Minnesota Debt Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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

minnesota

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

☰ Use “CTRL+F” to quickly find statistics. There are total 21 Minnesota Debt Statistics on this page 🙂

Minnesota Debt “Latest” Statistics

  • According to Self, a cost of living that is 25% lower than the national average is one factor that undoubtedly helps Minnesotans in keeping their debt under control.[1]
  • According to the OHE, bachelor’s degree alumni from Saint John’s University who borrow have a tendency to graduate with more debt than graduates from Minnesota’s institutions as a whole, with a median debt of $31,800.[2]
  • According to Education Data Initiative, Minnesota has a student loan debt of $26.5 billion and the average student loan debt is $33,604.[3]
  • In the 10 years between 2007 and 2017, Minnesota’s average debt per borrower climbed by more than 31%.[1]
  • The projected total debt in Minnesota is $155.6 million dollars, with 53,000 families owing an average of $2,900 each.[4]
  • 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.[5]
  • According to MinnPost, 86% of 2017 bachelor’s degree graduates from for-profit institutions in the OHE dataset had student debt, which was a higher percentage than that of graduates from other kinds of schools.[2]
  • According to the 2022 Graduation Questionnaire survey by the Association of American Medical Colleges, medical students who graduated in 2022 had a median debt of $200,000.[6]
  • 70% of private non-profit bachelor’s degree grads graduated from college in debt.[2]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[5]

Minnesota Debt “Household” Statistics

  • According to census data, Minnesota’s median household income is close to $68,000 compared to the national median of $60,000.[2]
  • According to Self, the difference between household debt in Minnesota and the national average was more than $6,000 in 2003.[1]
  • United States household debt reached $16,505 billion in September 2022, compared with the reported number of $16,154 billion in the previous quarter.[7]
  • As of 2019, Minnesota ranked 14th in average total household debt at $55,380 per household.[1]
  • According to the Federal Reserve System, the median household debt-to-income ratio in Minnesota during the second quarter of 2020 stood at 1.41 to 1.51, which is below the national average of 1.51.[8]

Minnesota Debt “Other” Statistics

  • According to the Minnesota Multi Housing Association’s most recent study, rent costs in Minnesota were 95% for the best apartments and 86% for what is regarded as naturally affordable housing.[4]
  • 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.[5]
  • According to US News, at University of Minnesota, Twin Cities, the median federal loan debt among borrowers who completed their undergraduate degree is $19,500.[9]
  • 9% of graduating students at University of Minnesota, Twin Cities took out private loans and students with private loans had an average of $30,181 at graduation.[9]
  • According to Minnesota Chamber of Commerce, loans are up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. The average microloan is about $13,000.[10]
  • The Department of Education has approved approximately $16 billion in loan discharges for more than 680,000 borrowers.[11]

Also Read

How Useful is Minnesota Debt

Minnesota, like many other states across the country, carries a significant amount of debt. The question that arises is: how useful is this debt to the state and its residents?

One way in which debt can be beneficial is through the financing of much-needed infrastructure projects. These projects, such as roads, bridges, schools, and hospitals, are vital to the well-being of our communities and the overall economy. By using debt to fund these projects, Minnesota can ensure continued growth and development, which will ultimately benefit all its residents.

Debt can also be a useful tool for managing cash flow and smoothing out budgetary fluctuations. In times of economic uncertainty or emergencies, having access to debt can help the state navigate challenges and maintain crucial services without having to make drastic cuts or raise taxes.

Furthermore, debt can be leveraged to stimulate economic growth and create jobs. By investing in job training programs, business incentives, and economic development initiatives, Minnesota can attract new businesses, retain and expand existing ones, and foster innovation and entrepreneurship. This, in turn, can lead to increased tax revenues, a higher standard of living, and a stronger economy for all.

On the other hand, debt can become a burden if it is not carefully managed. High levels of debt can lead to higher interest payments, which can eat into the state’s budget and limit its ability to invest in other areas. Additionally, excessive debt can damage the state’s credit rating, making it more expensive to borrow in the future and potentially causing investors to lose confidence in Minnesota’s financial stability.

Moreover, relying too heavily on debt can create a cycle of borrowing and spending that is hard to break. This can lead to a dependency on debt to fund essential services, which is not a sustainable or responsible approach to financial management. It is vital that Minnesota strike a balance between using debt as a strategic tool and avoiding over-reliance on it to ensure continued fiscal health.

In conclusion, the usefulness of Minnesota debt lies in how it is managed and utilized. When used responsibly and strategically, debt can be a valuable resource for the state, helping to fund needed projects, manage cash flow, and drive economic growth. However, if not carefully monitored and controlled, debt can become a hindrance that limits future opportunities and places a heavy burden on taxpayers. Minnesota must continue to evaluate its debt levels and ensure that they are sustainable and beneficial for the long-term prosperity of the state and its residents.

Reference

  1. self – https://www.self.inc/info/average-credit-score-and-debt-minnesota/
  2. minnpost – https://www.minnpost.com/education/2019/05/how-bad-is-minnesotas-student-debt-situation/
  3. educationdata – https://educationdata.org/student-loan-debt-by-state
  4. minnpost – https://www.minnpost.com/state-government/2021/05/new-data-tool-estimates-53000-households-in-minnesota-behind-on-rent/
  5. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  6. umn – https://med.umn.edu/md-students/financial-aid/resources-managing-debt/average-debt
  7. ceicdata – https://www.ceicdata.com/en/indicator/united-states/household-debt
  8. thecentersquare – https://www.thecentersquare.com/minnesota/debt-to-income-ratio-of-minnesota-households-averaged-up-to-1-51-in-q2/article_a12a83e8-4581-11eb-bf0c-7f6542cc18e8.html
  9. usnews – https://www.usnews.com/best-colleges/university-of-minnesota-twin-cities-3969/paying
  10. mnchamber – https://www.mnchamber.com/economic-development-resources
  11. ed – https://www.ed.gov/news/press-releases/education-department-approves-415-million-borrower-defense-claims-including-former-devry-university-students

Leave a Comment