District of Columbia Debt Statistics


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District of Columbia Debt Statistics 2023: Facts about Debt in District Of Columbia reflect the current socio-economic condition of the state.

district-of-columbia

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

☰ Use “CTRL+F” to quickly find statistics. There are total 13 District Of Columbia Debt Statistics on this page 🙂

District Of Columbia Debt “Latest” Statistics

  • According to First Republic, 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.[1]
  • Grad school loans make up around 50% of all outstanding student loan debt and 25% of all borrowers.[1]
  • The majority of complaints are related to debt collection and mortgages. Debt collection and mortgage-related complaints account for 50% of the roughly 1.2 million complaints the bureau has received, according to CFPB.[2]
  • 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.[1]
  • District of Columbia residents have the nation’s highest average federal student loan debt at $54,945 per borrower.[3]
  • According to educationdata.org, D.C. has the highest number of indebted student borrowers per capita, with 17.2% of residents in debt.[3]
  • Interest payments on public elementary and secondary school debt per pupil were 1% lower in 2018–19 ($420) than in 2009–10 ($424).[4]
  • The percentage of those having student debt jumps to 49% among those with a bachelor’s degree or above.[1]

District Of Columbia Debt “Other” Statistics

  • According to a White House press release that accompanied the announcement of the 2022 student loan debt relief initiative, the average undergraduate borrower leaves school with roughly $25,000 in student debt.[1]
  • According to FTC, District of Columbia has a debt collection of 30%.[5]
  • 75% of borrowers who took out loans for two or four year degrees are responsible for the remaining half.[1]
  • The US net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$16.71 trillion at the end of the third quarter of 2022, according to statistics released today by the US Bureau of Economic Analysis (BEA).[6]
  • According to recent statistics, nearly 10% more college seniors in the 2015–2016 school year than in the 1999–2000 school year borrowed money for their education.[1]

Also Read

How Useful is District of Columbia Debt

On the other hand, there are those who believe that accumulating debt is dangerous and unsustainable in the long term. They argue that the District should be more fiscally conservative and only take on debt when absolutely necessary. Excessive debt, they say, could lead to financial instability and place an undue burden on taxpayers in the future.

So, how useful is District of Columbia debt really? It ultimately depends on how it is managed and for what purpose it is being used. Debt can be a useful tool for financing public projects that have long-term benefits for residents and businesses. It allows the city to make investments it couldn’t otherwise make and can help spur economic growth and job creation.

However, irresponsible use of debt can have serious consequences. It can lead to budget deficits, cutbacks in essential services, and an increased tax burden on residents. The District must carefully consider the long-term implications of taking on debt and ensure that it is being used wisely and judiciously.

It is important for the District government to be transparent about its debt situation and have a clear plan for how it will be managed and paid off over time. This includes having mechanisms in place to monitor and evaluate the impact of debt on the city’s finances and to make adjustments as needed.

Ultimately, the usefulness of District of Columbia debt lies in its ability to contribute to the overall well-being and prosperity of the city. It should be seen as a tool for investment in the future rather than a quick fix for short-term financial challenges. As long as debt is used responsibly and in the best interest of residents, it can be a useful and necessary part of the District’s financial strategy.

Reference

  1. firstrepublic – https://www.firstrepublic.com/personal-line-of-credit/student-loan-debt-averages-2021
  2. consumerfinance – https://www.consumerfinance.gov/about-us/newsroom/cfpb-releases-state-level-snapshot-consumer-complaints/
  3. educationdata – https://educationdata.org/student-loan-debt-by-state
  4. ed – https://nces.ed.gov/fastfacts/display.asp?id=66
  5. ftc – https://www.ftc.gov/policy/reports/policy-reports/commission-staff-reports/consumer-sentinel-network-data-book-2017/district-columbia
  6. bea – https://www.bea.gov/

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