New York Debt Statistics


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

☰ Use “CTRL+F” to quickly find statistics. There are total 32 New York Debt Statistics on this page 🙂

New York Debt “Latest” Statistics

  • According to Nerd Wallet, 41% of Americans who currently have debt feel anxious about it, and 35% feel overwhelmed.[1]
  • People with college degrees carry an average of $8,200 in credit card debt.[2]
  • According to debt.org, the maximum DTI to qualify for a mortgage is usually 43%. Most financial advisors recommend keeping DTI at 30% or lower.[2]
  • According to the Economic Policy Institute, from 2000 to 2019, the median household income of Blacks went from $45,442 to $46,073.[2]
  • Blacks have an average $52,000 in student loan debt in 2021, according to studies compiled by Educationdata.org.[2]
  • The total household debt increased by $313 billion (2.1%) to $14.96 trillion in the second quarter of 2021, according to the Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit.[3]
  • According to The Brookings Institution, 6% borrowers owed more than $100,000 in student loan debt, including 2% that owed more than $200,000.[2]
  • According to US Census Bureau, the SIPP shows that in 2017, 19% of U.S. households carried medical debt.[4]
  • Households with children under age 18 (24.7%) were more likely than those without children (16.5%) to carry medical debt.[4]
  • 27.9% of households with a Black householder had medical debt compared to 17.2% of households with a White non-Hispanic householder and 9.7% of households with an Asian householder.[4]
  • Households with a householder of Hispanic origin were also more likely to hold medical debt (21.7%) than households without (18.6%).[4]
  • According to data released from the Federal Reserve’s New York district, consumers ended 2021 with record levels of debt, which stood at $15.6 trillion.[4]
  • About 31% of households with a member in fair or poor health had medical debt compared to 14.4% of those with no members in fair or poor health.[4]
  • More than 1 in 4 (26.5%) households with at least one member with a disability had medical debt compared to 14.4% of households with no members with disabilities.[4]
  • As of December 31, 2016, total household debt stood at $12.58 trillion, an increase of $226 billion (or 1.8%) from the third quarter of 2016.[4]
  • In the latter 2019, there were on average 203 collateralized loan obligations (CLOs) in Ba rated loans, and their average loan share was just 0.24%.[4]
  • According to NY Courts, The amendments regarding the CPLR essentially lower the rate of interest for money judgments entered against a natural person in consumer debt cases from 9% to 2% beginning on April 30, 2022.[4]
  • Nonfinancial corporate debt consists primarily of bonds and loans (commercial paper outstanding is less than 5% of the total).[4]
  • According to the Federal Reserve Bank of New Yor, Americans owe $1.52 trillion in auto loan debt, accounting for 9.2% of American consumer debt.[4]
  • According to the Federal Reserve Bank of New York, overall vehicle debt nearly doubled between the third quarter of 2012 ($768 billion) and the third quarter of 2022 ($1.52 trillion).[4]
  • According to data from the New York Fed, 90 day delinquency rates on auto loans peaked in the fourth quarter of 2010 at 5.3%, dropping to 3.9% as of the third quarter of 2022.[4]
  • According to Make Lemonade, there are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the US.[4]
  • According to Forbes, California, Florida, Texas and New York represent more than 20% of all U.S. student loan borrowers.[4]
  • According to Experian, the average auto loan amounts have steadily increased in the past decade, reaching $41,665 for new vehicles and $28,506 for used vehicles in the third quarter of 2022.[4]
  • 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.[4]
  • Mortgage balances climbed by $282 billion and stood at $11.67 trillion at the end of September.[4]
  • The Federal Reserve Bank of New York issued its Quarterly Report on Household Debt and Credit, which reported that total household debt increased by $114 billion (0.9%) to $12.84 trillion in the second quarter of 2017.[4]
  • According to the Federal Reserve Bank of New York’s Center for Microeconomic Data issued its Quarterly Report on Household Debt and Credit, the total household debt increased by $206 billion (1.4%) to $14.56 trillion in the fourth quarter of 2020.[4]
  • According to the Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit, the total household debt increased by $286 billion (1.9%) to $15.24 trillion in the third quarter of 2021.[4]
  • According to the Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit, a solid increase in total household debt in the first quarter of 2022, increasing by $266 billion (1.7%) to $15.84 trillion.[4]
  • According to Pew, from 1993 to 2013, the number of debt collection suits more than doubled nationwide, from less than 1.7 million to about 4 million, and consumed a growing share of civil dockets, rising from an estimated 1 in 9 civil cases to 1 in 4.[4]
  • Over the last decade, outstanding corporate debt has expanded by 75%, according to Reuters.[4]

Also Read

How Useful is New York Debt

On one hand, debt can be a powerful tool for governments to stimulate economic growth and meet important infrastructure or social welfare initiatives. This is especially true in a state like New York, where the demand for public services and infrastructure is high due to its large population and status as a global economic hub. By taking on debt to finance projects like public transportation improvements or affordable housing initiatives, the state can potentially boost its economy and improve quality of life for its residents.

Moreover, debt can be a valuable resource for governments when faced with emergencies or unforeseen circumstances, such as natural disasters or economic downturns. In these situations, borrowing money can provide much-needed liquidity to address immediate needs and ensure the state can continue to function effectively.

However, the usefulness of debt also comes with potential downsides that need to be carefully considered. High levels of debt can lead to financial instability and constrain a government’s ability to respond to future crises effectively. This is particularly concerning in a state like New York, which has a history of facing budgetary challenges and needing to make tough decisions to balance its fiscal books.

In addition, the burden of debt can also impose significant costs on future generations, who may be left to bear the brunt of interest payments and repayment obligations long after the benefits of the borrowed money have been realized. This intergenerational equity issue is a critical consideration when evaluating the usefulness of debt, as it raises important questions about who ultimately benefits from borrowing and who is left to foot the bill.

Ultimately, the question of how useful New York debt is depends on a careful weighing of these considerations and a clear understanding of the state’s financial position and priorities. While debt can be a valuable tool for financing important projects and addressing urgent needs, it is essential that state officials exercise prudence and responsibility in managing their borrowing practices.

By carefully considering the costs and benefits of taking on debt, New York can ensure that it is using this powerful financial instrument in a way that enhances the well-being of its residents and promotes long-term economic stability. As the state continues to navigate its complex fiscal challenges, it must keep in mind the implications of its debt decisions and prioritize the long-term interests of all its stakeholders.

Reference

  1. nerdwallet – https://www.nerdwallet.com/blog/average-credit-card-debt-household/
  2. debt – https://www.debt.org/faqs/americans-in-debt/demographics/
  3. newyorkfed – https://www.newyorkfed.org/newsevents/news/research/2021/20210803
  4. census – https://www.census.gov/library/stories/2021/04/who-had-medical-debt-in-united-states.html

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