Oklahoma Debt Statistics 2023: Facts about Debt in Oklahoma reflect the current socio-economic condition of the state.
LLCBuddy editorial team did hours of research, collected all important statistics on Oklahoma 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 Oklahoma 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 Oklahoma 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 Oklahoma Debt Statistics 2023
☰ Use “CTRL+F” to quickly find statistics. There are total 21 Oklahoma Debt Statistics on this page 🙂Oklahoma Debt “Latest” Statistics
- According to OSU, over 50% of OSU students graduate with zero student loan debt.[1]
- Auto loan debt has been creeping up over the past several years and hit $1.5 trillion in the second quarter of 2022.[2]
- According to New Era Debt Resolutions, Oklahoma City residents hold an average of $5,200 in credit card debt and bring in nearly $50,000 in average household income.[3]
- According to Experian, average total consumer debt in 2021 was $96,371.[2]
- According to Credit Summit, the average Oklahoman has $2,138 in personal debt, plus $134,244 of mortgage debt per capita.[4]
- 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.[5]
- In the fourth quarter of 2021, 4% of all auto debt balances in the country were over 90 days delinquent.[6]
- In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[5]
- The St. Louis Federal Reserve tracks the nation’s household debt payments as a percentage of household income. The most recent number, from the first quarter of 2022, is 9.5%.[2]
- Debt-to-asset levels for the sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.[1]
- In the event that a settlement is successfully reached with a creditor, the payment may be up to 60% less than the outstanding debt sum.[3]
- According to Education Data Initiative, $15.4 billion in student loan debt belongs to the Oklahoma state residents.[7]
- The average student loan debt in Oklahoma is $31,525.[7]
Oklahoma Debt “Other” Statistics
- According to the Federal Reserve Bank of New York, overall, Americans owe $1.52 trillion in auto loan debt, accounting for 9.2% of American consumer debt.[8]
- As much as $3 billion of Oklahoma utility debt related to Winter Storm Uri, which hammered the Southwest in 2021, will begin hitting the market as early as July after winning state court approval, according to the The Bond Buyer.[9]
- Overall vehicle debt nearly doubled between the third quarter of 2012 ($768 billion) and the third quarter of 2022 ($1.52 trillion), according to the Federal Reserve Bank of New York.[8]
- 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.[5]
- Oklahoma’s 2019 poverty rate was lower than 2018’s rate of 15.6% but was higher than the national average of 12.3%.[10]
- On average, Oklahoma residents have an open credit card balance of $5,843 and 49% of residents have a student loan, the average amount of which is $25,952.[4]
- According to Statista, in 2021, the state of Oklahoma had state debt totaling 8.15 billion U.S. dollars.[11]
- In 2027, it is forecasted that Oklahoma’s state debt will be about 8.71 billion U.S. dollars, and the local government debt will be about 15.55 billion U.S. dollars.[11]
Also Read
- Alabama Debt Statistics
- Alaska Debt Statistics
- Arizona Debt Statistics
- Arkansas Debt Statistics
- California Debt Statistics
- Colorado Debt Statistics
- Connecticut Debt Statistics
- Delaware Debt Statistics
- Florida Debt Statistics
- Georgia Debt Statistics
- Hawaii Debt Statistics
- Idaho Debt Statistics
- Illinois Debt Statistics
- Indiana Debt Statistics
- Iowa Debt Statistics
- Kansas Debt Statistics
- Kentucky Debt Statistics
- Louisiana Debt Statistics
- Maine Debt Statistics
- Maryland Debt Statistics
- Massachusetts Debt Statistics
- Michigan Debt Statistics
- Minnesota Debt Statistics
- Mississippi Debt Statistics
- Missouri Debt Statistics
- Montana Debt Statistics
- Nebraska Debt Statistics
- Nevada Debt Statistics
- New Hampshire Debt Statistics
- New Jersey Debt Statistics
- New Mexico Debt Statistics
- New York Debt Statistics
- North Carolina Debt Statistics
- North Dakota Debt Statistics
- Ohio Debt Statistics
- Oklahoma Debt Statistics
- Oregon Debt Statistics
- Pennsylvania Debt Statistics
- South Carolina Debt Statistics
- South Dakota Debt Statistics
- Tennessee Debt Statistics
- Texas Debt Statistics
- Utah Debt Statistics
- Vermont Debt Statistics
- Virginia Debt Statistics
- Washington Debt Statistics
- West Virginia Debt Statistics
- Wisconsin Debt Statistics
- Wyoming Debt Statistics
- District of Columbia Debt Statistics
How Useful is Oklahoma Debt
Proponents of the use of debt in Oklahoma argue that taking on debt is a necessary step in order to fund infrastructure projects, education initiatives, and other critical services that benefit the state’s residents. They argue that debt allows the state to make necessary investments in its future, which in turn promotes economic growth and generates positive returns for the state. Debt is seen as a strategic tool that can be used to jumpstart economic development, address pressing needs, and stimulate job creation.
However, critics warn that mounting debt levels can have serious consequences for the state’s financial health. Excessive debt can lead to credit downgrades, higher borrowing costs, and budget constraints, which can in turn compromise the state’s ability to provide essential services to its residents. Critics argue that debt can saddle future generations with financial burdens and limit the state’s ability to respond to unforeseen economic challenges.
It is important to note that debt itself is not inherently good or bad. Like any other financial instrument, debt should be used judiciously and strategically in order to achieve specific policy goals. In the case of Oklahoma debt, policymakers must carefully weigh the potential benefits of taking on additional debt against the risks and costs associated with increased indebtedness.
Ultimately, the usefulness of Oklahoma debt depends on how it is managed and utilized. When used responsibly and strategically, debt can indeed be a powerful tool for driving economic growth and development. However, when mismanaged or used indiscriminately, debt can have serious consequences that can adversely impact the state’s financial stability and future prospects.
As policymakers in Oklahoma continue to debate the merits of taking on additional debt, it is essential that they approach the issue with thoughtful consideration and a focus on long-term sustainability. By carefully weighing the potential benefits and risks of increased indebtedness, policymakers can make informed decisions that will best serve the interests of the state and its residents. Ultimately, the usefulness of Oklahoma debt will depend on how well it is managed and leveraged to enhance the state’s economic prosperity and well-being.
Reference
- usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
- fool – https://www.fool.com/the-ascent/research/average-american-household-debt/
- neweradebtsolutions – https://neweradebtsolutions.com/debt-settlement-oklahoma/oklahoma-city/
- mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/oklahoma/
- pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
- kilgorenewsherald – https://www.kilgorenewsherald.com/oklahoma-has-the-6-highest-auto-loan-balance-per-capita-nationwide/collection_e8b380dc-47f8-5f99-a3ed-9e2ef8e85592.html
- educationdata – https://educationdata.org/student-loan-debt-by-state
- lendingtree – https://www.lendingtree.com/auto/debt-statistics/
- bondbuyer – https://www.bondbuyer.com/news/court-validates-remaining-oklahoma-utility-securitization-debt
- okpolicy – https://okpolicy.org/census-data-shows-oklahoma-still-lags-nation-in-poverty-rate/
- statista – https://www.statista.com/statistics/1042093/oklahoma-state-local-government-debt/