Pennsylvania Debt Statistics

Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

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Pennsylvania Debt Statistics 2023: Facts about Debt in Pennsylvania reflect the current socio-economic condition of the state.


LLCBuddy editorial team did hours of research, collected all important statistics on Pennsylvania 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 Pennsylvania 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 Pennsylvania 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 Pennsylvania Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 20 Pennsylvania Debt Statistics on this page 🙂

Pennsylvania Debt “Latest” Statistics

  • According to the Federal Reserve Bank of New York, Americans owe $1.52 trillion in auto loan debt, accounting for 9.2% of American consumer debt.[1]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[2]
  • Only 18% of students receiving need-based aid took out loans to supplement their aid packages in 2020-2021, compared to 80% of students in 2004.[3]
  • 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.[2]
  • A debt management strategy may lower credit card interest rates from 20% to 25% or more to around 8%.[4]
  • Companies that specialize in debt settlement make claims that they can cut credit card amounts by up to 50%, however this is not always the case.[4]
  • Regarding debt relief and collection, Pennsylvania has particular regulations that include consumer rights like 10% wage protection.[5]
  • According to New Era Debt Solutions, creditors nationwide are sometimes willing to accept payments of less than 50% of the original balance owed because they tend to receive nothing from a bankruptcy proceeding.[5]
  • Pennsylvanians carry around $600 less in credit card debt and have better credit scores.[5]
  • Consumers may pay down 50–60% of their credit card balances via nonprofit debt settlement programs over the course of a 36 month program, and any residual amount is subsequently discharged.[4]

Pennsylvania Debt “Other” Statistics

  • According to University of Pennsylvania, only 18% of students receiving need-based aid took out loans to supplement their aid packages in 2020-2021, compared to 80% of students in 2004.[6]
  • According to LendEdu, the total amount of outstanding student loan debt is $1.7 trillion.[7]
  • Consumer debt reached $14.56 trillion after the fourth quarter of 2020, according to the New York Federal Reserve.[8]
  • Total mortgage debt rose to $10.4-trillion, an increase of $1 trillion from the same juncture in 2017.[8]
  • According to, the total auto debt in Q4 of 2020 is $1.37 trillion, a jump of $100 billion from the same time in 2018.[8]
  • According to Experian, the average auto loan term is 69.7 months for new cars, 68.1 months for used cars and 35.9 months for leased vehicles.[1]
  • 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.[2]
  • Pennsylvania law prohibits unlicensed lenders from charging interest rates more than 6% on consumer loans of $50,000 or less.[4]
  • In Pennsylvania, the average credit card debt is $2,990.[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.[1]

Also Read

How Useful is Pennsylvania Debt

Debt can be a tool for growth and development, allowing states to invest in crucial infrastructure projects, education, and healthcare. However, it comes with its risks and challenges. The key to determining the usefulness of Pennsylvania’s debt lies in how it is managed and allocated. Wisely investing borrowed funds in projects that benefit the state can bolster the economy and improve citizens’ quality of life.

On the other hand, excessive debt can lead to economic instability and hinder future growth. Pennsylvania’s debt burden has raised concerns about the state’s financial health and ability to meet its obligations. If debt is not managed effectively, it can limit the state’s ability to respond to emergencies, fund essential services, and finance future projects. This could negatively impact residents and result in higher taxes or reduced services.

Furthermore, the utilization of debt should be transparent to the public to build trust and accountability. Citizens have the right to know how their tax dollars are being spent and whether the debt is being used responsibly. Transparency in debt management can help identify potential issues early on and prevent financial crises down the line.

It is essential for policymakers to strike a balance between utilizing debt for necessary investments and maintaining fiscal responsibility. Strategic planning and prudent decision-making are key to ensuring that Pennsylvania’s debt is used effectively. This includes monitoring debt levels, assessing the state’s ability to repay loans, and prioritizing spending on projects that will yield long-term benefits for residents.

Pennsylvania’s debt should be viewed as a means to an end rather than an end in itself. It can be a valuable tool for achieving economic growth, improving infrastructure, and investing in the state’s future. However, it must be managed carefully to avoid the pitfalls of excessive borrowing and financial instability.

In conclusion, Pennsylvania’s debt can be a double-edged sword, offering both opportunities and challenges. By implementing responsible debt management practices, the state can harness the advantages of borrowing while mitigating the risks. Citizens must stay informed and engaged to ensure that Pennsylvania’s debt is used wisely and in the best interest of all residents.


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