Connecticut Debt Statistics


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

connecticut

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

Debt can be a useful tool when used wisely. It allows governments to finance projects and initiatives that would otherwise be impossible to fund upfront. The ability to invest in infrastructure, education, healthcare, and economic development can have long-term benefits for a state and its residents. These investments can stimulate economic growth, create jobs, and improve overall quality of life.

However, there is a fine line between responsible borrowing and excessive debt accumulation. When debt reaches unsustainable levels, it can have serious consequences for a state and its residents. High levels of debt can lead to increased interest payments, which can divert funding from essential services and programs. It can also impact a state’s credit rating, making it more difficult and expensive to borrow money in the future.

Connecticut’s debt burden has been a topic of much debate and concern. Some argue that the state’s high levels of debt have hindered its ability to invest in crucial areas such as education and infrastructure. Others argue that borrowing has been necessary to fund essential services and maintain the state’s economic competitiveness.

Critics of Connecticut’s debt situation point to the state’s unfunded pension liabilities as a major source of concern. These liabilities have ballooned in recent years, leading to increased strain on the state’s budget. Additionally, some argue that the state has not done enough to address its underlying financial problems, such as unsustainable spending habits and outdated revenue structures.

Despite the challenges associated with debt, it is important to acknowledge that Connecticut is not alone in grappling with these issues. Many states across the country face similar challenges when it comes to managing their debt levels. Finding a balance between borrowing responsibly and living within one’s means is a challenge that all states must navigate.

Ultimately, the usefulness of Connecticut’s debt will depend on how it is managed and allocated. If debt is used to fund strategic investments that benefit the state and its residents in the long run, then it can be a valuable tool. However, if debt is accumulated without a clear plan for repayment or if it is used to fund unsustainable spending habits, then it can have negative consequences for the state’s financial health.

As Connecticut continues to grapple with its debt burden, it will be crucial for policymakers to make thoughtful, informed decisions about how to address the state’s financial challenges. By prioritizing responsible borrowing and strategic investments, Connecticut can position itself for a more stable and prosperous future.

Reference


  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

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