Texas Debt Statistics


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

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LLCBuddy editorial team did hours of research, collected all important statistics on Texas 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 Texas 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 Texas 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.

On this page, you’ll learn about the following:

Top Texas Debt Statistics 2023

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

Texas Debt “Latest” Statistics

  • According to Education Data Initiative, $120.0 billion in student loan debt belongs to Texas residents.[1]
  • The average student loan debt in Texas is $32,920, and 52.3% of loaners are under the age of 35.[1]
  • Monthly student loan payment is calculated using the standard 10 year repayment plan.[1]
  • According to Federal Reserve Bank of Dallas, the portion of Texas’ student debt that is currently at least 90 days past due is about 13.3%, while the total balance carried by Texas borrowers has almost tripled since 2006, adjusting for inflation.[1]
  • In Texas, the average student loan amount is more than the average car loan, which sits at about $23,515.[1]
  • The average balance carried for credit card holders is $6,139, and mortgage debt is the highest at $172,889 on average.[1]
  • The household debt declined from 97% of gross domestic product (GDP) at year-end 2008 to approximately 75% as of Sept. 30, 2018.[1]
  • According to the New York Federal Reserve, consumer debt reached $14.56 trillion after the fourth quarter of 2020.[1]
  • Total mortgage debt rose to $10.4 trillion, an increase of $1 trillion from the same juncture in 2017.[1]
  • According to Forbes, California, Florida, Texas and New York represent more than 20% of all U.S. student loan borrowers who collectively owe more than $340 billion of student loan debt.[1]
  • According to Experian, the average auto loan amounts have steadily increased in the past decade, reaching $41,665 for new vehicles and $28,506 for used vehicles in the third quarter of 2022.[1]
  • 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.[1]
  • From 1993 to 2013, the number of debt collection suits more than doubled nationwide, from less than 1.7 million to about 4 million, and consumed a growing share of civil dockets, rising from an estimated 1 in 9 civil cases to 1 in 4.[1]
  • Over the past decade in the jurisdictions for which data are available, courts have resolved more than 70 percent of debt collection lawsuits with default judgments for the plaintiff.[1]
  • According to Self, Texas’ average household debt in 2019 is $45,290. The average household debt nationwide in 2019 is $51,580.[1]
  • The average student loan amount in Texas rose almost $9,000 between 2006 and 2018. Nationally, average student loan amounts rose by only $1,400 between 2006 and 2019.[1]
  • Since 2003, mortgage debt in Texas has risen almost 70%.[1]
  • The average credit card debt in the US increased 14.53%.[1]
  • USDA’s Rural Utilities Service offers more than $700 million annually for infrastructure loans that can be used to provide or enhance broadband services to certain communities.[1]
  • According to comptroller.texas.gov, FRBNY found that 15% of borrowers in 2019 were 90 days or more in default on their student loans when delinquency peaked at more than 17%.[1]

Also Read

How Useful is Texas Debt

Debt is a common tool used by governments at all levels to finance projects and investments that would otherwise be unattainable. Texas, with its rapidly growing population and economy, has had to take on debt to support infrastructure projects, education, healthcare, and other essential services. This debt has been used to build schools, roads, bridges, hospitals, and other critical infrastructure that benefit Texans every day.

It is also important to remember that not all debt is created equal. While there is always a risk involved with taking on debt, Texas has historically maintained a strong credit rating and fiscal discipline. This has allowed the state to borrow at low interest rates and ensure that debt repayment does not crowd out other essential government services.

Furthermore, Texas debt is often backed by dedicated revenue streams, such as transportation taxes or emergency service fees. This means that the debt is tied to specific projects or initiatives and cannot be used to fund general government operations. This ensures that debt is managed responsibly and transparently.

Critics often argue that Texas debt is too high and will burden future generations. While it is true that debt must be managed carefully to avoid excessive burdens, it is also important to recognize that some level of debt is necessary to support economic growth and prosperity. By investing in infrastructure, education, and healthcare, Texas can ensure that future generations have the opportunity to thrive.

Another important factor to consider is the current low interest rate environment. With interest rates at historic lows, now may be an opportune time for Texas to take on debt to finance needed investments. By locking in low rates now, the state can save money over the long term and provide essential services to its residents.

In conclusion, Texas debt is a complex issue that requires thoughtful consideration and analysis. While it is important to exercise caution and prudence when taking on debt, it is also necessary to recognize the benefits that responsible borrowing can bring. By investing in infrastructure, education, and healthcare, Texas can continue to grow and prosper while ensuring a high quality of life for all its residents.

Reference

  1. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts

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