Colorado Debt Statistics


Steve Goldstein
Steve Goldstein
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Colorado Debt Statistics 2023: Facts about Debt in Colorado 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 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.

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

How Useful is Colorado Debt

To answer this question, we must consider the purpose behind the debt in question. Debt taken on with a clear purpose and a solid plan for repayment can be incredibly useful. For example, taking out a mortgage to purchase a home allows individuals to build equity and stabilize their housing situation. Student loans can provide crucial access to higher education and improve one’s earning potential over time.

Similarly, debt used responsibly by businesses can be a key factor in driving growth and innovation. Small businesses often require loans to fund expansion, purchase inventory, or invest in new equipment. This debt can enable them to create jobs, contribute to the local economy, and ultimately achieve long-term success.

However, not all debt is created equal. High-interest credit card debt, for example, can quickly become a burden, leading to financial strain and long-term repercussions. Without a clear plan for repayment, this type of debt can spiral out of control, making it a far less useful financial tool.

In Colorado, like in many other states, balancing the benefits and risks of debt is essential. Individuals and businesses must carefully consider their options before taking on debt, ensuring that it aligns with their financial goals and capacity for repayment. Financial education and planning are crucial in this process, providing individuals with the tools and knowledge they need to make informed decisions about debt.

Furthermore, the economic landscape in Colorado plays a role in shaping the usefulness of debt. A strong economy with low unemployment rates and steady job growth can make it easier for individuals to manage their debt and avoid financial distress. On the other hand, economic downturns or unexpected events like the COVID-19 pandemic can put a strain on individuals and businesses, making debt repayment more challenging.

Overall, the usefulness of debt in Colorado – or anywhere else – ultimately comes down to how it is managed and utilized. Debt can be a valuable tool for achieving financial goals and driving economic growth, but it must be approached with caution and thoughtful consideration. By understanding the risks and rewards of debt, individuals and businesses in Colorado can make informed decisions that align with their long-term financial well-being.

Reference

  1. cohealthinitiative – https://cohealthinitiative.org/articles/medical-debt-collections-cchis-deep-dive/
  2. nerdwallet – https://www.nerdwallet.com/blog/average-credit-card-debt-household/
  3. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  4. denverpost – https://www.denverpost.com/2019/07/19/colorado-debt-credit-experian-california/
  5. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  6. kiowacountypress – https://kiowacountypress.net/content/how-consumer-debt-colorado-changed-during-pandemic

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