Installment Payment Statistics 2023
– Everything You Need to Know

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Installment Payment Statistics 2023: Facts about Installment Payment outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Installment Payment, 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 form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Installment Payment 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.

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Top Installment Payment Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 38 Installment Payment Statistics on this page 🙂

Installment Payment “Latest” Statistics

  • Researchers at the social policy institute conducted a nationwide poll and discovered that 24% of respondents intended to use their payments for childcare costs, while 42% planned to use at least a portion of the credit to establish or expand a college fund for their kid.[1]
  • Compared to 12% of students who attended public institutions and 14% of students who attended nonprofit schools, 48% of borrowers who attended for-profit colleges default within 12 years.[2]
  • According to 2016 statistics from an April 2019 study, which is the most recent data available, 66% of graduates from public universities had debts, borrowing an average of $26,900.[2]
  • In 2016, 68% of graduates from for-profit private universities took out loans totaling an average of $31,450.[2]
  • During the school year 2020–2021, cosigners were required for 90% of undergraduate loans and 63% of graduate loans.[2]
  • In the class of 2020, 55% of graduates with a bachelor’s degree borrowed money, graduating with an average of $28,400 in government and private debt.[2]
  • According to the most recent statistics available, 14% of parents with children in the class of 2019 borrowed an average of $37,200 in federal parent-plus loans.[2]
  • 53% of students don’t fully use federal student loans, instead taking out private loans before using up all of their federal loan options.[2]
  • The amount of private student loan debt reached an anticipated $12 billion for the school year 2020.[2]
  • In the academic year 2020–2021, parents and students borrowed an estimated $95.9 billion, 13% of which came from private loans and other nonfederal sources.[2]
  • 72.9% of private enterprises in the biggest size class pay their workers every two weeks, and these companies have more consistent pay periods.[3]
  • The most typical frequency is biweekly, which is followed by weekly (32.4%), semimonthly (19.8%), and finally monthly (11.3%).[3]
  • The most typical pay period is biweekly, with 36.5% of U.S. private enterprises paying their workers every two weeks.[3]
  • There is no preferred payment period used by businesses in the commerce, transportation, and utility sector, however, more than 70% of them employ weekly or biweekly pay periods.[3]
  • 70.6% of construction enterprises utilize a weekly pay period.[3]
  • Education and health services biweekly and manufacturing weekly come in second and third place, respectively, with somewhat more than 50% of their enterprises working under one specified length of a pay period.[3]
  • In March, 52% of private enterprises had several pay periods, compared to 94.8% of private businesses that had a single pay period.[3]
  • 59.3% of companies taking part in the CES poll not only provide staff headcount but also hours and wages data.[3]
  • Over 70% of enterprises in the highest size class with more than 1,000 workers make payments every two weeks.[3]
  • The most consistent pay period is seen in the construction sector, where 70.6% of companies use a weekly pay period.[3]
  • Buy Now, Pay Later services will reportedly ultimately replace credit cards for 38% of consumers, and for more than half (56%).[4]
  • Respondents indicated that 57% of users rated PayPal credit as their favorite service.[4]
  • Nearly half of those who use Buy Now, Pay Later say they do so whenever they purchase online, 47% and 45% use the service regularly, at least once a month or more.[4]
  • With over 40% each, clothing and electronics are the most popular categories of purchases, followed by furnishings. 32% appliances, 29% home goods, and 23% cosmetics.[4]
  • 67% of people claim they did more than half of their shopping online in the last year.[4]
  • The advantages of later services over credit cards include simpler payment processing (45%) and more flexibility (44%).[4]
  • 71% of customers claim they have increased their internet shopping as a result of the epidemic.[4]
  • While nonrevolving credit rose at a pace of 44% annually, revolving credit increased at a rate of 11.6% annually.[5]
  • In the 2021 Comprehensive Taxpayer Attitude Survey (CTAS), 88% of taxpayers felt it is not at all acceptable to cheat on their income taxes, and almost all of them (93%), agreed.[6]
  • Used automobiles continue to have the lowest average monthly payments of $488 while seeing the most price increase at 18.2%.[7]
  • With a market share of 20.9%, credit unions are a less direct rival than captive lenders, who follow at 26.6%.[7]
  • Although the cost of new vehicles has increased by 12.2% over the last year, the cost of used cars and trucks has increased by 40.5%.[7]
  • The average new automobile payment has increased by 11.8%, which is approximately the same as the 12.2% rise in new car prices.[7]
  • The average monthly payment for a new automobile is now $644, up 11.8%, while the average lease payment is now $531, up 15.4%.[7]
  • The average auto payment for new cars has reached a record high of $644, an increase of a double-digit percentage from the previous year.[7]
  • Average monthly auto payments rose by 11.8% for new cars, 18.2% for used cars, and 15.4% for leased cars, bringing them to 488 and 531, respectively.[7]
  • According to the most recent statistics, Americans took out 11% more vehicle loans in April 2019 than they did in 2008 when the great recession was at its worst.[7]
  • While mortgages account for the majority of consumer debt in America (70.2%), vehicle loans make up 94%, only slightly less than student loan debt (10.1%).[7]

Also Read


  1. treasury –
  2. studentloanhero –
  3. bls –
  4. crresearch –
  5. federalreserve –
  6. irs –
  7. lendingtree –

About Author & Editorial Staff

Steve Goldstein, founder of LLCBuddy, is a specialist in corporate formations, dedicated to guiding entrepreneurs and small business owners through the LLC process. LLCBuddy provides a wealth of streamlined resources such as guides, articles, and FAQs, making LLC establishment seamless. The diligent editorial staff makes sure content is accurate, up-to-date information on topics like state-specific requirements, registered agents, and compliance. Steve's enthusiasm for entrepreneurship makes LLCBuddy an essential and trustworthy resource for launching and running an LLC.

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