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


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

☰ Use “CTRL+F” to quickly find statistics. There are total 27 Virginia Debt Statistics on this page 🙂

Virginia Debt “Latest” Statistics

  • According to the SIPP, 19% of US families had medical debt in 2017—defined as medical expenses that individuals couldn’t afford to pay up front or at the time they got treatment.[1]
  • Borrowers who put up collateral pay 10%–12% for a debt consolidation loan instead of the 25% they are probably paying to credit card firms.[2]
  • According to New York Fed, there was $1.11 trillion in newly originated mortgage debt in Q3 2021, with 69% of it originated to borrowers with credit scores over 760.[3]
  • Households with a net worth of $250,000 to $499,999 and $500,000 or above were among the least likely to have a high medical debt burden (1.5% and 0.7%, respectively).[1]
  • In some level of delinquency as of late September, 2.7% of outstanding debt was, a 2.0 percentage point drop from the fourth quarter of 2019, shortly before the COVID-19 epidemic struck the United States.[3]
  • When any family member spent time in the hospital, the proportion of households with medical debt increased to 31.3% from 15.8% when there were no family members who spent time in the hospital.[1]
  • Families with some college but no degree at the highest level of education had a 26.2% higher likelihood of having medical debt.[1]
  • 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]
  • Non-profit debt settlement was created in 2021 by non-profit credit counseling agencies and the lure is the same as traditional debt settlement consumers in Virginia will settle debts for just 50%–60% of what they are owed.[2]
  • In the fourth quarter of 2021, 4% of all auto debt balances in the country were over 90 days delinquent.[5]
  • 2.9% of families with full insurance and 8.5% of those without full insurance reported having substantial medical debt burdens.[1]
  • 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.[6]
  • Compared to 30.8% of families without comprehensive insurance, 16.2% of those having full coverage for all members for the whole year incurred medical debt.[1]

Virginia Debt “Household” Statistics

  • Households that had trouble paying their rent or mortgage also appeared to have trouble paying medical bills and were more likely to carry a high medical debt burden relative to other households 12.4% compared to 3.5%.[1]
  • High medical debt load is defined as debt that represents more than 20% of a household’s yearly income.[1]
  • Nineteen percent of U.S. households could not afford to pay for medical care up front or when they received care in 2017, according to new U.S. Census Bureau data on the burden of medical debt.[1]
  • Households with children under 18 were 24.7% more likely to have medical debt than those without children, who were 16.5% more likely.[1]
  • Health and economic circumstances may also influence which families have a high burden of medical debt, even though just 4% of all households reported having a high burden of medical debt.[1]

Virginia Debt “House” Statistics

  • In Virginia, the percentage of house loan denials in 2018 was 6.2% for non Hispanic whites and 14% for African Americans.[7]
  • Regionally, 22.1% of south households reported having medical debt, compared to 15.2% of west households and 15.6% of northeast families.[1]
  • Virginia ranked eighth highest nationally with an average mortgage debt of $245,054 in 2021.[2]
  • According to the Federal Reserve Bank of New York’s Center for Microeconomic Data issued a Quarterly Report on Household Debt and Credit, it shows that total household debt increased by $286 billion (1.9%) to $15.24 trillion in the third quarter of 2021.[3]

Virginia Debt “Home” Statistics

  • According to Virginia Mercury, of the approximately 14,700 mortgage loan applications submitted by Black Virginians last year, 11.9% were turned down.[7]
  • 25.4% of homes with the youngest child under the age of five had medical debt, little over a quarter of all households.[1]

Virginia Debt “Other” Statistics

  • Virginia’s average consumer auto loan balance was $20,013 in 2021, which ranked 25th nationally.[2]
  • According to loanDepot, a California-based mortgage lender with an office in Glen Allen, turned down 18% of African Americans seeking home-purchase loans and 4% of non-Hispanic Whites.[7]
  • 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.[6]

Also Read

How Useful is Virginia Debt

One of the primary reasons Virginia, like many other states, takes on debt is to fund infrastructure projects. Roads, bridges, schools, and other public works require significant investment, and oftentimes the most feasible way to finance these projects is through borrowing. By spreading out the cost over time, the state can make necessary improvements and investments in its infrastructure without burdening taxpayers with high upfront costs. In this sense, debt can be a useful tool for addressing vital needs within the state and ensuring that essential services are provided to residents.

Additionally, debt can also be used to stimulate economic growth and job creation. By investing in projects that spur development and attract businesses, Virginia can create opportunities for its residents and strengthen its economy. Whether it’s through public-private partnerships or government-funded initiatives, debt can be a strategic means of jumpstarting economic activity and driving prosperity within the state.

However, the flip side of debt is the potential for overextension and fiscal mismanagement. Too much debt can lead to financial instability, credit downgrades, and higher interest payments – all of which can have negative implications for the state’s budget and overall financial health. Virginia must strike a delicate balance between leveraging debt for growth and ensuring that it doesn’t become a drag on its financial stability. Prudent debt management, transparency, and accountability are essential to mitigate risks associated with borrowing and to ensure that debt remains a useful tool rather than a liability.

Furthermore, the purpose for which debt is incurred matters significantly. When used for essential infrastructure projects or strategic investments, debt can yield long-term benefits and contribute to the state’s overall well-being. Conversely, if debt is taken on for frivolous or unsustainable purposes, it can lead to negative consequences and hamper Virginia’s ability to provide essential services to its residents.

In conclusion, the usefulness of Virginia debt ultimately hinges on how it is managed and allocated. When used wisely and in service of the public good, debt can be a valuable resource that drives progress and growth. However, irresponsible borrowing and lack of fiscal discipline can have far-reaching repercussions that impair the state’s financial health and jeopardize its future. Virginia must tread carefully when it comes to debt, making informed decisions that prioritize long-term sustainability and the well-being of its residents.


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  3. newyorkfed –
  4. experian –
  5. insidenova –
  6. pewtrusts –
  7. virginiamercury –

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