Missouri Debt Statistics


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

missouri

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

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

Missouri Debt “Latest” Statistics

  • According to Benson, in Missouri, the average household owes $4,950 while the US household possesses $6,270 in credit card debt.[1]
  • The total student loan debt has risen from 480.1 billion in 2006 to $1.7 trillion in 2020 in Missouri.[1]
  • In terms of student loan debt, the average resident in Missouri possesses roughly $37,189.[1]
  • Missouri residents owe an average of $143,545 on in terms of the mortgage debt with a 2.9% increase from 2020.[1]
  • 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.[1]
  • According to the Institute of College Access and Success, the Missouri people has an average debt of $28,713 with a percentage of 56%.[2]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[1]
  • 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]
  • In 2021, mortgage balances for borrowers averaged $220,380 in 2021, a 5.9% increase from 12 months earlier.[3]
  • According to Education Data Initiative, in Missouri, there are $29.5 billion student loan debt.[4]
  • 50.3% of students who underwent student loan debt are under the age of 35.[4]
  • Among the Missouri’s indebted student borrowers, 15.5% owe less than $5,000.[4]
  • According to the latest Quarterly Report on Household Debt and Credit, the total household debt rose by $351 billion, or 2.2%, to reach $16.51 trillion in the third quarter of 2022.[5]
  • Mortgage balances climbed by $282 billion and stood at $11.67 trillion at the end of September 2022.[5]

Missouri Debt “Other” Statistics

  • According to InCharge, Missouri has a median household income of $57,409, falling a bit short of the national average of $68,703.[6]
  • 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.[1]
  • Residents of Missouri carry an average of $2,690 in credit card debt, 39th in the US.[6]
  • In Missouri, residents average $5,270 in student loan debt, according to InCharge.[6]
  • Commercial banks hold about 20% of government-guaranteed student loans and about 40% of private student loans.[7]
  • Under federal law, debt collectors are entitled to seize no more than 25% of a consumer’s paycheck, according to Pew.[1]

Also Read

How Useful is Missouri Debt

The use of debt by states like Missouri is a complex issue with both benefits and consequences. On one hand, taking on debt can provide a quick injection of cash to fund essential services, infrastructure projects, and other critical expenses. By borrowing funds, the state can spread out the costs over time, easing the burden on taxpayers in the short term.

Additionally, debt can be a useful tool for generating economic growth. By investing borrowed funds into projects that create jobs, boost productivity, and improve the overall business environment, states like Missouri can stimulate economic growth and generate long-term benefits for their residents.

However, the use of debt also comes with significant risks. High levels of debt can strain a state’s budget and limit its ability to respond to future challenges. Excessive debt can lead to higher interest payments, which can take away resources that could have been spent on other priorities. Additionally, the burden of debt can limit a state’s ability to invest in innovative projects or respond to unexpected events, such as natural disasters or economic downturns.

Missouri, like many states, faces a delicate balancing act when it comes to debt. While debt can provide short-term benefits, it is crucial for the state to carefully manage its debt levels to avoid long-term consequences. The key lies in striking a balance between leveraging debt for economic growth and ensuring that debt levels remain sustainable and manageable over time.

It’s essential for states like Missouri to prioritize transparency and accountability when it comes to debt. By being open about how and why debt is being used, states can build trust with their residents and ensure that borrowed funds are being spent wisely and effectively. Additionally, states must continually monitor their debt levels and take action to address any potential risks or issues that may arise.

In conclusion, the use of debt by states like Missouri can be a useful tool for funding essential services and stimulating economic growth. However, it is crucial for states to approach debt with caution and ensure that debt levels remain sustainable and manageable over time. By carefully managing debt and prioritizing transparency and accountability, states can harness the benefits of debt while minimizing the potential risks and consequences.

Reference

  1. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  2. ticas – https://ticas.org/interactive-map/
  3. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  4. educationdata – https://educationdata.org/student-loan-debt-by-state
  5. newyorkfed – https://www.newyorkfed.org/microeconomics/hhdc/background.html
  6. incharge – https://www.incharge.org/debt-relief/credit-counseling/missouri/
  7. federalreserve – https://www.federalreserve.gov/econresdata/notes/feds-notes/2015/how-much-student-debt-is-out-there-20150807.html

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