Connecticut Debt Statistics

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 🙂

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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

Debt, by its very nature, is a tool that can be utilized to fund necessary investments and expenses. When used wisely, debt can help states finance critical infrastructure projects, education initiatives, and other essential services that benefit their citizens. It can also serve as a safety net during times of economic downturn, allowing states to maintain essential services even when tax revenues are not sufficient to cover the costs.

Connecticut, like many states, has utilized debt to fund a variety of projects and services. From maintaining roads and bridges to building schools and investing in economic development, debt has played a crucial role in supporting the state’s growth and development. In many cases, this debt has been necessary to ensure that Connecticut remains a competitive and attractive place to live and do business.

However, when debt is mismanaged or used irresponsibly, it can quickly become a burden that impairs a state’s financial health. Connecticut’s debt load has been a topic of concern for some time now, with many critics pointing to the mounting costs of servicing this debt as a drain on the state’s resources. As debt levels rise, so too does the amount of money that must be set aside for interest payments and principal repayment, diverting funds away from other critical needs.

Furthermore, excessive debt can limit a state’s flexibility and ability to respond to changing economic conditions. When a substantial portion of state revenues is consumed by debt service, policymakers may find themselves with limited options when it comes to funding new initiatives or responding to unexpected challenges. This can create a cycle of ever-increasing debt and limited capacity to address pressing issues, ultimately harming the state’s long-term economic prospects.

In evaluating the usefulness of Connecticut debt, it is essential to consider both the short-term benefits it provides in financing necessary investments and services and the long-term risks associated with unsustainable debt levels. While debt can be a useful tool when used responsibly, it is crucial that policymakers exercise prudence and foresight in their borrowing decisions to ensure that debt remains a manageable and sustainable part of the state’s financial landscape.

Ultimately, the question of how useful Connecticut debt truly is cannot be answered in absolutes. Rather, it requires a careful assessment of the state’s current financial situation, future budgetary constraints, and overall economic outlook. By engaging in thoughtful and informed decision-making around debt management, Connecticut can position itself for a more prosperous and financially stable future.

Reference

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1. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/connecticut/
2. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
3. ctmirror – https://ctmirror.org/2018/05/29/already-deep-debt-connecticut-struggles-extremes-wealth-income/
4. debt – https://www.debt.org/faqs/americans-in-debt/
5. ctdata – https://www.ctdata.org/blog/student-loans-in-ct
6. educationdata – https://educationdata.org/student-loan-debt-by-state
7. usnews – https://www.usnews.com/best-colleges/connecticut-college-1379
8. ftc – https://www.ftc.gov/news-events/news/press-releases/2021/02/new-data-shows-ftc-received-22-million-fraud-reports-consumers-2020