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

Proponents of debt often point to the ability it provides the state to address pressing needs that might otherwise go unmet. By borrowing funds, Pennsylvania can swiftly respond to emergencies, such as natural disasters or public health crises, without sacrificing other vital services. Additionally, debt can be a strategic tool for leveraging additional resources, whether through federal partnerships or private investments, that can further fuel the state’s growth and prosperity.

In the realm of economic development, debt can be seen as an investment in Pennsylvania’s future. By funding projects that spur job creation, attract businesses, and revitalize communities, the state can generate long-term economic gains that outweigh the short-term costs of borrowing. Moreover, by maintaining a strong credit rating and demonstrating a commitment to responsible fiscal management, Pennsylvania can access low-cost financing that allows it to stretch its resources further and maximize the impact of its investments.

On the flip side, skeptics may argue that Pennsylvania’s debt levels are unsustainable and pose a significant risk to the state’s financial stability. Excessive debt can lead to higher interest payments, crowding out other critical priorities and limiting the state’s flexibility to respond to unforeseen challenges. Furthermore, a heavy debt burden can deter investors, erode public trust, and harm Pennsylvania’s reputation in the eyes of creditors, potentially driving up borrowing costs and exacerbating the state’s fiscal woes.

Critics of Pennsylvania’s debt policies may also point to the possibility of future generations bearing the brunt of today’s borrowing decisions. By passing on the costs of current expenditures to future taxpayers, the state risks saddling coming generations with a heavy debt load that hampers their ability to thrive and prosper. This intergenerational transfer of obligations raises ethical questions about the fairness and sustainability of using debt to finance present-day needs at the expense of the future.

In the end, the usefulness of Pennsylvania’s debt ultimately depends on how it is managed, allocated, and repaid. When used judiciously and strategically, debt can be a valuable tool for advancing the state’s priorities, enhancing its growth prospects, and securing a brighter future for all Pennsylvanians. However, when wielded recklessly or without proper oversight, debt can become a millstone around the state’s neck, constraining its potential and jeopardizing its long-term prosperity. As policymakers grapple with the challenges of balancing the benefits and risks of debt, they must heed the lessons of history and chart a prudent course that ensures Pennsylvania’s fiscal health and well-being for generations to come.


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