Missouri Debt Statistics


Steve Goldstein
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

One of the key arguments in favor of Missouri debt is that it can allow the state to invest in projects that would otherwise be unaffordable. By taking on debt, Missouri can finance large-scale initiatives, such as building schools, maintaining highways, or investing in renewable energy infrastructure. These investments can benefit the state in the long run by creating jobs, fostering economic growth, and improving the quality of life for residents.

Additionally, debt can be a way for Missouri to spread the costs of major investments over time, rather than having to pay for them upfront. This can help to smooth out fluctuations in revenue and ensure that essential services and infrastructure projects are not delayed due to funding constraints.

However, critics of Missouri debt point to the potential risks and drawbacks associated with borrowing money. One of the main concerns is that taking on excessive debt can lead to financial instability and put strain on the state’s budget. High levels of debt can lead to higher interest payments, which can eat into the state’s revenue and limit its ability to invest in other priorities.

Furthermore, excessive debt can also affect Missouri’s credit rating, making it more expensive for the state to borrow money in the future. A poor credit rating can also signal to investors that Missouri is not a sound investment, which can further erode confidence in the state’s economy.

Another argument against Missouri debt is that it can create a burden for future generations. By borrowing money now, Missouri is essentially passing on the costs of today’s investments to future taxpayers. This can create a cycle of debt that becomes increasingly difficult to break, leading to mounting interest payments and limiting the state’s ability to invest in future projects.

Despite these concerns, it is important to recognize that debt can be a useful tool when used responsibly. Missouri debt can help to finance essential projects and investments that can benefit the state and its residents for years to come. By carefully managing debt levels, monitoring spending, and prioritizing investments that generate long-term returns, Missouri can ensure that debt remains a useful tool for achieving its economic and social goals.

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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