Colorado Debt Statistics 2023: Facts about Debt in Colorado reflect the current socio-economic condition of the state.
LLCBuddy editorial team did hours of research, collected all important statistics on Colorado 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 Colorado 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 Colorado 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 Colorado Debt Statistics 2023
☰ Use “CTRL+F” to quickly find statistics. There are total 22 Colorado Debt Statistics on this page 🙂Colorado “Latest” Debt Statistics
- According to a research from 2016, collection agencies got about 10% of the total $729 billion in debt that was outstanding, demonstrating that this sector of the economy is worth billions of dollars.[1]
- Nearly 7 in 10 Americans (69%) have financial concerns about the next 12 months.[2]
- Total consumer debt balances increased 5.4% from 2020 to 2021 to $15.31 trillion, a $772 billion increase and more than double the 2.7% increase from 2019 through 2020, according to Experian.[3]
- A 2016 Commonwealth Fund study found that 40% of persons between the ages of 19 and 64 reported having a poorer credit score as a result of medical debt.[1]
- Nearly 64% of the 99 instances had debts for less than $1,000, with half of those debts being for less than $600.[1]
- According to Experian, the total amount of consumer debt in the US reached $13.3 trillion at the end of 2018, with numerous categories setting new records.[4]
- According to Experian, the average amount of debt that Colorado residents accumulated in the fourth quarter of 2018 and the fourth quarter of 2017 was $3,536.[4]
- According to CCHI, 52% of individuals with just collection debt from unpaid medical claims had otherwise unblemished credit histories.[1]
- In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff in the countries for which statistics are available.[5]
- According to a HowMuch.net review of data from credit karma and the federal reserve bank, the per capita debt load in the country is $50,090.[4]
Colorado “Family” Debt Statistics
- U.S. households that carry credit card debt will pay an average of $1,380 in interest this year, according to NerdWallet.[2]
- 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 during this time.[2]
Colorado “Household” Debt Statistics
- NerdWallet’s annual look at household debt finds that credit card balances carried from month to month have increased over the past 12 months, totaling an estimated $460 billion as of September 2022.[2]
- Median household income has grown by 44% since 2012, while overall expenses have increased by 28% in the same span.[2]
Colorado “Other” Debt Statistics
- The mortgage delinquency rate fell from 1.8% in February 2020 to 1.0% in October 2020 which is likely due in large part to certain provisions of the CARES Act.[6]
- In Colorado, the median amount of debt in collections fell from $1,682 to $1,637 between February and October 2020.[6]
- The Colorado Loan Repayment Assistance Program (LRAP) is available to graduates working in qualifying public interest jobs and provided partial loan repayment awards in the amount of $6,500 to 52 qualified applicants in the 2022 award year.[6]
- According to University of Colorado, on average, the annual student loan payment is 6% of annual earnings.[6]
- At CU, Colorado residents earning bachelor’s degrees who graduate with debt have between $25,000 and $28,000, based on analysis by the Colorado Department of Higher Education.[6]
- Colorado recently saw the passage of a ballot initiative limiting payday lending interest and fees to 36%.[1]
- The most recent federal data (2014) found that almost 20% of credit reports had at least one medical collection account listed.[1]
- According to US News, in terms of education in Colorado, after graduation, the average debt is $26,562.[1]
Also Read
- Alabama Debt Statistics
- Alaska Debt Statistics
- Arizona Debt Statistics
- Arkansas Debt Statistics
- California Debt Statistics
- Colorado Debt Statistics
- Connecticut Debt Statistics
- Delaware Debt Statistics
- Florida Debt Statistics
- Georgia Debt Statistics
- Hawaii Debt Statistics
- Idaho Debt Statistics
- Illinois Debt Statistics
- Indiana Debt Statistics
- Iowa Debt Statistics
- Kansas Debt Statistics
- Kentucky Debt Statistics
- Louisiana Debt Statistics
- Maine Debt Statistics
- Maryland Debt Statistics
- Massachusetts Debt Statistics
- Michigan Debt Statistics
- Minnesota Debt Statistics
- Mississippi Debt Statistics
- Missouri Debt Statistics
- Montana Debt Statistics
- Nebraska Debt Statistics
- Nevada Debt Statistics
- New Hampshire Debt Statistics
- New Jersey Debt Statistics
- New Mexico Debt Statistics
- New York Debt Statistics
- North Carolina Debt Statistics
- North Dakota Debt Statistics
- Ohio Debt Statistics
- Oklahoma Debt Statistics
- Oregon Debt Statistics
- Pennsylvania Debt Statistics
- South Carolina Debt Statistics
- South Dakota Debt Statistics
- Tennessee Debt Statistics
- Texas Debt Statistics
- Utah Debt Statistics
- Vermont Debt Statistics
- Virginia Debt Statistics
- Washington Debt Statistics
- West Virginia Debt Statistics
- Wisconsin Debt Statistics
- Wyoming Debt Statistics
- District of Columbia Debt Statistics
How Useful is Colorado Debt
First and foremost, debt allows Colorado to invest in its future. By taking on debt, the state is able to finance important infrastructure projects, education initiatives, and other programs that will benefit its residents for years to come. These investments can help spur economic growth, create jobs, and improve the overall quality of life for Coloradoans. Without debt, the state would be limited in its ability to make these crucial investments.
Additionally, debt can be a useful tool for managing cash flow. Just as individuals may take out a loan to cover unexpected expenses, states like Colorado can use debt to smooth out fluctuations in revenue and ensure that necessary expenses are covered even during lean times. By utilizing debt strategically, Colorado can avoid making drastic cuts to essential services during economic downturns and maintain a more stable financial footing overall.
Furthermore, debt can help Colorado take advantage of low interest rates. In today’s environment of historically low interest rates, borrowing money can be relatively inexpensive for the state. By borrowing now when rates are favorable, Colorado can finance important projects and initiatives at a lower cost than it would in a higher interest rate environment. This can ultimately save the state money in the long run, making debt a valuable financial tool in certain circumstances.
Of course, debt must be managed responsibly in order to be truly beneficial. Colorado must carefully consider how much debt it takes on, what it is being used for, and how it will be repaid. Too much debt or debt taken on for the wrong reasons can ultimately harm the state’s financial health and restrict its ability to invest in the future. It is essential that Colorado’s leaders make informed and thoughtful decisions when it comes to taking on debt.
In conclusion, while debt may often carry a negative connotation, it can be a useful and valuable tool for states like Colorado when used appropriately. By taking on debt to finance important investments, manage cash flow, and take advantage of low interest rates, Colorado can improve the overall economic well-being of its residents and position itself for future success. However, responsible management of debt is crucial to ensure that it remains a useful tool rather than a burden.
Reference
- cohealthinitiative – https://cohealthinitiative.org/articles/medical-debt-collections-cchis-deep-dive/
- nerdwallet – https://www.nerdwallet.com/blog/average-credit-card-debt-household/
- experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
- denverpost – https://www.denverpost.com/2019/07/19/colorado-debt-credit-experian-california/
- pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
- kiowacountypress – https://kiowacountypress.net/content/how-consumer-debt-colorado-changed-during-pandemic