Connecticut Debt Statistics

Steve Goldstein
Steve Goldstein
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Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

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


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

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

Connecticut “Latest” Debt Statistics

  • According to Consolidated Credit, the average credit user in Connecticut owes over $7,000 to credit card companies.[1]
  • Studies have indicated that default judgements are obtained in more than 70% of debt instances.[2]
  • Retirement pension expenditures and bond debt repayments made up around 17% of the General Fund budget in 2007, shortly before the latest recession.[3]
  • 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 cases from 2010 to 2019, according to Pew Trust.[2]
  • 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.[2]
  • Families in the lowest 25% of Americans had average debts of only $1,000 in 1989, $2,000 in 2007, and $13,000 in 2013.[3]
  • At $28,650, New York has the 13th highest student loan debt in the US, behind only Connecticut , yet 60% of 2017 grads still owing money on their loans.[4]
  • According to the nonprofit Institute for College Access and Success, the average debt held by a Connecticut resident graduating college, public or private, rose from $18,906 in 2004 to $29,750 in 2014.[3]
  • Student loans really account for 11% of consumer debt, with an average balance of roughly $37,000.[5]
  • Connecticut residents have an average student loan debt notably higher than the national average with $17.5 billion student loan debt and $35,162 average student loan debt.[6]
  • SHED found that students used other sources to finance their education: 25% borrowed with credit cards, 6% took out a home equity line of credit, and 7% used another form of loan.[5]

Connecticut “Household” Debt Statistics

  • In 2007, 8% of households had more debt than assets, with an average debt of $20,000 per family.[3]
  • In Connecticut, the average credit card debt per household is $7,304.[1]

Connecticut “Other” Debt Statistics

  • 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.[2]
  • At Connecticut College, the average debt after graduation is $39,763.[7]
  • According to recently published statistics, the Federal Trade Commission received more than 2.1 million fraud complaints from consumers in 2020, with imposter scams continuing to be the most prevalent kind of fraud reported to the agency.[8]
  • According to the the Federal Reserve’s 2017 SHED survey, it revealed that over 30% of those who attended college owed money on their student loans.[5]
  • At University of Connecticut, the median federal loan debt among borrowers who completed their undergraduate degree is $21,500.[7]
  • 10% of graduating students at University of Connecticut took out private loans. Students with private loans had an average of $34,126 in private loan debt at graduation.[7]

Also Read

How Useful is Connecticut Debt

First and foremost, it’s important to understand the purpose of debt for a state like Connecticut. Just like individuals and businesses, governments often take on debt to fund projects and infrastructure investments that bring long-term benefits to the community. This can include things like building schools, roads, or improving public services like healthcare and safety.

In this sense, Connecticut’s debt can be seen as a necessary investment in the state’s future. By borrowing money now to finance critical projects, the state can improve its infrastructure, attract businesses, and ultimately boost its economy. In the long run, this can lead to a higher quality of life for residents and increased revenue for the state through taxes and economic growth.

Furthermore, borrowing money can also help the state navigate through difficult times, such as economic downturns or unexpected emergencies. Having a financial cushion in the form of debt allows Connecticut to weather these storms without having to make drastic cuts to services or raise taxes, which can negatively impact residents and businesses.

However, there are valid concerns about the size and management of Connecticut’s debt. With interest payments eating up a significant portion of the state’s budget, some argue that the burden of debt is unsustainable in the long term. Additionally, reliance on debt can sometimes lead to short-term decision making and fiscal irresponsibility if not properly managed.

Critics point to the impact of debt on future generations, who will have to bear the cost of repaying what was borrowed today. This raises important questions about the ethical implications of saddling future residents with the consequences of today’s decisions. It also underscores the importance of ensuring that debt is used wisely and responsibly, with clear plans in place for repayment and fiscal sustainability.

While there are valid arguments both for and against Connecticut’s debt, it ultimately comes down to how effectively it is used and managed. Debt can be a useful tool for investing in the state’s future and navigating financial challenges, but it must be coupled with responsible fiscal policies and long-term planning to ensure that it benefits all residents of Connecticut, both now and in the future.


  1. consolidatedcredit –
  2. pewtrusts –
  3. ctmirror –
  4. debt –
  5. ctdata –
  6. educationdata –
  7. usnews –
  8. ftc –

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