Louisiana Debt Statistics


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

louisiana

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

☰ Use “CTRL+F” to quickly find statistics. There are total 20 Louisiana Debt Statistics on this page 🙂

Louisiana Debt “Latest” Statistics

  • According to Education Data Initiative, $22.5 billion in student loan debt belongs to Louisiana residents.[1]
  • The average student loan debt in Louisiana is $34,525.[1]
  • Federal reserve consumer finances survey people with college degrees carry higher credit card balances even though only 43% carry credit card debt compared with 52% who have some college and 47% who ended their education after high school.[2]
  • According to US Courts, nonbusiness filings (filings involving mainly consumer debt) constituted 97% of all Chapter 7 bankruptcies and 99% of all Chapter 13 bankruptcies.[3]
  • In the fourth quarter of 2021, 4% of all auto debt balances in the country were over 90 days delinquent.[4]
  • In 2018, the average mortgage debt in the state was $145,922, then jumped to $151,763, a 4 percent increase in a year.[5]
  • Experian reported an average mortgage debt level of $151,763 in Louisiana, representing an increase of 4.0% compared to 2018, and ranking the state 32nd in the nation.[6]
  • The average household credit card debt carried by Louisiana citizens is $7,260, 22.2% below the national average for indebted households of $9,333, placing them 25th nationwide.[6]
  • In Louisiana, the average debt per student borrower is $23,855, the seventh lowest in the nation.[7]
  • According to Southeastern Louisiana University, 51% of Louisiana students graduated with debt.[7]
  • Southeastern graduates reported an average debt of $19,356, 1.93% less than 2020.[7]
  • According to US News, Alabama, Louisiana, Florida, Alaska and Georgia have the highest shares of renters with debt, each at 20% or more.[8]

Louisiana Debt “Household” Statistics

  • The federal reserves survey of consumer finances’ most recent findings show that us households have an average credit card debt of $6,270.[2]
  • Black households had the lowest average debt of any group, at $3,940, which is 37% less than the national average.[2]
  • According to Self, the average VantageScore in Louisiana is 661 and the average household debt is $39,740.[5]

Louisiana Debt “House” Statistics

  • Alabama, Louisiana and Florida are among the states with the highest shares of households with rent debt providing more than 5.7 million households that are behind on payments nationally and owing nearly $20 billion total, according to recent data from a joint advocacy effort.[8]
  • According to USDA, single family housing repair loans and grants can be combined for up to $50,000 in assistance in Louisiana.[2]

Louisiana Debt “Other” Statistics

  • According to KALB, the nationwide total average auto loan balance per capita has increased from $2,960 to $5,210, an increase of around 76% since 2023.[4]
  • In Louisiana, the median amount of debt in collections climbed from $1,899 to $1,934 between February and October 2020.[9]
  • According to research from Student Loan Hero, in Louisiana, the average balance for both federal and private student loans is $33,823, 8% lower than the US average of $36,689.[10]

Also Read

How Useful is Louisiana Debt

Debt can be a useful financial instrument when used appropriately. It allows governments to finance large infrastructure projects, invest in education and healthcare, and maintain essential public services without burdening current taxpayers with the full cost upfront. By spreading out the expenses over time, debt can help smooth out cash flows and keep the economy running smoothly. Additionally, borrowing can be advantageous during times of low-interest rates, as it enables governments to lock in financing at favorable terms and potentially earn a higher return on investment.

However, concerns arise when debt levels become unsustainable or are used to fund recurring expenses rather than long-term investments. Excessive debt can lead to credit downgrades, higher borrowing costs, and limited fiscal flexibility in the future. If debt servicing consumes a significant portion of the budget, it can crowd out essential government functions, compromise public services, and hinder economic growth. Furthermore, accumulation of too much debt can raise the risk of default and tarnish the state’s creditworthiness, making it harder and more expensive to borrow in the future.

To maximize the utility of debt, Louisiana must carefully evaluate the purpose and magnitude of borrowing and implement sound fiscal management practices. The state should prioritize investments that generate long-term economic benefits, such as infrastructure improvements, workforce development programs, and strategic industry partnerships. By targeting areas with the potential for high returns, Louisiana can boost productivity, attract businesses and create jobs, and improve the overall quality of life for its residents.

Moreover, Louisiana should establish clear debt management policies and adhere to responsible budgeting practices. The state must establish clear debt ceilings, monitor debt levels and debt service costs, and develop contingency plans to address potential financial challenges. Transparent reporting and communication with stakeholders are essential to build trust and credibility with investors and maintain fiscal discipline.

Debt sustainability relies on a balance between borrowing for productive investments and prudent debt management practices. Louisiana must strike a careful balance between leveraging debt for economic growth and avoiding overreliance on borrowing. By making informed decisions, maintaining fiscal discipline, and pursuing strategic investments, Louisiana can harness the potential benefits of debt while safeguarding its fiscal health and sustainable future.

Reference

  1. educationdata – https://educationdata.org/student-loan-debt-by-state
  2. valuepenguin – https://www.valuepenguin.com/average-credit-card-debt
  3. uscourts – https://www.uscourts.gov/news/2018/03/07/just-facts-consumer-bankruptcy-filings-2006-2017
  4. kalb – https://www.kalb.com/2022/06/29/louisiana-has-2-highest-auto-loan-balance-per-capita-nationwide/
  5. self – https://www.self.inc/info/average-credit-score-and-debt-louisiana/
  6. unitedsettlement – https://unitedsettlement.com/louisiana-debt-settlement/
  7. southeastern – http://www.southeastern.edu/news_media/news_releases/2021/june/lowest_student_debt_ranking.html
  8. usnews – https://www.usnews.com/news/best-states/articles/2021-05-17/data-shows-us-households-are-nearly-20-billion-in-debt-on-rent
  9. bizneworleans – https://www.bizneworleans.com/how-consumer-debt-in-louisiana-changed-during-the-pandemic/
  10. wafb – https://www.wafb.com/2021/12/23/data-shows-average-student-loan-balance-louisiana-residents-close-34000/

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