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

Proponents of Connecticut debt argue that taking on debt allows the state to invest in critical infrastructure projects, education, and other essential services. By borrowing money, the state can fund improvements to roads, bridges, and public transportation systems, which are vital for economic growth and development. Additionally, borrowing money allows the state to make necessary investments in education, healthcare, and social services that benefit residents and improve quality of life.

Furthermore, some argue that taking on debt allows the state to leverage existing resources and take advantage of low interest rates to finance important projects. By borrowing money now and spreading out the payments over time, the state can address immediate needs without placing too much of a burden on taxpayers. This can be especially beneficial in times of economic uncertainty or when revenues are not sufficient to cover expenses.

On the other hand, critics of Connecticut debt point to the risks and potential downsides of accumulating too much debt. High levels of debt can limit the state’s ability to respond to unforeseen events or emergencies, as resources may already be committed to servicing existing debt obligations. Additionally, heavy debt loads can lead to increased borrowing costs and reduced credit ratings, making it more expensive for the state to borrow money in the future.

Moreover, some argue that increasing levels of debt can have negative long-term consequences for the state’s finances and economic stability. High debt levels can constrain future budgetary decisions, as more and more resources are directed towards paying off debt rather than funding essential services or investing in the future. In extreme cases, excessive debt can lead to financial distress or even default, putting the state’s credit rating and ability to borrow at risk.

In light of these arguments, it is clear that the usefulness of Connecticut debt is a complex and nuanced issue. While debt can be a useful tool for financing important projects and investments, it also carries risks and potential downsides that should be carefully considered. Ultimately, the decision to take on debt should be made thoughtfully and with an eye towards both short-term needs and long-term consequences.

As Connecticut continues to grapple with its debt burden, policymakers and residents must engage in a productive dialogue about the role of debt in the state’s financial future. By weighing the benefits and drawbacks of borrowing money, the state can make informed decisions that support sustainable economic growth and prosperity for all residents.

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