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

There are many arguments to be made on both sides of the issue. Some believe that debt can be a valuable tool for investing in infrastructure, education, and other essential services. They argue that by borrowing money now, the state can make strategic investments that will pay off in the long run, leading to economic growth and a better quality of life for all Oklahomans.

On the other hand, critics of Oklahoma debt raise a number of valid concerns. They argue that excessive debt can saddle future generations with the burden of paying off loans and interest, leading to higher taxes and reduced public services. They worry that reckless borrowing can lead to financial instability and put the state in a vulnerable position during economic downturns.

So, where does the truth lie? The answer, perhaps unsurprisingly, is somewhere in the middle. Debt is a tool – neither inherently good nor bad. It’s how we use that tool that determines its usefulness.

When used responsibly and strategically, debt can be an important tool for investing in the state’s future. By borrowing money to fund critical infrastructure projects, such as roads, bridges, and schools, Oklahoma can position itself for long-term success. These investments can create jobs, spur economic growth, and improve the overall quality of life for residents.

However, it’s important that this debt is managed wisely. Just as individuals must budget and prioritize their spending, so too must the state carefully monitor its borrowing and ensure that it remains within its means. Overspending can lead to a cycle of debt that is difficult to break, ultimately harming the state and its residents.

As with any tool, there are risks associated with debt. But that doesn’t mean we should avoid it altogether. Instead, we should approach borrowing with caution, considering the potential benefits and consequences of each decision.

Ultimately, the usefulness of Oklahoma debt comes down to how it is used and managed. Like any investment, it requires careful planning, monitoring, and evaluation. By balancing the need for strategic investments with fiscal responsibility, the state can leverage debt to drive positive change and secure a brighter future for all Oklahomans.

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/