Washington Debt Statistics

Steve Goldstein
Steve Goldstein
Business Formation Expert
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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Washington Debt Statistics 2023: Facts about Debt in Washington reflect the current socio-economic condition of the state.


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

☰ Use “CTRL+F” to quickly find statistics. There are total 26 Washington Debt Statistics on this page 🙂

Washington Debt “Latest” Statistics

  • According to the New York Federal Reserve, 67% of student loan borrowers are under 40 but only 57% of balances are owed by those under 40.[1]
  • The median income of households with student loans is $76,400, and 7% of borrowers are below the poverty line.[1]
  • Washington, D.C., takes the top seat, with the average federal student debt per borrower at $55,000, followed by Maryland at $43,000 and Georgia at $42,000.[1]
  • Nearly 7 in 10 Americans (69%) have financial concerns about the next 12 months.[2]
  • According to FINRA, in the first quarter of 2014, 144A transactions comprised nearly 13% of the average daily volume in investment-grade corporate debt, and nearly 30% of the average daily volume in high-yield corporate debt.[3]
  • According to Nerd Wallet, U.S. households that carry credit card debt will pay an average of $1,380 in interest this year.[2]
  • Median household income has grown by 44% since 2012, while overall expenses have increased by 28% in the same span.[2]
  • Nearly 3 in 10 Americans (28%) say their overall debt has increased, with 14% of Americans saying they’ve taken on medical debt.[2]
  • 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.[4]
  • According to Nerd Wallet, more than a quarter of Americans (27%) are concerned about having to pay higher interest on their debt over the next 12 months.[2]
  • 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.[4]
  • Federal student loan debt currently has the highest 90+ day delinquency rate of all household debt.[5]
  • According to Brookings, between the 1992-1993 and 2007-2008 cohorts, black college graduates are still substantially more likely to default on their debt within four years of graduation (7.6% vs. 2.4% of white graduates).[6]
  • Black borrowers remain more than three times as likely to default within four years as white borrowers (7.6% versus 2.4%).[6]
  • Between 2008 and 2018, corporate debt increased from 56 to 96% of gross domestic product in emerging economies, whereas this ratio remained stable in developed economies.[7]
  • According to Brookings, at graduation, black students owe $7,375 more than their white peers ($23,420 versus $16,046).[6]
  • According to The Washington Post, about 1 in 5 Americans hold student loans.[1]
  • Student Loan Borrowers are currently paying 9x higher than the banks are able to borrow for.[5]
  • Undergraduate debt at graduation accounts for less than half of total debt owed for black, compared to 62% for white graduates.[6]
  • FINRA 144A transactions comprised nearly 20% of the average daily volume in the corporate debt market as a whole.[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.[8]
  • A full 45% of the black-white gap ($11,094) comes from differences in borrowing for graduate school.[6]
  • Black college graduates are almost twice as likely as white graduates to accumulate graduate school debt (40% vs. 22%).[6]
  • More than half of 45 million people with federal student loans have $20,000 or less to pay, with about a third of all borrowers owing less than $10,000.[1]
  • 7% of people with federal debt owe more than $100,000, according to The Washington Post.[1]
  • Borrowing for undergraduate degrees declined by $15 billion from the 2010-2011 academic year to 2017-2018, it increased for graduate programs by $2.3 billion during that period, according to the National Center for Education Statistics.[1]

Also Read

How Useful is Washington Debt

The question of how useful Washington debt truly is boils down to how effectively those funds are being used. If the borrowed money is being invested in projects that will ultimately benefit society and drive economic growth, then the debt can be seen as a necessary means to an end. However, if the debt is accumulating without any clear plan for how to effectively utilize those funds, then it becomes a severe cause for concern.

One of the key arguments in favor of Washington debt is that it allows the government to stimulate economic growth during times of crisis or recession. By injecting money into the economy through spending projects, the government can create jobs, support businesses, and boost consumer confidence. This can help to prevent a deeper economic downturn and set the stage for a quicker recovery.

Additionally, borrowing money can enable the government to make long-term investments in infrastructure that can yield significant returns over time. Roads, bridges, airports, and other public works projects not only create jobs in the short term but also improve the overall productivity of the economy in the long term. This infrastructure can attract businesses, facilitate trade, and improve the quality of life for citizens.

However, the benefits of Washington debt can quickly diminish if the borrowed funds are not used wisely. If the money is spent on projects that fail to generate a return on investment or create lasting value, then the debt becomes nothing more than a burden that will weigh down future generations. It is crucial that policymakers prioritize projects that will provide tangible benefits to society and promote sustainable economic growth.

Another important consideration when evaluating the usefulness of Washington debt is how it is being managed. Transparent and accountable fiscal practices are essential to ensure that borrowed funds are being used efficiently and effectively. Proper oversight, monitoring, and evaluation of spending projects can help to minimize waste, fraud, and mismanagement, ensuring that taxpayer dollars are being put to good use.

Ultimately, the usefulness of Washington debt depends on the principles and priorities that guide its allocation and utilization. When debt is used responsibly to invest in the future and support the well-being of society, it can be a valuable tool for economic development. However, it is essential that policymakers exercise caution and foresight when taking on debt to avoid jeopardizing the financial stability and prosperity of the nation.


  1. washington – https://www.washington.edu/uwra/2019/12/13/student-debt-crisis-and-possible-solutions/
  2. nerdwallet – https://www.nerdwallet.com/blog/average-credit-card-debt-household/
  3. finra – https://www.finra.org/media-center/news-releases/2014/finra-brings-144a-corporate-debt-transactions-light
  4. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  5. washingtonpost – https://www.washingtonpost.com/education/2022/05/22/student-loan-borrowers/
  6. brookings – https://www.brookings.edu/research/black-white-disparity-in-student-loan-debt-more-than-triples-after-graduation/
  7. worldbank – https://openknowledge.worldbank.org/handle/10986/34480
  8. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/

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