Ohio Debt Statistics


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Steve Goldstein
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Ohio Debt Statistics 2023: Facts about Debt in Ohio 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 Ohio 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 an Ohio 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 Ohio 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 Ohio Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 38 Ohio Debt Statistics on this page 🙂

Ohio Debt “Latest” Statistics

  • According to Policy Matter Ohio, Ohio is ranked 45th least affordable for college and collectively Ohioans owe $57 billion in student debt.[1]
  • Ohio’s cost of living is 10.7% less than the national average, which is a significant influence in keeping credit card debt lower than in other states.[1]
  • Debt-to-asset levels for the sector are forecast to improve from 13.56% in 2021 to 13.05 percent in 2022.[2]
  • Farm sector debt is forecast to increase by $27.8 billion (5.9%) in 2022 to $501.9 billion in nominal terms but it is forecast to fall by 0.4% when adjusted for inflation.[2]
  • The lack of investment has led to Ohioans holding over $57 billion in student debt.[1]
  • The AGOS collection commission typically adds 10% to the amount of the debt submitted to the state when collecting debt at the state level.[3]
  • In most cases, borrowers who put up collateral pay 10–12% for a debt consolidation loan instead of the 25% interest rate they may otherwise be required to pay credit card firms.[4]
  • When asked how much student loan debt they anticipated having upon graduation, 24% of respondents said that they planned to owe between $30,000 and $50,000.[5]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[6]
  • Rates for special counsel retained by the ago may vary up to 33% depending on the kind of debt, while debt collectors working with the AGO charge 21% for collected debt paid on a contingency basis.[3]
  • According to the New York Federal Reserve, consumer debt reached $14.56 trillion after the fourth quarter of 2020.[7]
  • Total mortgage debt rose to $10.4-trillion, an increase of $1 trillion from the same juncture in 2017.[7]
  • 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.[8]
  • Depending on the nature of debt, the AGO pays special counsel fees of up to 33% and debt collectors 21% on a contingency basis.[3]
  • According to Experian, consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[8]
  • According to debt.org, the total auto debt in Q4 of 2020 is $1.37 trillion, a jump of $100 billion from the same time in 2018.[7]
  • According to Education Data Initiative, Ohio residents are the most likely to have student loan debt among State residents with $62.3 billion student loan debt.[9]
  • The average student loan debt in Ohio is $34,721.[9]
  • Debt management programs work with card companies to reduce the interest rate on credit card debt to somewhere around 8%.[4]
  • Ohio is below average in credit card debt per household. In 2021, that number was at $4,888.[4]
  • Collection costs were more than 40% of the initial debt, and for some people, the debt escalated to at least five times the original amount.[3]
  • Almost 80% of respondents indicated they were confident in their ability to pay off any debt they incurred while still attending school, and 67% said they were upbeat about their financial future.[5]
  • 20% of Americans, or one in five, say that the epidemic has increased their total credit card debt.[10]
  • According to Nerd Wallet, over the past year, nearly 3 in 10 Americans (28%) say their overall debt has increased, with 14% of Americans saying they’ve taken on medical debt during this time.[10]
  • More than a quarter of Americans (27%) are concerned about having to pay higher interest on their debt over the next 12 months.[10]
  • Less than 10% of defendants in debt collection actions from 2010 to 2019 had legal representation, compared to virtually all plaintiffs, according to research on the cases from 2010 to 2019.[6]

Ohio Debt “Household” Statistics

  • In the fourth quarter of 2019, household debt in America increased by $601 billion or 1.4%, reaching $14 trillion for the first time.[1]

