Oklahoma Debt Statistics


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

oklahoma

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

☰ Use “CTRL+F” to quickly find statistics. There are total 21 Oklahoma Debt Statistics on this page 🙂

Oklahoma Debt “Latest” Statistics

  • According to OSU, over 50% of OSU students graduate with zero student loan debt.[1]
  • Auto loan debt has been creeping up over the past several years and hit $1.5 trillion in the second quarter of 2022.[2]
  • According to New Era Debt Resolutions, Oklahoma City residents hold an average of $5,200 in credit card debt and bring in nearly $50,000 in average household income.[3]
  • According to Experian, average total consumer debt in 2021 was $96,371.[2]
  • According to Credit Summit, the average Oklahoman has $2,138 in personal debt, plus $134,244 of mortgage debt per capita.[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.[5]
  • In the fourth quarter of 2021, 4% of all auto debt balances in the country were over 90 days delinquent.[6]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[5]
  • The St. Louis Federal Reserve tracks the nation’s household debt payments as a percentage of household income. The most recent number, from the first quarter of 2022, is 9.5%.[2]
  • Debt-to-asset levels for the sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.[1]
  • In the event that a settlement is successfully reached with a creditor, the payment may be up to 60% less than the outstanding debt sum.[3]
  • According to Education Data Initiative, $15.4 billion in student loan debt belongs to the Oklahoma state residents.[7]
  • The average student loan debt in Oklahoma is $31,525.[7]

Oklahoma Debt “Other” Statistics

  • According to the Federal Reserve Bank of New York, overall, Americans owe $1.52 trillion in auto loan debt, accounting for 9.2% of American consumer debt.[8]
  • As much as $3 billion of Oklahoma utility debt related to Winter Storm Uri, which hammered the Southwest in 2021, will begin hitting the market as early as July after winning state court approval, according to the The Bond Buyer.[9]
  • Overall vehicle debt nearly doubled between the third quarter of 2012 ($768 billion) and the third quarter of 2022 ($1.52 trillion), according to the Federal Reserve Bank of New York.[8]
  • 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]
  • Oklahoma’s 2019 poverty rate was lower than 2018’s rate of 15.6% but was higher than the national average of 12.3%.[10]
  • On average, Oklahoma residents have an open credit card balance of $5,843 and 49% of residents have a student loan, the average amount of which is $25,952.[4]
  • According to Statista, in 2021, the state of Oklahoma had state debt totaling 8.15 billion U.S. dollars.[11]
  • In 2027, it is forecasted that Oklahoma’s state debt will be about 8.71 billion U.S. dollars, and the local government debt will be about 15.55 billion U.S. dollars.[11]

Also Read

How Useful is Oklahoma Debt

On one hand, it is undeniable that debt, when used wisely, can be a valuable tool for achieving long-term economic growth and development. By taking on debt, the state can finance key projects such as road and bridge repairs, school construction, and healthcare initiatives that might otherwise be delayed or impossible to fund through current revenues. These investments can stimulate economic activity, create jobs, and enhance the overall quality of life for Oklahoma residents.

However, the sustainability of Oklahoma’s debt has come under scrutiny as well. With an increasing debt load and a limited capacity to raise revenues, there are legitimate concerns about the state’s ability to service its debt obligations in the long term. Excessive debt can lead to higher interest payments, crowding out spending on critical services, and potentially hampering future growth prospects. It is essential for policymakers to strike a delicate balance between leveraging debt to invest in the state’s future and ensuring that debt levels remain manageable and sustainable.

Another key consideration is how effectively the borrowed funds are being utilized. While some projects funded by debt may yield tangible benefits in terms of improved infrastructure or services, others may not deliver the expected returns on investment. Without proper oversight and accountability, there is a risk that borrowed funds may be mismanaged or used inefficiently, leading to wasted resources and mounting debt without commensurate benefits to the populace.

Furthermore, the ongoing reliance on debt to finance day-to-day operations or recurring expenses raises red flags about the state’s fiscal health. Debt should be seen as a tool of last resort, to be used judiciously and prudently in times of true necessity. Without a clear plan to reduce debt levels over time or boost revenues through other means, Oklahoma may find itself in a precarious financial position that threatens its long-term stability and growth potential.

In conclusion, the utility of Oklahoma’s debt hinges on how responsibly it is managed and deployed. While debt can be a powerful instrument for supporting strategic investments and promoting economic development, it must be accompanied by rigorous oversight, transparency, and accountability to ensure that it serves the best interests of the state and its residents. By balancing the benefits and risks of debt financing and prioritizing investments that deliver real value to the community, Oklahoma can harness the potential of debt as a tool for sustainable growth and prosperity.

Reference

  1. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
  2. fool – https://www.fool.com/the-ascent/research/average-american-household-debt/
  3. neweradebtsolutions – https://neweradebtsolutions.com/debt-settlement-oklahoma/oklahoma-city/
  4. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/oklahoma/
  5. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  6. kilgorenewsherald – https://www.kilgorenewsherald.com/oklahoma-has-the-6-highest-auto-loan-balance-per-capita-nationwide/collection_e8b380dc-47f8-5f99-a3ed-9e2ef8e85592.html
  7. educationdata – https://educationdata.org/student-loan-debt-by-state
  8. lendingtree – https://www.lendingtree.com/auto/debt-statistics/
  9. bondbuyer – https://www.bondbuyer.com/news/court-validates-remaining-oklahoma-utility-securitization-debt
  10. okpolicy – https://okpolicy.org/census-data-shows-oklahoma-still-lags-nation-in-poverty-rate/
  11. statista – https://www.statista.com/statistics/1042093/oklahoma-state-local-government-debt/

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