Wyoming Debt Statistics


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

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

Wyoming Debt “Latest” Statistics

  • According to Education Data Initiative, in the contiguous 48 states, Wyoming residents are the least likely to have student loan debt.[1]
  • According to the Washington Post, Wyomingites rank 31st when it comes to high credit card debt balances.[2]
  • According to the Federal Reserve, the total outstanding U.S student loan debt hit an all time high of $1.75 trillion by the end of 2020.[3]
  • Over a third (34%) of adults ages 18 to 29 report carrying some level of student loan debt, making them the largest group of borrowers in the United States.[3]
  • $1.7 billion in student loan debt belongs to state residents of Wyoming.[1]
  • The average student loan debt in Wyoming is $31,250, and 48.5% of them are under the age of 35.[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.[4]
  • Loans associated with grad school account for about 50% of total outstanding student loan debt (and 25% of total borrowers).[3]
  • 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.[5]
  • 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 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.[5]
  • Experian’s 2019 compilation of student loan data reveals that Wyoming has an average student loan debt per borrower of $28,914, up 4.3% from the previous year and 22% from 2014.[6]
  • According to research from the Brookings Institution, a third of all outstanding student loan debt is held by the 6% of borrowers with debts of more than $100,000, including the 2% with debts of more than $200,000.[3]
  • Families with some college but no degree at the highest level of education had a 26.2% higher likelihood of having medical debt.[5]
  • 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.[5]
  • Families with a net worth of between $250,000 and $499,999 and 500,000 or more were among the lowest rates of having a large medical debt load, at 1.5% and 0.7%, respectively.[5]

Wyoming Debt “Household” Statistics

  • Households with children under 18 were 24.7% more likely to have medical debt than those without children, who were 16.5% more likely.[5]
  • 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.[5]
  • 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%.[5]

Wyoming Debt “House” Statistics

  • Regionally, 22.1% of south households reported having medical debt, compared to 15.2% of west households and 15.6% of northeast families.[5]
  • About 31% of households with a member in fair or poor health had medical debt compared to 14.4% of those with no members in fair or poor health.[5]
  • 25.4% of homes with the youngest child under the age of five had medical debt, little over a quarter of all households.[5]
  • 27.9% of households with a black householder had medical debt compared to 17.2% of households with a white non-Hispanic householder and 9.7% of households with an Asian householder.[5]

Wyoming Debt “Other” Statistics

  • According to InCharge, the Wyoming’s unemployment rate increased slightly to 5.4% but remained lower than the national average of 5.9%.[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.[4]
  • According to Consolidated Credit, the average credit card debt per household in Wyoming is $11,546.[2]
  • On average, credit card companies charged consumers 16.5% interest rates in 2021.[7]

Also Read

How Useful is Wyoming Debt

On one hand, debt can be a powerful tool for states like Wyoming to finance important projects and investments that can have long-term benefits for its residents. By borrowing money, the state can fund large-scale infrastructure projects like roads, bridges, and public transportation systems that can improve the overall quality of life for its citizens. Additionally, taking on debt can allow Wyoming to invest in education and healthcare, which are essential services that can improve the well-being of its residents and attract new businesses and industries to the state.

Furthermore, debt can help Wyoming navigate through economic downturns and financial crises. In times of recession or other fiscal challenges, borrowing money can provide the state with the resources it needs to weather the storm and continue to provide essential services to its citizens. By having access to financial resources, Wyoming can maintain its social safety net and support vulnerable populations during difficult times.

On the other hand, there are risks associated with taking on too much debt. The burden of repaying debt can limit the state’s ability to invest in other critical areas, such as public safety, environmental protection, and social services. Additionally, debt can lead to higher interest costs and reduced credit ratings, which can ultimately harm the state’s long-term financial health.

Another concern is the impact of debt on future generations. Accumulating debt today means that future taxpayers will be responsible for paying off the principal amount plus interest, potentially limiting their ability to invest in their own priorities and desires. This intergenerational burden raises ethical questions about the responsibility of current leaders to ensure the financial well-being of future citizens.

Ultimately, the discussion around Wyoming debt is complex and requires a thoughtful and balanced approach. While debt can be a useful tool for financing important projects and weathering economic challenges, it is essential for policymakers to carefully consider the long-term implications of taking on debt and to ensure that it is managed responsibly. By balancing the benefits of debt financing with the risks, Wyoming can make informed decisions that will promote its economic well-being and support the welfare of its citizens for years to come.

Reference

  1. educationdata – https://educationdata.org/student-loan-debt-by-state
  2. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/wyoming/
  3. firstrepublic – https://www.firstrepublic.com/personal-line-of-credit/student-loan-debt-averages-2021
  4. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  5. census – https://www.census.gov/library/stories/2021/04/who-had-medical-debt-in-united-states.html
  6. unitedsettlement – https://unitedsettlement.com/wyoming-debt-settlement/
  7. incharge – https://www.incharge.org/debt-relief/credit-counseling/wyoming/

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