New Jersey Debt Statistics

Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

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


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, 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

One of the key questions surrounding New Jersey’s debt is how useful it has been in driving the state’s progress and infrastructure development. On one hand, debt has allowed the state to invest in critical infrastructure projects, educational institutions, and public services that might not have been possible otherwise. This investment has undoubtedly contributed to the overall growth and prosperity of New Jersey.

Furthermore, debt can also be seen as a way to bridge the gap between current needs and future growth. By borrowing money now, the state can address pressing issues and invest in projects that will yield long-term benefits. This can be particularly important in times of economic hardship or when faced with unexpected challenges.

However, it is important to acknowledge the potential downsides of debt as well. High levels of debt can increase financial vulnerability and leave the state exposed to economic shocks. This can limit the state’s ability to respond to future challenges or invest in critical areas. Additionally, servicing debt can place a significant burden on the state’s budget, potentially squeezing out funding for other important priorities.

It is also important to consider how debt is being used within the state. While some debt may be justified in order to make strategic investments, excessive or poorly managed debt can lead to negative consequences. If debt is not being used wisely or if investments are not yielding the expected returns, the state may find itself in a precarious financial position.

Ultimately, the usefulness of New Jersey’s debt will depend on how it is managed and allocated. If debt is used strategically to invest in areas that will drive economic growth and prosperity, it can be a valuable tool for the state. However, if debt is accumulated irresponsibly or used to cover ongoing expenses without a long-term plan, it can lead to financial instability and limited opportunities for future growth.

As New Jersey continues to navigate its financial challenges and opportunities, it will be essential for policymakers to carefully weigh the benefits and risks of debt. Strategic use of debt can help the state achieve its goals and improve the quality of life for its residents. However, without careful planning and management, debt can become a burden that hinders growth and limits opportunities for the future.


  1. ticas –
  2. forbes –
  3. experian –
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  6. newyorkfed –
  7. lendingtree –
  8. census –

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