firms launched in 2021, is similar to for profit debt settlement in that it pays 50% –60% of the credit card bills while forgiving the remaining sum.[5]
  • According to Experian, consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[3]
  • According to debt.org, the total mortgage debt rose to $10.4 trillion, an increase of $1 trillion from the same juncture in 2017.[4]
  • New Jersey, has the nation’s ninth-highest average mortgage debt at $241,772.[4]
  • At public universities, the average student loan debt is $25,550, which is 25% more than it was in 2008.[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.[6]
  • Mortgage balances climbed by $282 billion and stood at $11.67 trillion at the end of September.[6]

New Jersey Debt “Other” Statistics

  • According to Lending Tree, Americans have an absolute mountain of credit card debt of $925 billion.[7]
  • In the fourth quarter of 2021, Americans had balances on 53% of all active credit card accounts, according to the latest current statistics from the American Bankers Association.[7]
  • Rural home has higher percentage owned their housing units “free and clear,” with no mortgage or loan (44% compared with 32.3%).[8]
  • New jersey does not have laws governing payday loans or other high interest loans with short repayment terms, although it does have an interest maximum of 30% on personal loans under $50,000.[5]
  • New Jersey residents had a total debt balance of $62,090 by the end of 2021, well above the national average of $55,810.[5]
  • New Jersey residents pay an average $2,413 a month towards their mortgage, the fourth highest rate in the country after Hawaii, Washington, D.C. and California.[5]
  • 47% of those who took out private loans for education borrowed less than they would have under the government Stafford loan program.[2]
  • New Jersey has the nation’s second-highest average credit-card debt at $7,084.[4]

Also Read

How Useful is New Jersey Debt

When it comes to New Jersey’s debt, the perception is often skewed by sensational headlines and political rhetoric. Critics of the state’s debt levels argue that it is unsustainable and will only lead to economic ruin. However, it’s important to consider the context in which this debt was accumulated.

Like many other states, New Jersey has taken on debt to finance necessary infrastructure projects, education initiatives, and social programs. These investments are crucial for the state’s long-term growth and prosperity. In fact, without debt, many of these projects would never come to fruition, leading to a stagnation in economic development and a decrease in quality of life for residents.

Furthermore, taking on debt allows the state to spread out the costs of these projects over time, rather than burdening taxpayers with the full cost upfront. This makes these initiatives more manageable and sustainable in the long run. It’s like taking out a mortgage to buy a house – you may have debt, but it’s an investment in something that will ultimately benefit you in the future.

Additionally, New Jersey’s debt allows the state to maintain and improve its credit rating, which in turn, allows it to borrow money at lower interest rates. This can save the state millions of dollars in interest payments over the life of the debt, ultimately benefiting taxpayers in the long run.

Of course, it’s important to acknowledge that there are risks associated with taking on debt. If not managed properly, debt can spiral out of control and lead to financial instability. This is why responsible debt management and budgeting are crucial for any government.

However, it’s also important to remember that debt is not inherently bad. It’s a tool that, when used wisely, can help spur economic growth, create jobs, and improve the quality of life for residents. Just like any tool, it’s all about how you use it.

In conclusion, New Jersey debt, like any debt, is a double-edged sword that requires careful consideration and management. While there are risks associated with taking on debt, it can also be a powerful tool for promoting economic development and improving quality of life. It’s important to look beyond the headlines and consider the bigger picture when discussing the state’s debt levels.

Reference

  1. ticas – https://ticas.org/interactive-map/
  2. forbes – https://www.forbes.com/sites/zackfriedman/2019/02/25/student-loan-debt-statistics-2019/
  3. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  4. debt – https://www.debt.org/faqs/americans-in-debt/
  5. debt – https://www.debt.org/faqs/americans-in-debt/consumer-new-jersey/
  6. newyorkfed – https://www.newyorkfed.org/microeconomics/hhdc/background.html
  7. lendingtree – https://www.lendingtree.com/credit-cards/credit-card-debt-statistics/
  8. census – https://www.census.gov/newsroom/press-releases/2016/cb16-210.html

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