Vermont Debt Statistics 2023: Facts about Debt in Vermont reflect the current socio-economic condition of the state.
LLCBuddy editorial team did hours of research, collected all important statistics on Vermont 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 Vermont 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 Vermont 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 Vermont Debt Statistics 2023
☰ Use “CTRL+F” to quickly find statistics. There are total 20 Vermont Debt Statistics on this page 🙂Vermont Debt “Latest” Statistics
- According to InCharge, the average mortgage debt was $172,919 in 2020, making Vermont one of the few states in the Northeast that is lower than the national average of $229,242.[1]
- According to Education Data Initiative, $2.9 billion in student loan debt belongs to Vermont residents.[2]
- The average student loan debt in Vermont is $37,516, and 57.1% of them are under the age of 35.[2]
- 57% of Vermont borrowers have federal student loan debt of $100,000 or more, and it doesn’t include those who have private loans.[3]
- 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.[4]
- According to Experian, consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[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]
- According to Stacker, the nationwide total average auto loan balance per capita has increased from $2,960 to $5,210, an increase of around 76% since 2023.[6]
- In the fourth quarter of 2021, 4% of all auto debt balances in the country were over 90 days delinquent.[6]
- In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[5]
- In Vermont, the average auto loan debt was $16,972, which was about $2,500 less than the national average.[1]
- The average card debt for Vermonters in 2020 was $4,653.[1]
- In 2020, with an average of $38,411, Vermont had the seventh-highest student loan debt in the US.[1]
Vermont Debt “Other” Statistics
- Vermont students’ average federal and private student loan amount is $35,276 dollars, which is 4% less than the US average of $36,689.[3]
- 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 US News, at University of Vermont, the median federal loan debt among borrowers who completed their undergraduate degree is $21,111.[5]
- The median monthly federal loan payment (if it were repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is $211.[5]
- 17% of graduating students at University of Vermont took out private loans, according to US News.[5]
- At graduation, University of Vermont students with private loans had an average of $47,306 in private loan debt.[5]
- According to the publication entitled, “Assessing bad debt in New Hampshire and Vermont office-based practices”, in conclusion, bad debt accounts for a 16% loss from total earnings from regular office visits.[5]
Also Read
- Alabama Debt Statistics
- Alaska Debt Statistics
- Arizona Debt Statistics
- Arkansas Debt Statistics
- California Debt Statistics
- Colorado Debt Statistics
- Connecticut Debt Statistics
- Delaware Debt Statistics
- Florida Debt Statistics
- Georgia Debt Statistics
- Hawaii Debt Statistics
- Idaho Debt Statistics
- Illinois Debt Statistics
- Indiana Debt Statistics
- Iowa Debt Statistics
- Kansas Debt Statistics
- Kentucky Debt Statistics
- Louisiana Debt Statistics
- Maine Debt Statistics
- Maryland Debt Statistics
- Massachusetts Debt Statistics
- Michigan Debt Statistics
- Minnesota Debt Statistics
- Mississippi Debt Statistics
- Missouri Debt Statistics
- Montana Debt Statistics
- Nebraska Debt Statistics
- Nevada Debt Statistics
- New Hampshire Debt Statistics
- New Jersey Debt Statistics
- New Mexico Debt Statistics
- New York Debt Statistics
- North Carolina Debt Statistics
- North Dakota Debt Statistics
- Ohio Debt Statistics
- Oklahoma Debt Statistics
- Oregon Debt Statistics
- Pennsylvania Debt Statistics
- South Carolina Debt Statistics
- South Dakota Debt Statistics
- Tennessee Debt Statistics
- Texas Debt Statistics
- Utah Debt Statistics
- Vermont Debt Statistics
- Virginia Debt Statistics
- Washington Debt Statistics
- West Virginia Debt Statistics
- Wisconsin Debt Statistics
- Wyoming Debt Statistics
- District of Columbia Debt Statistics
How Useful is Vermont Debt
Those in favor of Vermont Debt argue that taking on debt allows the state to fund initiatives that benefit its residents, such as infrastructure projects, education programs, and social services. Without this debt, these projects may never come to fruition, leaving Vermonters without the necessary resources to thrive and grow. Proponents of debt also point to historically low-interest rates as a reason to take on additional borrowing, as it can be a cost-effective way to finance needed investments.
On the flip side, opponents of Vermont Debt argue that relying on borrowing to fund projects is shortsighted and ultimately detrimental to the state’s financial health. They believe that taking on debt now may lead to higher taxes down the line in order to pay off these obligations, placing an undue burden on future generations. Critics also point to the uncertainty of future economic conditions, questioning whether the state will be able to afford its debt payments in the long run.
It is important to acknowledge that debt can be a useful tool when used strategically and responsibly. In some cases, taking on debt can facilitate economic growth and development, providing a boost to the state’s infrastructure and services that would not be possible otherwise. Additionally, debt can be a way to smooth out budgetary fluctuations, allowing the state to continue funding important programs during times of recession or economic downturn.
However, it is crucial that policymakers exercise caution when considering additional debt. They must weigh the benefits of borrowing against the potential risks and ensure that debt is being used wisely and prudently. Furthermore, transparency and accountability are essential when it comes to managing debt, as the public has a right to know how their tax dollars are being spent and how their future financial security may be impacted.
In conclusion, the usefulness of Vermont Debt ultimately depends on how it is utilized and managed. While debt can be a valuable tool in financing important projects and investments, it should be approached thoughtfully and responsibly. Policymakers must consider the long-term implications of taking on additional debt and prioritize transparency and accountability in their decision-making processes. By striking a balance between utilizing debt as a tool for progress and ensuring fiscal responsibility, Vermont can navigate its debt obligations in a way that benefits its residents both now and in the future.
Reference
- incharge – https://www.incharge.org/debt-relief/credit-counseling/vermont/
- educationdata – https://educationdata.org/student-loan-debt-by-state
- studentloanhero – https://studentloanhero.com/featured/vermont-student-loans-refinance/
- experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
- pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
- stacker – https://stacker.com/vermont/see-average-auto-loan-balance-capita-vermont