New Jersey Debt Statistics


Steve Goldstein
Steve Goldstein
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New Jersey Debt Statistics 2023: Facts about Debt in New Jersey 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 New Jersey 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 New Jersey 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 New Jersey 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 New Jersey Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 24 New Jersey Debt Statistics on this page 🙂

New Jersey Debt “Latest” Statistics

  • According to the Institute of College Access and Success, the New Jersey people has an average debt of $35,117 with a percentage of 63%.[1]
  • At for profit universities, the average student loan debt is $39,950, which is 26% more than it was in 2008.[2]
  • In 2015, 68% of seniors with degrees from public and nonprofit universities have debt from student loans, which is close to seven in ten.[2]
  • 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 terms of a percentage, the amount of student loan debt owed by those in their 30s and 40s has climbed by 30.2% during the previous five years.[2]
  • Non-profit private colleges 75% of borrowers who graduated from private nonprofit colleges have student loan debt.[2]
  • 88% of borrowers who attended for profit universities and graduated with debt had student loans.[2]
  • According to the New York Federal Reserve, consumer debt reached $14.56 trillion after the fourth quarter of 2020.[4]
  • Instead of paying up to 25% interest to credit card issuers, customers often put up collateral and pay approximately 10-12% interest for a debt consolidation loan.[5]
  • Nonprofit debt settlement, which nonprofit credit counseling firms launched in 2021, is similar to for profit debt settlement in that it pays 50% –60% of the credit card bills while forgiving the remaining sum.[5]
  • According to Experian, consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[3]
  • According to debt.org, the total mortgage debt rose to $10.4 trillion, an increase of $1 trillion from the same juncture in 2017.[4]
  • New Jersey, has the nation’s ninth-highest average mortgage debt at $241,772.[4]
  • At public universities, the average student loan debt is $25,550, which is 25% more than it was in 2008.[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.[6]
  • Mortgage balances climbed by $282 billion and stood at $11.67 trillion at the end of September.[6]

New Jersey Debt “Other” Statistics

  • According to Lending Tree, Americans have an absolute mountain of credit card debt of $925 billion.[7]
  • In the fourth quarter of 2021, Americans had balances on 53% of all active credit card accounts, according to the latest current statistics from the American Bankers Association.[7]
  • Rural home has higher percentage owned their housing units “free and clear,” with no mortgage or loan (44% compared with 32.3%).[8]
  • New jersey does not have laws governing payday loans or other high interest loans with short repayment terms, although it does have an interest maximum of 30% on personal loans under $50,000.[5]
  • New Jersey residents had a total debt balance of $62,090 by the end of 2021, well above the national average of $55,810.[5]
  • New Jersey residents pay an average $2,413 a month towards their mortgage, the fourth highest rate in the country after Hawaii, Washington, D.C. and California.[5]
  • 47% of those who took out private loans for education borrowed less than they would have under the government Stafford loan program.[2]
  • New Jersey has the nation’s second-highest average credit-card debt at $7,084.[4]

Also Read

How Useful is New Jersey Debt

There are those who argue that debt is an essential tool for funding infrastructure projects, education, and other critical services that benefit the citizens of New Jersey. Without taking on debt, the state would not have the financial resources to make these investments, keep up with the growing population, or maintain aging infrastructure.

Debt can also be seen as a mechanism for smoothing out economic cycles and managing cash flow. By borrowing money during times of low revenue, the state can continue to provide essential services without cutting programs or raising taxes. This can help to stabilize the economy and prevent sharp fluctuations in government spending.

Furthermore, debt can be used to leverage investments and stimulate economic growth. By borrowing money to fund infrastructure projects, for example, the state can create jobs, attract businesses, and enhance the quality of life for its residents. These long-term benefits may outweigh the costs of taking on debt in the short term.

On the other side of the debate are those who argue that debt is a burden on future generations. Every dollar borrowed today is a dollar that must be repaid with interest by future taxpayers. In this view, taking on debt is essentially borrowing from the future to fund the present, leaving future generations to foot the bill for decisions made today.

Moreover, excessive debt can lead to higher interest rates, credit downgrades, and reduced flexibility in managing state finances. When a state carries a high debt burden, it may find itself in a precarious financial position, unable to respond effectively to emergencies or changes in the economy.

Critics of New Jersey debt also point to the risks of overreliance on borrowing. If the state becomes too dependent on debt to fund its operations, it may find itself in a debt trap with few options for reducing its obligations. This can lead to increased pressure on taxpayers, reduced services, and a weakened economy in the long run.

At the end of the day, the usefulness of New Jersey debt ultimately depends on how it is managed and allocated. Prudent borrowing for critical investments can yield long-term benefits for the state and its residents. However, irresponsible borrowing without a clear plan for repayment can have serious consequences for the financial health of the state and future generations.

It is up to policymakers, taxpayers, and stakeholders to weigh the costs and benefits of New Jersey debt and make informed decisions about how to manage the state’s finances responsibly. By promoting transparency, accountability, and fiscal discipline, New Jersey can ensure that its debt is used in a way that maximizes its effectiveness and minimizes its risks.

Reference


  1. ticas – https://ticas.org/interactive-map/
  2. forbes – https://www.forbes.com/sites/zackfriedman/2019/02/25/student-loan-debt-statistics-2019/
  3. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  4. debt – https://www.debt.org/faqs/americans-in-debt/
  5. debt – https://www.debt.org/faqs/americans-in-debt/consumer-new-jersey/
  6. newyorkfed – https://www.newyorkfed.org/microeconomics/hhdc/background.html
  7. lendingtree – https://www.lendingtree.com/credit-cards/credit-card-debt-statistics/
  8. census – https://www.census.gov/newsroom/press-releases/2016/cb16-210.html

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