Nebraska Debt Statistics


Steve Goldstein
Steve Goldstein
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Nebraska Debt Statistics 2023: Facts about Debt in Nebraska 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 Nebraska 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 Nebraska 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 Nebraska 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 Nebraska Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 12 Nebraska Debt Statistics on this page 🙂

Nebraska Debt “Latest” Statistics

  • According to Education Data Initiative, in Nebraska, the student loan debt is $7.9 billion.[1]
  • There are 247,500 student borrowers that live in Nebraska, and the average student loan debt is $31,919.[1]
  • According to Credit Summit, the average Nebraskan has $1,032 in personal debt, plus $139,626 of mortgage debt for homeowners.[2]
  • Nebraska residents carry a credit card balance of $5,845 and 54% of Nebraskans have student loan debt of $25,750.[2]
  • 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.[3]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[3]
  • According to Consolidated Credit, the average Nebraskan has an average credit card balance of $4,819.[4]

Nebraska Debt “Other” Statistics

  • According to Consolidated Credit, the total household debt of Nebraska is $42,139.[4]
  • According to Forbes, the Nebraska Law class of 2019 had the lowest median debt in the nation.[5]
  • 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.[3]
  • 75% of civil case judgments were for less than $5,200, which means that in most states, debt claims are typically filed in a limited or small claims court.[3]
  • According to Pew, civil caseloads dropped more than 18 percent from 2009 to 2017.[3]

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How Useful is Nebraska Debt

One of the primary arguments in favor of Nebraska debt is that it allows for investments in essential services and infrastructure. By borrowing money, the state can undertake projects such as building roads, schools, and hospitals that contribute to the overall improvement of its citizens’ quality of life. These investments can lead to economic growth, job creation, and increased revenue in the long term, making debt an attractive option for many policymakers.

Furthermore, some advocates of Nebraska debt argue that it can be a useful tool for balancing budgets during lean economic times. By borrowing funds when revenues are low, the state can maintain essential services and prevent drastic cuts that could negatively impact vulnerable populations. Debt allows for a more gradual adjustment to economic fluctuations, ensuring that crucial services remain intact even in challenging times.

However, not everyone is convinced of the usefulness of Nebraska debt. Critics of borrowing argue that it can lead to long-term financial instability for the state. Excessive debt levels can result in increased interest payments, diverting funds away from essential services and causing a strain on the state budget. This can create a cycle of borrowing to cover previous debts, leading to a potentially unsustainable financial situation.

Furthermore, opponents of Nebraska debt caution that relying too heavily on borrowing can limit the state’s ability to respond to future emergencies or unexpected financial challenges. In times of crisis, having a significant amount of debt can severely restrict the state’s flexibility in making necessary expenditures, potentially leading to difficult decisions and sacrifices in other areas.

Ultimately, the usefulness of Nebraska debt depends on how it is managed and utilized by policymakers. When used strategically and responsibly, borrowing can facilitate important investments in infrastructure and services that benefit the population. However, it is essential for the state to carefully consider the long-term implications of taking on debt and ensure that it does not lead to financial instability or constraints in the future.

In conclusion, the debate over the usefulness of Nebraska debt is complex and multifaceted. While some argue that borrowing can be a valuable tool for investing in the state’s future, others caution against the potential risks and consequences it may pose. Ultimately, the decision on whether Nebraska debt is useful will depend on how it is managed and balanced against the state’s financial health and priorities.

Reference


  1. educationdata – https://educationdata.org/student-loan-debt-by-state
  2. incharge – https://www.incharge.org/debt-relief/credit-counseling/nebraska/
  3. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  4. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/nebraska/
  5. unl – https://law.unl.edu/prospective/

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