Minnesota Debt Statistics


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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

One of the primary reasons why states like Minnesota accumulate debt is to fund major infrastructure projects such as roads, bridges, and public transportation systems. These projects are crucial for economic growth and development, as they not only create jobs during construction but also make it easier for businesses to transport goods, commuters to get to work, and residents to access essential services. In this sense, debt can be seen as a necessary investment in the future prosperity of the state.

Furthermore, debt can also be used to finance important social programs such as healthcare, education, and social services. These programs provide essential support to vulnerable populations and help to foster a more equal and just society. By borrowing money to fund these programs, the state can ensure that all residents have access to the resources and opportunities they need to thrive. Without debt, it would be impossible for the state to meet the diverse needs of its population.

However, it is essential for the state to strike a balance between borrowing and fiscal responsibility. Accumulating too much debt can lead to financial instability, higher interest payments, and a diminished credit rating. This, in turn, can make it more difficult for the state to borrow money in the future and increase the cost of borrowing. Excessive debt can also limit the state’s ability to respond to unforeseen events such as economic downturns or natural disasters, as it may not have the financial resources necessary to implement effective relief efforts.

In addition, debt can also crowd out other important government spending priorities. When a significant portion of the state budget is dedicated to servicing debt, there is less money available for essential services such as public safety, infrastructure maintenance, and education. This can have a negative impact on the overall quality of life for residents and hinder the state’s ability to attract new businesses and residents.

Ultimately, the usefulness of Minnesota’s debt depends on how it is managed and allocated. If debt is used responsibly to fund essential projects and programs that benefit the public good, it can be a valuable tool for driving economic growth and improving quality of life. However, if debt is accumulated without regard for long-term consequences or fiscal sustainability, it can lead to financial trouble and hamper the state’s ability to meet the needs of its residents.

As the state continues to grapple with the challenges of managing its debt, it is important for policymakers to carefully weigh the costs and benefits of borrowing and ensure that debt is used in a responsible and effective manner. Only by maintaining a balanced approach to debt management can Minnesota ensure a prosperous future for all 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

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