Montana Debt Statistics


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

montana

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

How Useful is Montana Debt

On one hand, debt can be a useful tool for individuals, businesses, and even governments. It allows for necessary investments to be made, such as infrastructure projects, education, and healthcare initiatives. In times of economic hardship, taking on debt can provide much-needed financial support to maintain essential services and prevent widespread crisis.

Additionally, carrying a moderate amount of debt can be beneficial in building and maintaining a good credit score, which is essential for accessing loans and other financial products in the future. It can also support economic growth by enabling consumers to make purchases they otherwise wouldn’t be able to afford, giving a boost to various industries.

However, there is a fine line between using debt as a strategic financial instrument and allowing it to spiral out of control. High levels of debt can quickly become a burden, leading to financial instability and increasing the risk of default. Excessive debt can hinder economic growth, as resources are diverted towards repaying debts rather than investing in productive activities.

Furthermore, carrying significant debt can restrict flexibility and limit the ability to respond to unexpected circumstances. In times of crisis, heavily indebted entities may find themselves in a precarious position, unable to access additional funds or weathering economic downturns.

It is also important to consider the long-term implications of accumulating debt. Interest payments on debt can quickly add up, draining resources that could be used for other purposes. Over time, the burden of debt can become overwhelming, leading to a cycle of borrowing to repay existing debts – a trap that is hard to escape.

In the context of Montana, the debate over the usefulness of debt is particularly relevant. While debt can be a necessary tool to finance essential services and spur economic development, the state must tread carefully to ensure that it does not fall into a downward spiral of uncontrollable debt levels.

Ultimately, the usefulness of Montana debt depends on how it is managed and utilized. Prudent use of debt can support growth and prosperity, while reckless borrowing can lead to financial ruin. It is crucial for policymakers and individuals alike to carefully consider the costs and benefits of taking on debt, weighing the potential advantages against the risks. Striking a balance between leveraging debt effectively and avoiding overextension is key to ensuring a sustainable financial future for Montana and its residents.

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

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