Vermont Debt Statistics


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

vermont

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.

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

How Useful is Vermont Debt

On one hand, taking on debt can be a strategic move for a state like Vermont in order to stimulate economic growth and development. By borrowing money, the state is able to finance critical infrastructure projects that can improve the quality of life for its residents and attract businesses and tourists to the state. Additionally, debt can also be used to fund education and healthcare programs that benefit the overall well-being of the population. In these cases, debt can be seen as an investment in the future prosperity of the state.

Furthermore, borrowing money can help Vermont mitigate economic downturns and weather financial crises. By having access to credit, the state is able to maintain essential services and programs during times of economic hardship without resorting to drastic cuts or tax increases. This is particularly important for a small state like Vermont that may not have the resources or revenue base of larger states to rely on in times of fiscal stress.

However, the usefulness of Vermont debt must also be scrutinized in terms of its potential drawbacks. High levels of debt can strain state finances and lead to higher interest payments, which can divert resources away from essential services and programs. In addition, excessive debt can also harm the state’s credit rating and ability to borrow money in the future, making it more costly for the state to fund necessary projects and investments.

Moreover, there is the risk of debt becoming unsustainable if not managed properly. If the state continuously relies on borrowing without a clear plan for repayment, it could face a debt crisis that could have serious consequences for its economy and residents. Therefore, it is crucial for Vermont to carefully consider the long-term implications of taking on debt and develop a strategy to manage and reduce debt levels over time.

In conclusion, the usefulness of Vermont debt ultimately depends on how it is managed and utilized. While borrowing money can be a valuable tool for financing investments and promoting economic growth, it can also pose risks if not carefully monitored and controlled. As Vermont continues to navigate its fiscal challenges, it is important for policymakers to weigh the benefits and drawbacks of debt in order to make informed decisions that will secure the state’s financial future.

Reference

  1. incharge – https://www.incharge.org/debt-relief/credit-counseling/vermont/
  2. educationdata – https://educationdata.org/student-loan-debt-by-state
  3. studentloanhero – https://studentloanhero.com/featured/vermont-student-loans-refinance/
  4. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  5. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  6. stacker – https://stacker.com/vermont/see-average-auto-loan-balance-capita-vermont

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