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

Debt, for better or for worse, is a tool that governments use to finance a variety of projects and programs. From building infrastructure to funding education and social services, debt can provide essential funding that would otherwise be unavailable. This is particularly true in a state like New Jersey, where the cost of living is high and the demand for public services is substantial.

However, despite its potential benefits, debt also comes with significant drawbacks. The interest payments on debt can be a significant financial burden, siphoning off valuable resources that could be used for other purposes. Additionally, taking on too much debt can harm a state’s credit rating and make it more difficult and expensive to borrow in the future.

In the case of New Jersey, the state’s debt levels have been a subject of considerable debate. Some argue that the state has taken on too much debt, and that this debt is contributing to its ongoing financial challenges. Others argue that the state’s debt levels are necessary to fund crucial investments in infrastructure, education, and other areas.

One of the key questions when evaluating the usefulness of New Jersey’s debt is whether it is being used effectively. Are the funds being borrowed being invested in projects and programs that will provide a positive return on investment for the state and its residents? Are debt levels being managed responsibly, with a plan in place to pay down the debt over time?

Another important factor to consider is the overall economic health of the state. If New Jersey’s debt levels are contributing to economic growth and creating jobs, then they may be considered a useful tool. However, if the debt is weighing down the state’s economy and hindering its ability to grow and prosper, then it may be time to reassess the state’s approach to borrowing.

Ultimately, the usefulness of New Jersey’s debt depends on a variety of factors, including how the funds are being used, the state’s overall economic health, and its ability to manage and pay down its debt over time. While debt can be a useful tool for financing essential services and investments, it must be used judiciously and responsibly to avoid long-term financial problems.

As New Jersey grapples with its debt levels and seeks to find a path forward, it will be important for policymakers and residents to carefully evaluate the costs and benefits of borrowing. By taking a balanced and thoughtful approach to debt management, the state can ensure that its borrowing remains a useful tool for achieving its goals and improving the lives of its residents.

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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