Vermont Debt Statistics


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

vermont

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

☰ Use “CTRL+F” to quickly find statistics. There are total 20 Vermont Debt Statistics on this page 🙂

Vermont Debt “Latest” Statistics

  • According to InCharge, the average mortgage debt was $172,919 in 2020, making Vermont one of the few states in the Northeast that is lower than the national average of $229,242.[1]
  • According to Education Data Initiative, $2.9 billion in student loan debt belongs to Vermont residents.[2]
  • The average student loan debt in Vermont is $37,516, and 57.1% of them are under the age of 35.[2]
  • 57% of Vermont borrowers have federal student loan debt of $100,000 or more, and it doesn’t include those who have private loans.[3]
  • 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.[4]
  • According to Experian, consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[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]
  • According to Stacker, the nationwide total average auto loan balance per capita has increased from $2,960 to $5,210, an increase of around 76% since 2023.[6]
  • 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]
  • In Vermont, the average auto loan debt was $16,972, which was about $2,500 less than the national average.[1]
  • The average card debt for Vermonters in 2020 was $4,653.[1]
  • In 2020, with an average of $38,411, Vermont had the seventh-highest student loan debt in the US.[1]

Vermont Debt “Other” Statistics

  • Vermont students’ average federal and private student loan amount is $35,276 dollars, which is 4% less than the US average of $36,689.[3]
  • 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 US News, at University of Vermont, the median federal loan debt among borrowers who completed their undergraduate degree is $21,111.[5]
  • The median monthly federal loan payment (if it were repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is $211.[5]
  • 17% of graduating students at University of Vermont took out private loans, according to US News.[5]
  • At graduation, University of Vermont students with private loans had an average of $47,306 in private loan debt.[5]
  • According to the publication entitled, “Assessing bad debt in New Hampshire and Vermont office-based practices”, in conclusion, bad debt accounts for a 16% loss from total earnings from regular office visits.[5]

Also Read

How Useful is Vermont Debt

Those in favor of Vermont debt argue that borrowing allows the state to address pressing needs like repairing roads and bridges, investing in education, and providing healthcare to residents. By using debt to finance these projects, the state can spread out the cost over time and take advantage of low interest rates to make investments that will benefit current and future generations.

Proponents of Vermont debt also point out that borrowing can help stimulate the economy by creating jobs and supporting local businesses. When the state invests in new infrastructure or public services, it can generate economic activity and provide a boost to the local economy. This can help attract new businesses and residents to the state, further fueling economic growth.

On the other hand, critics of Vermont debt argue that taking on too much debt can lead to financial instability and put the state at risk of default. They point to cases where heavily indebted states or countries have experienced financial crises, leading to budget cuts, layoffs, and increased taxes to pay off the debt.

Critics also argue that borrowing can be a shortsighted solution that simply pushes financial problems into the future. By relying on debt to finance current expenses, the state may find itself in a difficult position when it comes time to pay off the debt. This can lead to cuts in essential services and higher taxes, putting a strain on residents and businesses.

Furthermore, opponents of Vermont debt argue that borrowing can limit the state’s flexibility and ability to respond to future challenges. When a large portion of the state budget is dedicated to paying off debt, there are fewer resources available for other priorities like education, healthcare, and public safety. This can leave the state vulnerable to unexpected events like natural disasters or economic downturns.

In conclusion, the debate about the usefulness of Vermont debt is a complex and multifaceted one. While borrowing can be a valuable tool for financing important investments and stimulating economic growth, it also carries risks and drawbacks that must be carefully considered. Ultimately, the decision to take on debt should be guided by a careful analysis of the state’s financial situation, its long-term goals, and the potential impact on residents and businesses.

Reference

  1. incharge – https://www.incharge.org/debt-relief/credit-counseling/vermont/
  2. educationdata – https://educationdata.org/student-loan-debt-by-state
  3. studentloanhero – https://studentloanhero.com/featured/vermont-student-loans-refinance/
  4. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  5. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  6. stacker – https://stacker.com/vermont/see-average-auto-loan-balance-capita-vermont

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