Wisconsin Debt Statistics


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

wisconsin

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

☰ Use “CTRL+F” to quickly find statistics. There are total 20 Wisconsin Debt Statistics on this page 🙂

Wisconsin Debt “Latest” Statistics

  • Wisconsin is the state with the lowest average credit card debt at $4,587.[1]
  • According to fool.com, Wisconsin and Iowa have the smallest average balances at $4,587.[1]
  • According to US News, At University of Wisconsin–Madison, the median federal loan debt among borrowers who completed their undergraduate degree is $20,500.[2]
  • At University of Wisconsin–Madison, 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 $205.[2]
  • In Wisconsin, more than 700,000 residents owe nearly $25 billion in student loans.[1]
  • The average credit utilization rate is 25.6% as of 2021, a 0.3% increase from where it was in 2020.[1]
  • Black Americans have the lowest average credit card debt at $3,940, and Hispanic Americans are right in between those two other groups with $5,510 in average credit card debt.[1]
  • Over the past year, nearly 3 in 10 Americans (28%) say their overall debt has increased, with 14% of Americans saying they’ve taken on medical debt, according to Nerd Wallet.[1]
  • More than a quarter of Americans (27%) are concerned about having to pay higher interest on their debt over the next 12 months.[1]
  • Wisconsin court records from the period 2001–2018 to document trends in hospital lawsuits to recover patients’ unpaid medical bills. The lawsuits increased 37% during this period, from 1.12 per 1,000 residents in 2001 to 1.53 per 1,000 residents in 2018.[3]
  • 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]
  • 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.[5]
  • 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]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[4]
  • According to InCharge, Wisconsin has the 26th highest estimated average income at $72,154.[6]
  • Debt-to-asset levels for the sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.[7]
  • Farm sector debt is forecast to increase by $27.8 billion (5.9%) in 2022 to $501.9 billion in nominal terms but it is forecast to fall by 0.4% when adjusted for inflation.[7]
  • In Wisconsin, the average amount of student loan debt held by former students increased by nearly 85% between 2006 and 2018.[6]
  • In 2019, credit delinquency hit an eight-year high with more than 8% of balances held by people ages 18 to 29 hitting serious delinquency after going more than 90 days overdue without payment.[6]
  • 10% of graduating students at University of Wisconsin–Madison took out private loans with an average of $32,768 in private loan debt at graduation.[2]

Also Read

How Useful is Wisconsin Debt

Proponents of Wisconsin debt often point to the numerous benefits that it can provide to the state. By borrowing money to fund important projects such as road repairs, school construction, and public transportation improvements, Wisconsin can stimulate economic growth, create jobs, and improve the quality of life for its residents. Without debt, these projects would be delayed or even canceled, leading to deteriorating infrastructure and a decline in public services.

In addition, borrowing money through issuing bonds allows Wisconsin to spread out the cost of large projects over time, rather than having to come up with the full funding upfront. This can help the state manage its finances more effectively and avoid sudden spikes in spending that could strain its budget. Furthermore, low-interest rates in the current economic environment make borrowing an attractive option for Wisconsin, as the cost of servicing its debt remains relatively low.

On the other hand, critics of Wisconsin debt raise valid concerns about the potential risks and drawbacks associated with high levels of borrowing. The more debt the state takes on, the more money it must allocate to debt servicing, which could limit funding available for other critical priorities such as education, healthcare, and social services. In extreme cases, excessive debt could result in a debt crisis, where the state struggles to meet its financial obligations and risks defaulting on its debt.

Moreover, the long-term consequences of carrying substantial debt can put a strain on future generations of Wisconsinites. As interest payments consume larger portions of the state’s budget, there may be less flexibility to address emerging challenges or invest in new opportunities. This could lead to a cycle of borrowing to cover existing debt, creating a vicious cycle of increasing indebtedness that becomes increasingly difficult to break.

Critics also argue that reliance on debt to fund public projects can be a risky strategy, especially in uncertain economic times. If economic conditions deteriorate or interest rates rise significantly, Wisconsin could find itself in a precarious financial situation, with limited options for addressing its mounting debt burden. This could ultimately undermine the state’s credit rating and erode investor confidence, making it more expensive for Wisconsin to borrow money in the future.

In conclusion, the usefulness of Wisconsin debt remains a divisive issue that requires careful consideration and thoughtful analysis. While debt can be an important tool for financing critical infrastructure projects and supporting economic growth, it also carries risks and drawbacks that must be weighed against the benefits. Ultimately, policymakers must strike a delicate balance between leveraging debt responsibly to meet the state’s needs and avoiding over-extension that could jeopardize Wisconsin’s long-term financial stability and prosperity.

Reference


  1. nerdwallet – https://www.nerdwallet.com/blog/average-credit-card-debt-household/
  2. usnews – https://www.usnews.com/best-colleges/university-of-wisconsin-3895/paying
  3. healthaffairs – https://www.healthaffairs.org/doi/10.1377/hlthaff.2021.01130
  4. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  5. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  6. incharge – https://www.incharge.org/debt-relief/credit-counseling/wisconsin/
  7. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/

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