Wisconsin Debt Statistics


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

wisconsin

LLCBuddy editorial team did hours of research, collected all important statistics on Wisconsin 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 Wisconsin 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 Wisconsin 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.

On this page, you’ll learn about the following:

Top Wisconsin Debt Statistics 2023

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

Wisconsin Debt “Latest” Statistics

  • Wisconsin is the state with the lowest average credit card debt at $4,587.[1]
  • According to fool.com, Wisconsin and Iowa have the smallest average balances at $4,587.[1]
  • According to US News, At University of Wisconsin–Madison, the median federal loan debt among borrowers who completed their undergraduate degree is $20,500.[2]
  • At University of Wisconsin–Madison, 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 $205.[2]
  • In Wisconsin, more than 700,000 residents owe nearly $25 billion in student loans.[1]
  • The average credit utilization rate is 25.6% as of 2021, a 0.3% increase from where it was in 2020.[1]
  • Black Americans have the lowest average credit card debt at $3,940, and Hispanic Americans are right in between those two other groups with $5,510 in average credit card debt.[1]
  • Over the past year, nearly 3 in 10 Americans (28%) say their overall debt has increased, with 14% of Americans saying they’ve taken on medical debt, according to Nerd Wallet.[1]
  • More than a quarter of Americans (27%) are concerned about having to pay higher interest on their debt over the next 12 months.[1]
  • Wisconsin court records from the period 2001–2018 to document trends in hospital lawsuits to recover patients’ unpaid medical bills. The lawsuits increased 37% during this period, from 1.12 per 1,000 residents in 2001 to 1.53 per 1,000 residents in 2018.[3]
  • 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]
  • 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.[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.[4]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[4]
  • According to InCharge, Wisconsin has the 26th highest estimated average income at $72,154.[6]
  • Debt-to-asset levels for the sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.[7]
  • Farm sector debt is forecast to increase by $27.8 billion (5.9%) in 2022 to $501.9 billion in nominal terms but it is forecast to fall by 0.4% when adjusted for inflation.[7]
  • In Wisconsin, the average amount of student loan debt held by former students increased by nearly 85% between 2006 and 2018.[6]
  • In 2019, credit delinquency hit an eight-year high with more than 8% of balances held by people ages 18 to 29 hitting serious delinquency after going more than 90 days overdue without payment.[6]
  • 10% of graduating students at University of Wisconsin–Madison took out private loans with an average of $32,768 in private loan debt at graduation.[2]

Also Read

How Useful is Wisconsin Debt

One argument in favor of Wisconsin debt is that it allows the state to make critical investments in areas that directly benefit its residents. For example, taking on debt to fund infrastructure projects like road repairs and improvements can create jobs, improve transportation efficiency, and boost economic growth. Similarly, using debt to finance education initiatives can lead to a more skilled and productive workforce, driving innovation and increasing competitiveness in the global market.

Furthermore, debt can be used strategically to take advantage of low-interest rates, allowing Wisconsin to finance projects at relatively low cost. This can be especially beneficial during times of economic downturn, when borrowing costs are typically lower and investment in public projects can help stimulate the economy.

However, critics of Wisconsin debt point to the risks and drawbacks associated with borrowing money. High levels of debt can limit the state government’s ability to respond to unexpected emergencies or economic downturns, as resources are already tied up in servicing existing debt. In addition, excessive debt can lead to credit downgrades, making it more expensive for the state to borrow money in the future.

Moreover, servicing debt requires a significant portion of the state budget to be allocated towards interest payments, diverting funds away from other essential services like healthcare, education, and public safety. This can exacerbate inequalities and hinder the state’s ability to address pressing social issues.

Ultimately, the usefulness of Wisconsin debt depends on how it is managed and what it is used for. When used responsibly and judiciously, debt can be a powerful tool for investing in the state’s future and improving the lives of its residents. However, it is essential for policymakers to carefully consider the costs and benefits of borrowing, as well as develop a comprehensive plan for repayment to ensure that debt remains a sustainable and manageable resource.

In conclusion, Wisconsin debt can be a valuable instrument for driving economic development and improving quality of life for its residents. However, it is crucial for the state government to exercise prudence and foresight in its borrowing decisions, ensuring that debt is utilized effectively and responsibly to secure a prosperous and sustainable future for Wisconsin.

Reference

  1. nerdwallet – https://www.nerdwallet.com/blog/average-credit-card-debt-household/
  2. usnews – https://www.usnews.com/best-colleges/university-of-wisconsin-3895/paying
  3. healthaffairs – https://www.healthaffairs.org/doi/10.1377/hlthaff.2021.01130
  4. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  5. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  6. incharge – https://www.incharge.org/debt-relief/credit-counseling/wisconsin/
  7. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/

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