Oklahoma Debt Statistics

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.

Top Oklahoma Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 21 Oklahoma Debt Statistics on this page 🙂

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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

How Useful is Oklahoma Debt

One of the primary arguments in favor of Oklahoma debt is its potential to fuel economic growth. By borrowing funds, the state can invest in infrastructure projects, education, and other initiatives that have the potential to stimulate the economy and create jobs. This infusion of capital can help spur growth in key industries and attract businesses looking to relocate or expand in the state. Additionally, debt can provide a source of funding for critical services like healthcare and public safety, ensuring that essential resources are available to residents.

Furthermore, debt can be a strategic tool for managing fluctuating revenue streams. By spreading costs over time, Oklahoma can avoid drastic cuts to vital programs during economic downturns. This buffer allows the state to maintain stability and continue providing necessary services to its citizens, even when tax revenues are insufficient to cover expenses. In this way, debt can help smooth out financial fluctuations and ensure that critical services remain intact.

However, it is important to recognize the downside of carrying debt. Excessive borrowing can lead to higher interest payments, diverting funds from essential services and limiting the state’s financial flexibility. Debt also comes with the risk of default, which can damage Oklahoma’s credit rating and make it more difficult and costly to borrow in the future. Additionally, a heavy debt burden can constrain future budgets, leaving less room for essential spending and long-term investments.

Ultimately, the usefulness of Oklahoma debt depends on how it is managed and utilized. When used strategically and responsibly, debt can be a valuable tool for promoting economic growth, maintaining essential services, and managing financial volatility. However, when incurred recklessly or mismanaged, debt can become a significant burden that hampers the state’s ability to meet its obligations and invest in the future.

As Oklahoma continues to navigate its fiscal challenges, it is important for policymakers to carefully consider the potential benefits and drawbacks of debt. By striking a balance between borrowing to support growth and avoiding excessive reliance on borrowed funds, the state can ensure a stable financial foundation for current and future generations. Only through prudent decision-making and responsible stewardship of resources can Oklahoma harness the potential of debt to advance its long-term prosperity.

Reference

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1. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
2. fool – https://www.fool.com/the-ascent/research/average-american-household-debt/
3. neweradebtsolutions – https://neweradebtsolutions.com/debt-settlement-oklahoma/oklahoma-city/
4. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/oklahoma/
5. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
6. kilgorenewsherald – https://www.kilgorenewsherald.com/oklahoma-has-the-6-highest-auto-loan-balance-per-capita-nationwide/collection_e8b380dc-47f8-5f99-a3ed-9e2ef8e85592.html
7. educationdata – https://educationdata.org/student-loan-debt-by-state
8. lendingtree – https://www.lendingtree.com/auto/debt-statistics/
9. bondbuyer – https://www.bondbuyer.com/news/court-validates-remaining-oklahoma-utility-securitization-debt
10. okpolicy – https://okpolicy.org/census-data-shows-oklahoma-still-lags-nation-in-poverty-rate/
11. statista – https://www.statista.com/statistics/1042093/oklahoma-state-local-government-debt/