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]

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How Useful is Wisconsin Debt

Wisconsin, like many other states, carries a significant amount of debt. This debt is used to fund various projects and initiatives that are aimed at improving the quality of life for the state’s residents. While it is true that debt comes with its own set of risks and challenges, it is also important to acknowledge the role that debt plays in fostering economic growth and development.

Wisconsin’s debt has been used to invest in critical infrastructure projects, such as road and bridge improvements, public transportation systems, and school facilities. These investments are crucial for maintaining a high quality of life for the state’s residents and attracting businesses and talent to the area. Without these investments, Wisconsin would not be able to compete in the global marketplace or provide the necessary resources for its residents to thrive.

In addition to infrastructure projects, Wisconsin’s debt has also been used to invest in education, healthcare, and social services. These investments are essential for ensuring that Wisconsin can provide a high standard of living for all of its residents and address the needs of vulnerable populations. By leveraging debt to make these investments, Wisconsin is able to build a strong foundation for future economic growth and prosperity.

Of course, debt does come with its own set of risks. High levels of debt can lead to increased interest payments, which can eat into the state’s budget and reduce the amount of funding available for other priorities. It is crucial for Wisconsin to manage its debt carefully and responsibly to avoid these potential pitfalls.

However, it is also important to remember that debt is a tool, not inherently good or bad. When used wisely and strategically, debt can be a powerful tool for achieving long-term economic growth and prosperity. By leveraging debt to invest in critical infrastructure, education, and social services, Wisconsin is laying the groundwork for a brighter future for all of its residents.

In conclusion, it is clear that Wisconsin’s debt plays a crucial role in funding essential projects and initiatives that are vital for the state’s economic growth and development. While debt does come with its own set of risks, it is important for the state to manage its debt carefully and responsibly to ensure that it can continue to invest in the future. By leveraging debt wisely, Wisconsin can build a strong foundation for a prosperous and thriving state for generations to come.

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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