Kansas Debt Statistics


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

kansas

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

☰ Use “CTRL+F” to quickly find statistics. There are total 15 Kansas Debt Statistics on this page 🙂

Kansas Debt “Latest” Statistics

  • According to the Institute of College Access and Success, the Kansas people has an average debt of $26,002 with a percentage of 60%.[1]
  • According to Education Data Initiative, $12.5 billion in student loan debt belongs to Kansas residents.[2]
  • In Kansas, $32,578 is the average student loan debt, and almost 383,700 student have loans.[2]
  • According to Credit Summit, the average Kansan has $2,590 in personal debt, plus $137,542 of mortgage debt per capita.[3]
  • Kansas residents have an open credit card balance of $5,155 and 59% of residents have a student loan, the average amount of which is $27,720.[3]
  • From 2020 to 2021, total consumer debt balances climbed by 5.4%, or $772 billion, to reach $15.31 trillion, more than double the 2.7% growth that occurred from 2019 to 2020.[4]
  • According to Experian, the total mortgage balance grew by 7.6% over the previous 12 months to a total of $10.29 trillion in 2021, and the total auto loan and lease balance grew by 5.8% to $1.43 trillion.[4]
  • Total household debt rose by $351 billion, or 2.2 percent, to reach $16.51 trillion in the third quarter of 2022, according to the latest Quarterly Report on Household Debt and Credit.[5]
  • According to Consolidated Credit, the average credit card debt per household in Kansas is $7,040.[6]
  • The average cardholder uses over 31% of their available credit. Anything over 30% will decrease your credit score, limiting your options for do-it-yourself debt relief.[6]
  • The typical American holds four credit cards, and Kansas residents report having a total debt of around $5,063, according to Experian.[7]
  • 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 the cases from 2010 to 2019.[8]

Kansas Debt “Other” 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.[8]
  • Over the past decade in the jurisdictions, courts have resolved more than 70 percent of debt collection lawsuits with default judgments for the plaintiff.[8]
  • 75% of civil case judgments were for less than $5,200, which means that in most states, debt claims are typically filed in a limited or small claims court.[8]

Also Read

How Useful is Kansas Debt

One argument in favor of Kansas debt is that it provides a way for the state to invest in its future. By taking on debt, the state can finance large-scale projects such as building new roads, schools, and hospitals, which can have long-lasting positive impacts on the economy and the quality of life for residents. These investments can create jobs, attract businesses, and improve overall infrastructure, making Kansas a more desirable place to live and work.

Additionally, debt can be a useful tool for managing short-term cash flow issues. For instance, if the state faces unexpected expenses or a revenue shortfall, borrowing money can provide a temporary solution until funds are replenished. This can prevent disruptions in essential services and ensure that the state can continue to function smoothly.

On the other hand, accumulating debt can also have downsides. For one, high levels of debt can strain the state’s finances and limit its ability to invest in other important areas. In extreme cases, high debt levels can lead to credit downgrades, higher borrowing costs, and decreased investor confidence, which can further exacerbate financial challenges.

Furthermore, paying off debt requires using taxpayer dollars for debt servicing, which could otherwise be allocated to other public services such as education, healthcare, and social programs. This can create a dilemma for policymakers as they try to balance the immediate needs of the state with the long-term consequences of debt accumulation.

It is also worth considering that debt must be managed responsibly to ensure that it does not spiral out of control. Just like individuals or businesses, states must live within their means and avoid taking on more debt than they can afford. This requires prudent financial planning, regular assessments of debt levels, and a commitment to reducing debt when possible.

Overall, the usefulness of Kansas debt ultimately depends on how it is managed and utilized. When used wisely, debt can be a powerful tool for investing in the state’s future, stabilizing finances, and smoothing out cash flow. However, it is essential that policymakers exercise caution and prudence when taking on debt to ensure that it does not become a burden on future generations. By striking the right balance, Kansas can leverage debt as a valuable resource while avoiding the pitfalls that come with excessive borrowing.

Reference


  1. ticas – https://ticas.org/interactive-map/
  2. educationdata – https://educationdata.org/student-loan-debt-by-state
  3. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/kansas/
  4. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  5. newyorkfed – https://www.newyorkfed.org/microeconomics/hhdc/background.html
  6. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/kansas/
  7. incharge – https://www.incharge.org/debt-relief/credit-counseling/kansas/
  8. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts

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