Tennessee 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.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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

tennessee

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

☰ Use “CTRL+F” to quickly find statistics. There are total 28 Tennessee Debt Statistics on this page 🙂

Tennessee Debt “Latest” Statistics

  • According to Experian, the average mortgage debt level of $155,844, representing an increase of 2.7% compared to 2018, and ranking the state 31st in the nation.[1]
  • According to Education Data Initiative, $31.4 billion in student loan debt belongs to Tennessee residents.[2]
  • According to Consolidated Credit, the average credit card debt per household is $6,217.[3]
  • Tennesseans had an average debt-to-income (DTI) ratio of 1.33 to 1.41 in the first quarter of 2020, according to a study published by the Federal Reserve.[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]
  • The average student loan debt in Tennessee, which includes both federal and private loans, is $34,607, which is 6% less than the national average of $36,689.[6]
  • Since 2003, the nationwide total average auto loan balance per capita has increased from $2,960 to $5,210—an increase of around 76%.[7]
  • In 2016, the 10th highest percentage in the nation, 24% of Tennesseans with credit histories had medical debt on them.[8]
  • Debt-to-asset levels for the sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.[9]
  • In 2019, the United States had the largest percentage of industrialized countries with risky non-financial corporate debt at 35.68%.[10]
  • According to educationdata.org, the average student debt for Tennesseans in 2020 was around $36,200.[11]
  • From 2020 to 2021, total consumer debt balances climbed by 5.4%, or $772 billion, to reach $15.31 trillion, more than double the 2.7% growth that occurred from 2019 to 2020.[12]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[5]
  • Companies in developing countries owned around 31% of this debt, an amount that has been continuously expanding over the last ten years, up from about 9% in 2008.[10]
  • Due to the low cost of living in the volunteer state, even if it is a 2.7% increase from the prior year, it is still a comparatively low level of debt.[11]
  • With a debt ratio of approximately 17.3%, Tennessee has the fifth lowest level of state debt in the US.[11]
  • In 2016, there were 95 counties in Tennessee, with a range of 10% to 43% of residents having medical debt on their credit record.[13]
  • Working capital, which measures the amount of cash available to fund operating expenses after paying off debt due within 12 months, is forecast to rise 4.7% in nominal dollars but fall by 1.4% when adjusted for inflation.[9]

Tennessee Debt “Household” Statistics

  • Tennessee residents rank 44th nationally in the amount of household credit card debt held, checking in at an average level of $6,217, 33.3% less than the national average of indebted households of $9,333.[1]
  • Tennessee’s 2018 median household income level of $50,972 checked in 17.7% lower than the national median household income level of $61,937.[1]

Tennessee Debt “House” Statistics

  • According to the most current statistics available, Tennesseans who own their own houses had an average mortgage debt of $155,844.[11]
  • The median household debt-to-income ratio in Tennessee during the second quarter of 2020 stood at 1.51 to 1.62, which is above the national average of 1.51, the Federal Reserve System recently reported.[14]

Tennessee Debt “Other” Statistics

  • According to lendedu, 55% of graduates from the Class of 2019 had student debt.[15]
  • According to the 2015 National Financial Capability Study (NFCS), 27% of Tennesseans aged 18 to 64 had past due medical expenses that needed to be paid.[8]
  • According to UT Institute of Agriculture, educational debt rates varied from 66% to 81%.[5]
  • During the second quarter of 2019, the debt-to-income ratio for Tennessee was between 1.33 and 1.41.[14]
  • 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]
  • According to a 2015 survey, 11% of persons nationally were expected to not have a credit report, and those with lower incomes are less likely to have one.[13]

Also Read

How Useful is Tennessee Debt

It is no secret that debt can be a powerful tool when used wisely. By issuing bonds, states like Tennessee can raise funds for critical infrastructure projects, education initiatives, and public services without burdening taxpayers with immediate payment. This can lead to economic growth, job creation, and improved quality of life for residents. In essence, debt can be a catalyst for progress and development.

However, the key to leveraging debt effectively lies in responsible management and strategic planning. Excessive debt levels can lead to increased financial risks and constraints on future budgets, potentially compromising the ability of the state to meet its obligations and invest in long-term priorities. It is crucial for policymakers to strike a balance between debt accumulation and sustainable financial practices to ensure that Tennessee’s debt remains manageable and beneficial for its citizens.

Furthermore, the usefulness of debt depends on how the borrowed funds are utilized. In Tennessee, transparency and accountability in budgeting decisions are essential to ensure that debt is allocated to projects that provide tangible benefits to the state and its residents. By prioritizing investments in infrastructure, education, healthcare, and other essential services, the state can maximize the positive impact of its debt and lay the foundation for a prosperous future.

Another factor to consider is the cost of borrowing. While debt can be a cost-effective financing option in a low-interest rate environment, rising interest rates can significantly increase the burden of debt repayment. It is imperative for Tennessee to carefully monitor market conditions and consider the long-term implications of its borrowing decisions to avoid unnecessary financial strain in the future.

In conclusion, the usefulness of Tennessee’s debt ultimately hinges on prudent financial management, thoughtful planning, and a commitment to public accountability. By utilizing debt as a strategic tool for investment and growth, the state can harness its potential to drive positive change and foster economic development. However, vigilance in monitoring debt levels, responsible budgeting practices, and effective project implementation are essential to ensure that Tennessee’s debt serves its intended purpose and benefits all its residents.

Reference

  1. unitedsettlement – https://unitedsettlement.com/tennessee-debt-settlement/
  2. educationdata – https://educationdata.org/student-loan-debt-by-state
  3. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/tennessee/
  4. finder – https://www.finder.com/tennessee-debt-relief
  5. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  6. studentloanhero – https://studentloanhero.com/featured/tennessee-student-loans-refinance/
  7. clarksvillenow – https://clarksvillenow.com/local/see-the-average-auto-loan-balance-per-capita-in-tennessee/
  8. sycamoreinstitutetn – https://www.sycamoreinstitutetn.org/medical-debt-tennessee/
  9. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
  10. statista – https://www.statista.com/topics/5724/global-corporate-debt/
  11. incharge – https://www.incharge.org/debt-relief/credit-counseling/tennessee/
  12. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  13. sycamoreinstitutetn – https://www.sycamoreinstitutetn.org/medical-debt-tn-counties/
  14. thecentersquare – https://www.thecentersquare.com/tennessee/debt-to-income-ratio-of-tennessee-households-averaged-up-to-1-62-in-q2/article_1457718a-4589-11eb-a72e-7383389dfbf4.html
  15. lendedu – https://lendedu.com/blog/average-student-loan-debt-statistics

Leave a Comment