Alabama Debt Statistics


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

alabama

LLCBuddy editorial team did hours of research, collected all important statistics on Alabama 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 an Alabama 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 Alabama 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 Alabama Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 19 Alabama Debt Statistics on this page 🙂

Alabama “Latest” Debt Statistics

  • At University of Alabama, the median federal loan debt among borrowers who completed their undergraduate degree is $23,072.[1]
  • According to The Urban Institute, 13% of Americans, over 43 million people had medical debt in collections in 2011. That number is higher in communities of color, at 15%.[2]
  • According to Fool, in 2022, 16% of Alabama population has a collection of medical debt with a median value of $851 dollars.[2]
  • Less than 10% of defendants in debt collection actions from 2010 to 2019 had legal representation, compared to virtually all plaintiffs.[3]
  • Over twice the 2.7% growth from 2019 to 2020, total consumer debt balances climbed by 5.4% from 2020 to 2021 to reach $15.31 trillion, an increase of $772 billion.[4]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[3]
  • Alabama, Arkansas, Georgia, Idaho, Kansas, Kentucky, Louisiana, Maryland, Michigan, Mississippi, Montana, Ohio, Utah, and Wyoming offer no protections beyond the federal minimum.[3]
  • Ninety seven of all chapter 7 bankruptcies and ninety nine of all chapter 13 bankruptcies were nonbusiness filings, or those primarily involving consumer debt.[5]
  • Alabama’s average federal student loan debt exceeds the national average with a $23.5 billion in federal student loan debt.[6]
  • NCSC found that across all state courts, 64% of 16.9 million civil cases are contract disputes and that contract caseloads consisted primarily of debt collection (37%), landlord-tenant (29%), and foreclosure (17%) cases.[3]
  • In the fourth quarter of 2021, 4% of all auto debt balances in the country were over 90 days delinquent.[7]
  • Studies have indicated that default judgements are obtained in more than 70% of debt instances.[3]
  • According to Experian, average total consumer debt in 2021 was $96,371. That’s up nearly 4% from 2020, when average total consumer debt was $92,727.[2]
  • According to the Institute For College Access & Success, Alabama has an average debt of $30,966.[8]
  • According to a recent data from a joint advocacy effort, Alabama, Louisiana and Florida are among the states with the highest shares of households with rent debt, providing just a snapshot of the more than 5.7 million households that are behind on payments nationally and owing nearly $20 billion total.[9]

Alabama “Other” Debt Statistics

  • Pew researchers calculated that debt collection lawsuits represented approximately 24% of the civil caseload (0.37 × 0.64 = 0.236), or 3.98 million cases (16.9 million × .236), which is higher than the other aggregated case types.[3]
  • Alabama, Louisiana, Florida, Alaska and Georgia have the highest shares of renters with debt, each at 20% or more.[9]
  • In the 2021 Comprehensive Taxpayer Attitude Survey (CTAS), 88% said it is not at all acceptable to cheat on their income taxes, and nearly all (93%) believe it is a civic duty to pay their fair share of taxes.[10]
  • The NCSC found that attorney representation among defendants declined dramatically across all civil cases from 1992 to 2013, falling from 97% to 46% in general jurisdiction cases over that span.[3]

Also Read

How Useful is Alabama Debt

On one hand, taking on debt can provide a number of benefits. For many individuals, debt is a means to achieve important milestones in life, such as purchasing a home, getting a higher education, or starting a business. Similarly, for states like Alabama, debt can be used to fund critical infrastructure projects, public services, and economic development initiatives that may not be possible through traditional revenue streams alone.

Alabama, like many other states, has used debt to finance a variety of projects that have helped improve the quality of life for its residents. From building new roads and bridges to expanding public transportation options, debt has been a key tool in driving economic growth and enhancing the overall well-being of the state’s population. Additionally, debt can also be a valuable tool for states to manage temporary budget shortfalls or unexpected expenses without having to make drastic cuts to essential services.

However, the usefulness of Alabama debt does come with its own challenges and risks. Excessive debt accumulation can lead to financial instability and strain the state’s ability to meet its obligations in the long run. High levels of debt can also result in increased borrowing costs, negatively impacting the state’s credit rating and ability to access affordable financing in the future.

Furthermore, the decision to take on debt should always be made with careful consideration of the potential consequences. Debts must be managed responsibly and repaid in a timely manner to avoid long-term financial implications. Failure to do so can result in a downward spiral of debt accumulation and mounting interest payments, creating a burden that can be difficult to overcome.

When evaluating the usefulness of Alabama debt, it is important to consider both the benefits and drawbacks associated with borrowing. While debt can be a valuable tool for states to fund important projects and initiatives, it also carries risks that must be carefully managed. By approaching debt with a clear understanding of its implications and a strategic approach to its utilization, states like Alabama can continue to leverage debt as a valuable asset in achieving their economic and social goals.

Reference

  1. usnews – https://www.usnews.com/best-colleges/university-of-alabama-1051/paying
  2. fool – https://www.fool.com/the-ascent/research/average-american-household-debt/
  3. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  4. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  5. uscourts – https://www.uscourts.gov/news/2018/03/07/just-facts-consumer-bankruptcy-filings-2006-2017
  6. educationdata – https://educationdata.org/student-loan-debt-by-state
  7. selmasun – https://selmasun.com/news/state/see-the-average-auto-loan-balance-per-capita-in-alabama/collection_31084d4b-05bf-5404-9233-05a842626145.html
  8. ticas – https://ticas.org/interactive-map/
  9. usnews – https://www.usnews.com/news/best-states/articles/2021-05-17/data-shows-us-households-are-nearly-20-billion-in-debt-on-rent
  10. irs – https://www.irs.gov/statistics/soi-tax-stats-irs-data-book

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