Washington Debt Statistics


Steve Goldstein
Steve Goldstein
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Washington Debt Statistics 2023: Facts about Debt in Washington 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 Washington 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 Washington 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 Washington 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 Washington Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 26 Washington Debt Statistics on this page 🙂

Washington Debt “Latest” Statistics

  • According to the New York Federal Reserve, 67% of student loan borrowers are under 40 but only 57% of balances are owed by those under 40.[1]
  • The median income of households with student loans is $76,400, and 7% of borrowers are below the poverty line.[1]
  • Washington, D.C., takes the top seat, with the average federal student debt per borrower at $55,000, followed by Maryland at $43,000 and Georgia at $42,000.[1]
  • Nearly 7 in 10 Americans (69%) have financial concerns about the next 12 months.[2]
  • According to FINRA, in the first quarter of 2014, 144A transactions comprised nearly 13% of the average daily volume in investment-grade corporate debt, and nearly 30% of the average daily volume in high-yield corporate debt.[3]
  • According to Nerd Wallet, U.S. households that carry credit card debt will pay an average of $1,380 in interest this year.[2]
  • Median household income has grown by 44% since 2012, while overall expenses have increased by 28% in the same span.[2]
  • Nearly 3 in 10 Americans (28%) say their overall debt has increased, with 14% of Americans saying they’ve taken on medical debt.[2]
  • 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.[4]
  • According to Nerd Wallet, more than a quarter of Americans (27%) are concerned about having to pay higher interest on their debt over the next 12 months.[2]
  • 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.[4]
  • Federal student loan debt currently has the highest 90+ day delinquency rate of all household debt.[5]
  • According to Brookings, between the 1992-1993 and 2007-2008 cohorts, black college graduates are still substantially more likely to default on their debt within four years of graduation (7.6% vs. 2.4% of white graduates).[6]
  • Black borrowers remain more than three times as likely to default within four years as white borrowers (7.6% versus 2.4%).[6]
  • Between 2008 and 2018, corporate debt increased from 56 to 96% of gross domestic product in emerging economies, whereas this ratio remained stable in developed economies.[7]
  • According to Brookings, at graduation, black students owe $7,375 more than their white peers ($23,420 versus $16,046).[6]
  • According to The Washington Post, about 1 in 5 Americans hold student loans.[1]
  • Student Loan Borrowers are currently paying 9x higher than the banks are able to borrow for.[5]
  • Undergraduate debt at graduation accounts for less than half of total debt owed for black, compared to 62% for white graduates.[6]
  • FINRA 144A transactions comprised nearly 20% of the average daily volume in the corporate debt market as a whole.[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.[8]
  • A full 45% of the black-white gap ($11,094) comes from differences in borrowing for graduate school.[6]
  • Black college graduates are almost twice as likely as white graduates to accumulate graduate school debt (40% vs. 22%).[6]
  • More than half of 45 million people with federal student loans have $20,000 or less to pay, with about a third of all borrowers owing less than $10,000.[1]
  • 7% of people with federal debt owe more than $100,000, according to The Washington Post.[1]
  • Borrowing for undergraduate degrees declined by $15 billion from the 2010-2011 academic year to 2017-2018, it increased for graduate programs by $2.3 billion during that period, according to the National Center for Education Statistics.[1]

Also Read

How Useful is Washington Debt

First and foremost, it’s important to recognize that debt can be a useful tool for governments when used strategically. Just like individuals take out loans to finance big purchases, such as a house or car, governments can use debt to fund important projects that benefit society as a whole. Investments in infrastructure, education, healthcare, and other critical areas can have long-term benefits that outweigh the initial cost of borrowing.

Furthermore, in times of crisis, such as a recession or natural disaster, debt can provide the necessary funds for governments to respond quickly and effectively. This is especially true when tax revenues are low and traditional sources of funding are insufficient to meet the needs of the population. In these situations, borrowing can help bridge the gap and ensure that necessary services are maintained.

It’s also worth noting that debt can be a valuable tool for managing economic fluctuations. By borrowing during downturns and repaying during periods of growth, governments can help stabilize the economy and mitigate the impact of booms and busts. This counter-cyclical use of debt can be a powerful tool for promoting economic stability and ensuring sustainable growth over the long term.

Of course, it’s important to acknowledge that debt carries risks as well. Excessive borrowing can push up interest rates, crowd out private investment, and ultimately drive up borrowing costs for future generations. This can hinder economic growth and lead to a vicious cycle of ever-increasing debt levels. As such, it’s crucial for governments to strike a balance between leveraging debt for productive investments and ensuring fiscal sustainability.

Critics of Washington debt often point to the growing federal deficit and the burden it places on future generations. While these concerns are valid, it’s equally important to consider the returns on investment that debt can generate. When used wisely, debt can enable governments to make strategic investments that yield significant benefits for the economy and society as a whole.

In conclusion, Washington debt is a complex and multifaceted issue that requires careful consideration and nuance. While excessive borrowing can pose risks and challenges, debt can also be a valuable tool for governments to finance critical investments, respond to crises, and stabilize the economy. By striking a balance between leveraging debt for productive purposes and ensuring fiscal sustainability, policymakers can harness the potential of debt to promote long-term prosperity and well-being.

Reference

  1. washington – https://www.washington.edu/uwra/2019/12/13/student-debt-crisis-and-possible-solutions/
  2. nerdwallet – https://www.nerdwallet.com/blog/average-credit-card-debt-household/
  3. finra – https://www.finra.org/media-center/news-releases/2014/finra-brings-144a-corporate-debt-transactions-light
  4. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  5. washingtonpost – https://www.washingtonpost.com/education/2022/05/22/student-loan-borrowers/
  6. brookings – https://www.brookings.edu/research/black-white-disparity-in-student-loan-debt-more-than-triples-after-graduation/
  7. worldbank – https://openknowledge.worldbank.org/handle/10986/34480
  8. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/

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