Oregon Debt Statistics

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

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

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

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Oregon Debt “Latest” Statistics

• According to Consolidated Credit, the average credit card debt per household in Oregon is $8,619.^[1]
• According to Education Data Initiative, Oregon has a $20.1 billion student loan debt.^[2]
• The average student loan debt in Oregon is $37,017.^[2]
• According to a new data gathered by , a student loan refinancing company, the amount per borrower in Oregon is $27,500. [2]^[3]
• On the west coast, just one state—Oregon—saw a 1.63% rise in the amount of student debt per borrower between 2016 and 2017.^[3]
• More than half of graduates from colleges in Oregon carry debt, and the state ranks 22nd in the nation for average student loan debt per borrower.^[3]
• The median medical debt among those with medical debt was $2,326.^[4]
• In Oregon, the nationwide total student loan debt balance increased 8.28% in 2020.^[5]
• 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.^[6]
• In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.^[7]
• In 2020, Oregonians were adept at controlling their credit card debt as the average balance fell 15% to $4,681.^[8]
• According to OSPIRG, the median annual income of filers who reported medical debt was $36,530, but in each income bracket below $100,000 per year the majority of filers had medical debt.^[4]
• The average Oregon student loan borrower owes over $36,091 by the time they graduate.^[5]
• In Oregon’s 10 most populous counties, the percentage of filers who had medical debt ranged from 52% to 69%, and the median amount of debt ranged from $1,723 to $3,664.^[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.^[7]
• According to Oregon Economic Analysis, Oregon ranks 31st highest among all states for auto and credit card debts.^[9]

Oregon Debt “Other” Statistics

• The federal Department of Education has an estimated profit of $127 billion over the next 10 years.^[3]
• In July 2020, 11.2% of adults with student loan debt reported that they were unable to make a payment.^[5]
• 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.^[7]
• According to US News, At University of Oregon, the median federal loan debt among borrowers who completed their undergraduate degree is $20,500.^[7]
• 6% of graduating students at University of Oregon took out private loans with an average debt at graduation of $44,526.^[7]

Also Read

How Useful is Oregon Debt

First and foremost, it’s important to consider the reasons why Oregon incurs debt in the first place. Often, debt is used to fund important infrastructure projects like road construction, school renovations, and public transportation improvements. These projects can provide significant benefits to residents in terms of increased convenience, safety, and quality of life. Debt can also be used to invest in education, healthcare, and other social programs that benefit the state’s residents.

However, it’s crucial that the state carefully consider how much debt is too much. Just like individuals, states can get into trouble when they borrow more money than they can realistically pay back. High levels of debt can lead to increased interest payments, reduced credit ratings, and a negative impact on the state’s ability to borrow money in the future. Additionally, excessive debt can tie up funds that could otherwise be used for important investments or emergencies.

It’s also important to consider who ultimately pays for the debt. While it may be tempting to borrow money to fund ambitious projects, it’s taxpayers who ultimately foot the bill. High levels of debt can lead to increased taxes or cuts to essential services in order to make debt payments. This can place undue burden on residents, particularly those who may already be struggling financially.

Furthermore, relying too heavily on debt can indicate underlying financial issues that need to be addressed. If a state consistently relies on debt to fund basic expenses or close budget gaps, it may be a sign that spending needs to be reined in or revenues need to be increased. Failure to address these issues can lead to a cycle of increasing debt that becomes increasingly difficult to break.

That being said, debt can be a useful tool when used judiciously. It can help finance large-scale projects that would be impractical to fund upfront, and can spread the costs out over time. However, it’s important that debt be used responsibly and in conjunction with a well-thought-out financial plan that takes into account the state’s long-term financial health.

In conclusion, Oregon debt can be a valuable tool when used wisely, but excessive debt can have serious consequences that can impact the state and its residents for years to come. It’s important for the state to carefully consider the costs and benefits of taking on debt, and to ensure that debt is being used in a responsible and sustainable manner. By doing so, the state can ensure a brighter financial future for all its residents.

Reference

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1. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/oregon/
2. educationdata – https://educationdata.org/student-loan-debt-by-state
3. eugeneweekly – https://eugeneweekly.com/2018/08/08/new-data-reveal-extent-of-oregon-student-loan-debt/
4. ospirg – https://ospirg.org/reports/orp/unhealthy-debt-medical-costs-and-bankruptcies-oregon
5. state – https://www.doj.state.or.us/oregon-department-of-justice/office-of-the-attorney-general/spotlight-student-loan-debt/
6. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
7. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
8. incharge – https://www.incharge.org/debt-relief/credit-counseling/oregon/
9. oregoneconomicanalysis – https://oregoneconomicanalysis.com/2017/07/12/oregon-household-debt-mostly-tame/