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

One argument in favor of New Jersey’s debt is that it allows the state to invest in key infrastructure projects that can improve the quality of life for residents. This includes things like building and repairing highways, railways, bridges, and tunnels, which are essential for businesses to transport goods and for individuals to commute to work or school.

Additionally, state debt can fund important initiatives in education, healthcare, and public safety. For instance, money borrowed can go towards upgrading schools, building new hospitals, or hiring more police officers and firefighters to keep communities safe. These investments can have long-lasting benefits for everyone in the state.

Furthermore, by borrowing money now, New Jersey can finance projects that might not be feasible through current tax revenue alone. This can stimulate economic growth and create jobs, which in turn can generate more tax dollars to repay the debt over time.

On the other hand, critics argue that too much debt can be detrimental to the state’s financial health. High debt levels can lead to increased borrowing costs, which means that more taxpayer money goes towards paying interest instead of being used for essential services. This can create a vicious cycle where a larger portion of the budget is allocated to debt payments, eventually crowding out important programs and leading to more borrowing to cover budget shortfalls.

Moreover, racking up too much debt can damage New Jersey’s credit rating, making it more expensive for the state to borrow money in the future. A lower credit rating can also deter businesses from investing in the state, further slowing economic growth and potentially harming residents’ quality of life.

In the end, the usefulness of New Jersey’s debt ultimately depends on how it is managed. Responsible borrowing for strategic investments can bring long-term benefits to the state and its residents. However, excessive debt accumulation without a clear plan for repayment can lead to financial instability and harm the very people it is meant to help.

As taxpayers, it is important for us to stay informed about how our state’s debt levels are being managed and what projects the borrowed money is funding. By holding our elected officials accountable for responsible fiscal management, we can ensure that New Jersey’s debt is used in a way that benefits all residents, both now and in the future.

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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