Mississippi Debt Statistics


Steve Goldstein
Steve Goldstein
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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.

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

mississippi

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

☰ Use “CTRL+F” to quickly find statistics. There are total 16 Mississippi Debt Statistics on this page 🙂

Mississippi Debt “Latest” Statistics

  • According to InCharge, Mississippi residents carry an average of $5,134 in credit card debt, 17% below the average national average of $6,194.[1]
  • Farm sector debt is forecast to increase by $27.8 billion (5.9%) in 2022 to $501.9 billion in nominal terms but it is forecast to fall by 0.4% when adjusted for inflation.[2]
  • 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.[3]
  • About 400,000 individuals in the state have student loan debt, with an average monthly payment of $225.[1]
  • Debt-to-asset levels for the sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.[2]
  • According to Consolidated Credit, the average credit card debt per household is $6,673 in Mississippi.[4]
  • Mississippi residents carry a credit card balance of $5,911 and 58% of Mississippians have student loan debt – $30,439 worth to be precise.[5]
  • 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.[6]
  • Farm enterprises make up half of US farms, but they provide more than 90% of the value of the industry’s output and control the majority of its assets and debt.[7]
  • Experian has produced data on student loans that reveals Mississippi has an average student loan debt per borrower of $35,478, up 9.4% over the previous year and 36% from 2014, according to the statistics.[8]

Mississippi 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.[6]
  • According to US News, at Mississippi State University, the median federal loan debt among borrowers who completed their undergraduate degree is $22,500.[9]
  • The median monthly federal loan payment for student federal loan borrowers who graduated is $225.[9]
  • According to Experian, the average mortgage debt is $121,608, a 2.1% increase compared to 2018, but third lowest in the country.[8]
  • 11% of graduating students at Mississippi State University took out private loans and students with private loans had an average of $26,568 at graduation.[9]
  • Federal and private student loan borrowers in the state owe an average of $33,182. That’s less than the national average, but had been increasing for the ten-year period from 2009-2019.[1]

Also Read

How Useful is Mississippi Debt

One of the primary reasons why debt can be useful is that it allows individuals, businesses, and governments to make large investments or purchases that would otherwise be impossible without access to credit. For example, governments can use debt to finance essential infrastructure projects like road construction, schools, or hospitals. Businesses can leverage debt to expand their operations, invest in new technologies, or increase their inventory. Similarly, individuals may rely on debt to purchase a home, pay for their education, or cover unexpected expenses.

Furthermore, debt can also be a useful tool for managing cash flow. Businesses may take out short-term loans or lines of credit to cover operating expenses during slow periods or to take advantage of growth opportunities. Similarly, individuals may use credit cards or personal loans to bridge temporary gaps in their finances or to fund big-ticket purchases.

However, while debt can offer numerous benefits, it also comes with significant risks. High levels of debt can lead to financial instability, making it difficult for individuals, businesses, or governments to meet their obligations. Excessive debt can also limit future opportunities for growth and innovation, as resources must be allocated towards servicing existing debt rather than investing in new initiatives.

Moreover, relying too heavily on debt can leave individuals, businesses, and governments vulnerable to fluctuations in interest rates, economic downturns, or unexpected events. If debts cannot be repaid, it can lead to defaults, bankruptcies, and even economic crises.

Therefore, the key to effectively managing debt lies in finding the right balance between using debt as a strategic tool for growth and ensuring that debt levels remain sustainable and manageable. It is essential for individuals, businesses, and governments to carefully evaluate the costs and benefits of taking on debt, develop a clear plan for repayment, and regularly monitor their financial health to avoid falling into a debt trap.

In conclusion, Mississippi Debt, like any form of debt, can be both a useful tool and a potential liability. By understanding the risks and rewards of debt and implementing sound financial management practices, individuals, businesses, and governments can harness the power of debt to drive economic growth and prosperity while safeguarding against the dangers of overindebtedness. Only through careful consideration and responsible decision-making can Mississippi Debt truly be a force for positive change.

Reference

  1. incharge – https://www.incharge.org/debt-relief/credit-counseling/mississippi/
  2. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
  3. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  4. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/mississippi/
  5. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/mississippi/
  6. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  7. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/farm-business-income/
  8. unitedsettlement – https://unitedsettlement.com/mississippi-debt-settlement/
  9. usnews – https://www.usnews.com/best-colleges/mississippi-state-2423/paying

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