Texas Debt Statistics


Steve Goldstein
Steve Goldstein
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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

When looking at Texas debt, it is important to consider what the borrowed funds are being used for. In many cases, debt is taken on to invest in infrastructure, education, or other key areas that can benefit the state in the long run. For example, by taking on debt to build new roads, expand public transportation, or improve water systems, Texas can create a more efficient and sustainable environment for its residents. Similarly, borrowing to invest in education can lead to a more skilled workforce and ultimately a stronger economy.

Furthermore, in today’s low-interest rate environment, borrowing money can be relatively inexpensive. This means that Texas can access funds to invest in key projects at a lower cost than in the past. As long as the borrowed funds are being used to generate a return that exceeds the cost of borrowing, debt can actually be a cost-effective way to finance important initiatives.

Of course, it is crucial for Texas to borrow responsibly and avoid taking on more debt than it can realistically afford to repay. This means carefully managing debt levels to ensure that the state does not become overly burdened by interest payments. It also means being mindful of the risks associated with debt, such as economic downturns or changes in interest rates. By maintaining a strong fiscal discipline and having a clear plan for managing debt, Texas can minimize these risks and continue to utilize debt as a useful tool for advancing the state’s interests.

In addition, it is worth noting that not all debt is created equal. By diversifying its debt portfolio and taking advantage of different types of financing options, Texas can spread out its risk and potentially reduce its overall cost of borrowing. For example, by issuing both short-term and long-term debt, Texas can match its borrowing profile to its spending needs and take advantage of favorable market conditions.

Overall, debt is a complex and nuanced topic that requires careful consideration. While it is important for Texas to be mindful of the risks associated with borrowing, it is also crucial to recognize the potential benefits that debt can bring when used in a strategic and responsible manner. By leveraging debt to invest in key areas that benefit its residents and economy, Texas can continue to grow and prosper in the years to come.

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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