Ohio Debt “Other” Statistics

  • According to Ohioline, debt repayment programs are similar to consumer proposals but they are a voluntary payment of 100% of the debt owing over a longer timeframe.[6]
  • Men and women found to have the same probability of having a credit card debt sent to a collections agency, the impact of a collection agency encounter on the stress of women is approximately 50% greater than that of comparable men.[1]
  • Stress associated with debt increased by over 50% in mid-2009 compared to its 2006 level and had not returned to that earlier level as of the end of 2012.[1]
  • About 30% of students with loans said that they always borrowed the maximum amount allowed, even if it wasn’t always the greatest option, she added.[5]
  • 17 to 19% of students stated they depended heavily on loans, despite the fact that parents and relatives were cited as the main sources of money for accommodation and books.[5]
  • Similar to past research’ findings, the poll revealed that 64% of college students needed loans to help pay for their education.[5]
  • Farm sector equity is forecast to rise to $3.34 trillion by the end of calendar year 2022, a 10.6% increase relative to 2021 in nominal dollars.[11]
  • According to US News, at The Ohio State University, the median federal loan debt among borrowers who completed their undergraduate degree is $20,500.[12]
  • 10% of graduating students at The Ohio State University took out private loans, and the average private loan debt at graduation is $30,507.[12]
  • Credit-card loans were $820 billion in Q4 of 2020, reflecting a drop in consumer spending during the pandemic after this debt category peaked at $930 billion a year earlier.[7]
  • Debt collection lawsuits occupied an increasing percentage of civil dockets from an estimated 1 in 9 civil cases to 1 in 4 from 1993 to 2013, more than doubling from less than 1.7 million to nearly 4 million.[6]

Also Read

How Useful is Ohio Debt

Debt can be a useful tool when used strategically and responsibly. By borrowing funds, Ohio can make necessary investments in roads, bridges, public transportation, schools, and other projects that support economic growth and improve quality of life for its residents. These investments can create jobs, stimulate business activity, and attract private investment, ultimately increasing the state’s economic productivity and competitiveness.

Furthermore, taking on debt can help Ohio weather economic downturns and unforeseen emergencies. By having access to funds through borrowing, the state can maintain essential services, support vulnerable populations, and prevent deep cuts to programs during times of financial hardship. This can prevent short-term pain and instability from turning into long-term damage to the state’s economy and social fabric.

However, it is crucial that Ohio’s debt is managed responsibly and transparently. All debt incurred should be rigorously evaluated to ensure that it is necessary, cost-effective, and in the best interest of the state and its residents. Proper oversight and accountability measures should be in place to prevent misuse of funds, wasteful spending, and corruption. Additionally, debt should be repaid in a timely manner, with a clear plan for how and when the state will eliminate its obligations.

Another aspect to consider is the impact of Ohio’s debt on future generations. While borrowing can provide immediate benefits, it also shifts the burden of repayment to future taxpayers. This raises ethical questions about intergenerational equity and whether it is fair to saddle future generations with the costs of decisions made today. It is essential to balance the needs of the present with the welfare of the future, ensuring that the benefits of debt accrue to current and future generations in a fair and equitable manner.

In conclusion, Ohio’s debt can be a useful tool when utilized judiciously and thoughtfully. It can support critical investments, provide economic stability, and meet important public needs. However, it is imperative that the state manages its debt responsibly, ensures transparency and accountability, and considers the long-term implications of its borrowing decisions. By striking the right balance between the benefits and risks of debt, Ohio can position itself for success and prosperity both now and in the years to come.

Reference

  1. self – https://www.self.inc/info/average-credit-score-and-debt-ohio/
  2. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
  3. policymattersohio – https://www.policymattersohio.org/research-policy/quality-ohio/education-training/higher-education/collecting-against-the-future
  4. debt – https://www.debt.org/faqs/americans-in-debt/consumer-ohio/
  5. osu – https://news.osu.edu/70-percent-of-college-students-stressed-about-finances/
  6. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  7. debt – https://www.debt.org/faqs/americans-in-debt/
  8. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  9. educationdata – https://educationdata.org/student-loan-debt-by-state
  10. nerdwallet – https://www.nerdwallet.com/blog/average-credit-card-debt-household/
  11. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/assets-debt-and-wealth/
  12. usnews – https://www.usnews.com/best-colleges/ohio-state-6883/paying

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