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.

On this page, you’ll learn about the following:

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

Debt, in and of itself, is not inherently good or bad. It can be a helpful tool when used responsibly to finance infrastructure projects, improve public services, or respond to economic crises. For example, borrowing money to build new bridges, schools, or hospitals can create jobs, boost local economies, and improve the quality of life for residents. In addition, debt can be used to finance research and development initiatives that could lead to technological advancements and enhance competitiveness in a global market.

On the other hand, excessive debt can have negative consequences. If borrowing is not matched with sustainable revenue streams, it can lead to budget deficits, higher interest payments, and ultimately, financial instability. This can hinder the government’s ability to provide essential services, invest in education and healthcare, or respond to unforeseen emergencies. Moreover, high levels of debt can also undermine investor confidence, making it more difficult and expensive for the state to borrow in the future.

It is important for policymakers to strike a balance between leveraging debt to fund necessary investments and managing debt levels to ensure fiscal sustainability. New York, as one of the largest and most economically powerful states in the US, has a responsibility to exercise prudence in its borrowing decisions. This requires careful planning, transparent budgeting processes, and consistent monitoring of debt levels and repayment obligations.

One key consideration in assessing the usefulness of New York debt is the state’s ability to generate economic growth and revenue to repay its debts. A strong and diversified economy, a robust tax base, and effective fiscal policies are essential for meeting debt obligations and maintaining debt sustainability. Additionally, responsible debt management strategies, including prudent borrowing practices, long-term financial planning, and periodic debt refinancing, can help mitigate risks associated with debt accumulation.

Furthermore, public transparency and accountability are crucial in ensuring that borrowed funds are allocated efficiently and effectively for the intended purposes. Regular monitoring and evaluation of debt-financed projects and programs can help identify areas for improvement and ensure that taxpayer dollars are being used responsibly.

In conclusion, New York debt can be a valuable tool for promoting economic development, improving infrastructures, and enhancing public services. However, it is essential for policymakers to exercise caution and diligence in managing debt levels and ensuring fiscal sustainability. By following sound financial practices, maintaining transparency, and prioritizing long-term economic growth, New York can leverage debt effectively to build a stronger and more prosperous future for its residents.

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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