Montana Debt Statistics 2023
– Everything You Need to Know

Last Updated on by | Reviewed by Editorial Staff

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

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

☰ Use “CTRL+F” to quickly find statistics. There are total 22 Montana Debt Statistics on this page 🙂

Montana Debt “Latest” Statistics

  • According to InCharge, Montanans has an average mortgage balances rise from $180,711 in 2019 to $189,021 in 2020.[1]
  • According to Experian’s research on student loans, Montana has an average student loan debt per borrower of $31,030 in 2019. This is an increase of 6.1% from the previous year and 27.2% from 2014.[2]
  • Montana ranks fifth in the nation in terms of credit card debt, checking in at an average level of $9,759 – 4.5% higher than the national average of indebted households of $9,333.[2]
  • 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.[3]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[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.[4]
  • 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.[5]
  • Debt-to-asset levels for the sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.[5]
  • The average amount of auto loan debt climbed from $20,046 in 2019 to $21,135 in 2020 among Montanans.[1]
  • Mortgage balances climbed by $282 billion and stood at $11.67 trillion at the end of September 2021.[3]
  • According to the Institute of College Access and Success, the Montana people has an average debt of $27,114 with a percentage of 55%.[6]
  • According to Education Data Initiative, $4.2 billion in student loan debt belongs to the Montana residents.[7]
  • 50.9% of of Montana students who have student loans are under the age of 35.[7]
  • In Montana, the average student loan debt is $33,149.[7]
  • 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.[8]
  • According to Experian, consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[8]

Montana Debt “Other” Statistics

  • According to InCharge, Montana has a credit card debt of $5,482, the 15th lowest amount in the U.S.[1]
  • 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.[4]
  • Statistics from the Department indicate that the total amount collected nationwide in criminal actions totaled $2.66 billion in restitution, criminal fines, and felony assessments.[9]
  • According to US New, at University of Montana, the median federal loan debt among borrowers who completed their undergraduate degree is $21,500.[9]
  • The median monthly federal loan payment for student federal loan borrowers who graduated is $215.[9]
  • 6% of graduating students at University of Montana took out private loans with an average private loan debt at graduation of $26,001.[9]

Also Read

Reference

  1. incharge – https://www.incharge.org/debt-relief/credit-counseling/montana/
  2. unitedsettlement – https://unitedsettlement.com/montana-debt-settlement/
  3. newyorkfed – https://www.newyorkfed.org/microeconomics/hhdc/background.html
  4. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  5. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
  6. ticas – https://ticas.org/interactive-map/
  7. educationdata – https://educationdata.org/student-loan-debt-by-state
  8. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  9. justice – https://www.justice.gov/archive/usao/mt/pressreleases/20111117154846.html

About Author & Editorial Staff

Steve Goldstein, founder of LLCBuddy, is a specialist in corporate formations, dedicated to guiding entrepreneurs and small business owners through the LLC process. LLCBuddy provides a wealth of streamlined resources such as guides, articles, and FAQs, making LLC establishment seamless. The diligent editorial staff makes sure content is accurate, up-to-date information on topics like state-specific requirements, registered agents, and compliance. Steve's enthusiasm for entrepreneurship makes LLCBuddy an essential and trustworthy resource for launching and running an LLC.

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