Virginia Debt Statistics


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Virginia Debt Statistics 2023: Facts about Debt in Virginia 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 Virginia 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 Virginia 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 Virginia 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 Virginia Debt Statistics 2023

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

Virginia Debt “Latest” Statistics

  • According to the SIPP, 19% of US families had medical debt in 2017—defined as medical expenses that individuals couldn’t afford to pay up front or at the time they got treatment.[1]
  • Borrowers who put up collateral pay 10%–12% for a debt consolidation loan instead of the 25% they are probably paying to credit card firms.[2]
  • According to New York Fed, there was $1.11 trillion in newly originated mortgage debt in Q3 2021, with 69% of it originated to borrowers with credit scores over 760.[3]
  • Households with a net worth of $250,000 to $499,999 and $500,000 or above were among the least likely to have a high medical debt burden (1.5% and 0.7%, respectively).[1]
  • In some level of delinquency as of late September, 2.7% of outstanding debt was, a 2.0 percentage point drop from the fourth quarter of 2019, shortly before the COVID-19 epidemic struck the United States.[3]
  • When any family member spent time in the hospital, the proportion of households with medical debt increased to 31.3% from 15.8% when there were no family members who spent time in the hospital.[1]
  • Families with some college but no degree at the highest level of education had a 26.2% higher likelihood of having medical debt.[1]
  • 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]
  • Non-profit debt settlement was created in 2021 by non-profit credit counseling agencies and the lure is the same as traditional debt settlement consumers in Virginia will settle debts for just 50%–60% of what they are owed.[2]
  • In the fourth quarter of 2021, 4% of all auto debt balances in the country were over 90 days delinquent.[5]
  • 2.9% of families with full insurance and 8.5% of those without full insurance reported having substantial medical debt burdens.[1]
  • 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.[6]
  • Compared to 30.8% of families without comprehensive insurance, 16.2% of those having full coverage for all members for the whole year incurred medical debt.[1]

Virginia Debt “Household” Statistics

  • Households that had trouble paying their rent or mortgage also appeared to have trouble paying medical bills and were more likely to carry a high medical debt burden relative to other households 12.4% compared to 3.5%.[1]
  • High medical debt load is defined as debt that represents more than 20% of a household’s yearly income.[1]
  • Nineteen percent of U.S. households could not afford to pay for medical care up front or when they received care in 2017, according to new U.S. Census Bureau data on the burden of medical debt.[1]
  • Households with children under 18 were 24.7% more likely to have medical debt than those without children, who were 16.5% more likely.[1]
  • Health and economic circumstances may also influence which families have a high burden of medical debt, even though just 4% of all households reported having a high burden of medical debt.[1]

Virginia Debt “House” Statistics

  • In Virginia, the percentage of house loan denials in 2018 was 6.2% for non Hispanic whites and 14% for African Americans.[7]
  • Regionally, 22.1% of south households reported having medical debt, compared to 15.2% of west households and 15.6% of northeast families.[1]
  • Virginia ranked eighth highest nationally with an average mortgage debt of $245,054 in 2021.[2]
  • According to the Federal Reserve Bank of New York’s Center for Microeconomic Data issued a Quarterly Report on Household Debt and Credit, it shows that total household debt increased by $286 billion (1.9%) to $15.24 trillion in the third quarter of 2021.[3]

Virginia Debt “Home” Statistics

  • According to Virginia Mercury, of the approximately 14,700 mortgage loan applications submitted by Black Virginians last year, 11.9% were turned down.[7]
  • 25.4% of homes with the youngest child under the age of five had medical debt, little over a quarter of all households.[1]

Virginia Debt “Other” Statistics

  • Virginia’s average consumer auto loan balance was $20,013 in 2021, which ranked 25th nationally.[2]
  • According to loanDepot, a California-based mortgage lender with an office in Glen Allen, turned down 18% of African Americans seeking home-purchase loans and 4% of non-Hispanic Whites.[7]
  • 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.[6]

Also Read

How Useful is Virginia Debt

Proponents of Virginia debt argue that borrowing money allows the state to invest in important projects that benefit the public. For example, taking on debt to build new highways or improve public transportation infrastructure can stimulate economic growth, create jobs, and improve quality of life for residents. In this sense, debt can be seen as an investment in the state’s future, rather than simply a burden to be repaid.

Additionally, borrowing money can provide financial flexibility for the state government. During times of economic downturn or unexpected revenue shortfalls, debt can help to bridge the gap and ensure that essential services are still funded. Without the ability to borrow money, the state might be forced to make deep cuts to essential programs, which could have negative consequences for residents.

On the other hand, critics of Virginia debt point out the potential risks and drawbacks of relying too heavily on borrowing. One concern is that taking on too much debt can lead to higher interest payments, which can strain the state’s budget and limit the ability to invest in other priorities. Additionally, if debt levels become too high, it can adversely impact the state’s credit rating, making it more expensive to borrow money in the future.

Furthermore, some argue that excessive debt can burden future generations with the costs of repayment. If the state continually relies on borrowing to fund current projects and services, it can create a cycle of debt that grows larger and larger over time. This can restrict the options available to future policymakers and limit the state’s ability to respond to changing economic conditions or emergencies.

Ultimately, the usefulness of Virginia debt depends on how it is managed and used. When used responsibly and strategically, debt can be a valuable tool to fund important projects and invest in the state’s future. However, it is important for the state government to maintain a healthy balance between borrowing and other revenue sources, to ensure that debt levels remain sustainable in the long term.

In conclusion, Virginia debt can be a useful tool for state governments to fund essential projects and services, but it is important to approach borrowing in a responsible and strategic manner. By weighing the potential benefits and risks of debt, policymakers can make informed decisions that prioritize the long-term financial health of the state and ensure that debt remains a tool for progress, rather than a burden to be overcome.

Reference

  1. census – https://www.census.gov/library/stories/2021/04/who-had-medical-debt-in-united-states.html
  2. debt – https://www.debt.org/faqs/americans-in-debt/consumer-virginia/
  3. newyorkfed – https://www.newyorkfed.org/newsevents/news/research/2021/20211109
  4. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  5. insidenova – https://www.insidenova.com/news/state/see-the-average-auto-loan-balance-per-capita-in-virginia/collection_823ed872-8441-55d0-a00a-7616ce6224e9.html
  6. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  7. virginiamercury – https://www.virginiamercury.com/2020/07/21/the-bedrock-of-wealth-inequality-data-shows-big-racial-disparities-in-mortgage-loans-and-homeownership/

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