Georgia Debt Statistics

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


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

☰ Use “CTRL+F” to quickly find statistics. There are total 32 Georgia Debt Statistics on this page 🙂

Georgia Debt “Latest” Statistics

  • According to Training Economics, Georgia recorded a Government Debt to GDP of 57.10% of the country’s Gross Domestic Product in 2021.[1]
  • Georgia’s average student loan debt is $36,689, the third highest total in the nation and 7% more than the average. The 1.6 million student loan borrowers in Georgia owe in excess of $5.8 million.[2]
  • According to Credit Summit, Georgia residents carry a credit card balance of $6,388 and 57% of Georgians have student loan debt with $28,653 worth to be precise.[3]
  • Households with a net worth of $250,000 to $499,999 and $500,000 or above were among the least likely to have a high medical debt burden (1.5% and 0.7%, respectively).[4]
  • When applying for a debt consolidation loan, borrowers often put up collateral and pay 10%–12% rather than the 25% interest rate they would otherwise pay to credit card issuers.[2]
  • Despite only having 44% card debt, families in the bottom quartile have a median net worth of $310 and an average amount owed on their credit cards of $4,830.[5]
  • According to the SIPP, 19% of US families had medical debt in 2017—defined as medical expenses that individuals couldn’t afford to pay up front or at the time they got treatment.[4]
  • Programs for managing debt assist lenders in bringing credit card interest rates down to around 8%.[2]
  • According to the poll, 2.9% of families with full insurance and 85% of those without full insurance reported having substantial medical debt burdens.[4]
  • Georgia External Debt accounted for 117.8 % of the country’s Nominal GDP in 2021, compared with the ratio of 131.5 % in the previous year.[6]
  • Households that had trouble paying their rent or mortgage also appeared to have trouble paying medical bills and were more likely to carry a high medical debt burden relative to other households (12.4% versus 3.5%).[4]
  • 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.[7]
  • According to USDA, farm businesses account for half of U.S. farms, but they contribute more than 90 percent of the farm sector’s value of production and hold most of its assets and debt.[8]
  • In Georgia, a debt collector is only permitted to garnish up to 25% of weekly disposable income or, beginning in early 2022, the amount that is more than $217.50 weekly or 30 times the federal minimum wage.[2]
  • Consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[9]
  • According to the US Federal Reserve and the Federal Reserve Bank of New York, 44.7 million Americans have student loan debt, with a combined total of over $1.56 trillion.[10]
  • Families with some college but no degree at the highest level of education had a 26.2% higher likelihood of having medical debt.[4]
  • According to data from the New York Fed, 90-day delinquency rates on auto loans peaked in the fourth quarter of 2010 at 5.3%, dropping to 3.9% as of the third quarter of 2022.[11]
  • According to Statista, the ratio of national debt to gross domestic product of Georgia was forecast to decrease between 2022 and 2027 by in total 2.9 percentage points. The ratio is estimated to amount to 36.89% in 2027.[11]

Georgia Debt “Household” Statistics

  • Georgia household debt accounted for 38.0 % of the country’s Nominal GDP in Sep 2022, compared with the ratio of 39.0 % in the previous quarter.[12]
  • Regionally, 22.1% of south households reported having medical debt, compared to 15.2% of west households and 15.6% of northeast families.[4]
  • Households with children under 18 were 24.7% more likely to have medical debt than those without children, who were 16.5% more likely.[4]
  • High medical debt load is defined as debt that represents more than 20% of a household’s yearly income.[4]
  • Black households carried the least debt with an average of $3,940, which is 37% lower than the nationwide average.[5]

Georgia Debt “House” Statistics

  • The average credit card debt of U.S. families is $6,270, according to the most recent data from the Federal Reserve’s Survey of Consumer Finances.[5]
  • When any family member spent time in the hospital, the proportion of households with medical debt increased to 31.3% from 15.8% when there were no family members who spent time in the hospital.[4]
  • 25.4% of homes with the youngest child under the age of five had medical debt, little over a quarter of all households.[4]
  • Health and economic circumstances may also influence which families have a high burden of medical debt, even though just 4% of all households reported having a high burden of medical debt.[4]

Georgia Debt “Other” Statistics

  • According to the Federal Reserve System, the median household debt-to-income ratio in Georgia during the second quarter of 2020 stood at 1.62 to 1.75, which is above the national average of 1.51.[13]
  • According to the most recent study conducted by the Selig Center for Economic Growth, the University System of Georgia’s economic impact on the state was $18.6 billion in 2020.[13]
  • 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.[7]
  • Undergraduates are carrying record-high credit card balances. The average outstanding balance in 2009 was $3,173, with 21% of the undergraduates carrying a balance of between $3,000 and $7,000.[10]

Also Read

How Useful is Georgia Debt

On the one hand, debt can provide necessary capital for investments that can lead to economic growth and prosperity. Take infrastructure projects as an example. Roads, bridges, and public transportation systems are vital for Georgia’s economy to thrive. Without debt, these projects would not be possible, as the upfront costs would be too burdensome for the state to handle on their own. In this regard, Georgia debt can be seen as a useful tool for spurring development and enhancing quality of life for residents.

Additionally, debt can also be used to fund education and healthcare initiatives, two sectors that are crucial for the well-being of Georgia’s population. By borrowing money, the state can ensure access to quality education and healthcare services, which in turn can have long-term positive impacts on society as a whole. Education and healthcare are investments in human capital that can yield significant returns in the form of a skilled workforce and healthy population.

However, the flip side of the coin must also be considered. Excessive debt can become a burden that hinders Georgia’s ability to grow and prosper. When debt levels become unsustainable, the state may find itself in a position where it has to divert resources to debt servicing rather than investing in essential services. This can lead to budget constraints, higher taxes, and a stifling of economic growth.

Furthermore, reliance on debt to fund day-to-day expenses or to cover budget deficits can be a dangerous path to tread. It can create a cycle of debt that is difficult to break, leading to additional borrowing and accumulating interest payments. This can ultimately lead to a downward spiral that erodes financial stability and puts Georgia’s future at risk.

Debt also comes with the risk of economic downturns or unforeseen crises, such as natural disasters or pandemics. In times of crisis, debt can act as a safety net to help cushion the impact and provide necessary resources for recovery. However, if debt levels are already high, it may limit the state’s ability to respond effectively to these emergencies, leaving Georgia vulnerable and exposed.

In conclusion, while Georgia debt can be a useful tool for strategic investments and economic development, it must be managed carefully and prudently. Debt should not be used as a substitute for sound financial planning or as a means to cover unsustainable spending habits. Instead, it should be seen as a means to an end – a way to finance investments that will yield long-term benefits for Georgia and its residents. By approaching debt with caution and foresight, Georgia can ensure that it remains a useful tool rather than a hindrance to its growth and prosperity.


  1. tradingeconomics –
  2. debt –
  3. mycreditsummit –
  4. census –
  5. valuepenguin –
  6. ceicdata ––of-nominal-gdp
  7. pewtrusts –
  8. usda –
  9. experian –
  10. georgia –
  11. lendingtree –
  12. ceicdata ––of-nominal-gdp
  13. usg –

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