Wyoming Debt Statistics


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

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

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

Wyoming Debt “Latest” Statistics

  • According to Education Data Initiative, in the contiguous 48 states, Wyoming residents are the least likely to have student loan debt.[1]
  • According to the Washington Post, Wyomingites rank 31st when it comes to high credit card debt balances.[2]
  • According to the Federal Reserve, the total outstanding U.S student loan debt hit an all time high of $1.75 trillion by the end of 2020.[3]
  • Over a third (34%) of adults ages 18 to 29 report carrying some level of student loan debt, making them the largest group of borrowers in the United States.[3]
  • $1.7 billion in student loan debt belongs to state residents of Wyoming.[1]
  • The average student loan debt in Wyoming is $31,250, and 48.5% of them are under the age of 35.[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.[4]
  • Loans associated with grad school account for about 50% of total outstanding student loan debt (and 25% of total borrowers).[3]
  • 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.[5]
  • 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 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.[5]
  • Experian’s 2019 compilation of student loan data reveals that Wyoming has an average student loan debt per borrower of $28,914, up 4.3% from the previous year and 22% from 2014.[6]
  • According to research from the Brookings Institution, a third of all outstanding student loan debt is held by the 6% of borrowers with debts of more than $100,000, including the 2% with debts of more than $200,000.[3]
  • Families with some college but no degree at the highest level of education had a 26.2% higher likelihood of having medical debt.[5]
  • 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.[5]
  • Families with a net worth of between $250,000 and $499,999 and 500,000 or more were among the lowest rates of having a large medical debt load, at 1.5% and 0.7%, respectively.[5]

Wyoming Debt “Household” Statistics

  • Households with children under 18 were 24.7% more likely to have medical debt than those without children, who were 16.5% more likely.[5]
  • 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.[5]
  • 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%.[5]

Wyoming Debt “House” Statistics

  • Regionally, 22.1% of south households reported having medical debt, compared to 15.2% of west households and 15.6% of northeast families.[5]
  • About 31% of households with a member in fair or poor health had medical debt compared to 14.4% of those with no members in fair or poor health.[5]
  • 25.4% of homes with the youngest child under the age of five had medical debt, little over a quarter of all households.[5]
  • 27.9% of households with a black householder had medical debt compared to 17.2% of households with a white non-Hispanic householder and 9.7% of households with an Asian householder.[5]

Wyoming Debt “Other” Statistics

  • According to InCharge, the Wyoming’s unemployment rate increased slightly to 5.4% but remained lower than the national average of 5.9%.[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.[4]
  • According to Consolidated Credit, the average credit card debt per household in Wyoming is $11,546.[2]
  • On average, credit card companies charged consumers 16.5% interest rates in 2021.[7]

Also Read

How Useful is Wyoming Debt

Proponents of Wyoming debt argue that borrowing money can allow the state to fund critical infrastructure projects, such as building roads, bridges, and schools, that are essential for a thriving economy and a high quality of life. By taking on debt, the state can make these investments now, rather than waiting until it has enough money saved up to pay for them in cash. This can help stimulate economic activity, create jobs, and improve living conditions for residents.

Additionally, proponents of debt point out that borrowing money can be a more affordable option for financing large projects, especially when interest rates are low. By spreading the cost of these investments out over time, the state can better manage its budget and avoid the need for sudden, large tax increases or budget cuts. This can make debt a more sustainable and predictable way to fund important initiatives that benefit the public good.

On the other hand, critics of Wyoming debt warn that borrowing money can have serious consequences if not managed responsibly. They argue that taking on too much debt can lead to financial instability and put future generations at risk of dealing with the consequences of overspending. High levels of debt can restrict the state’s ability to invest in new projects or respond to emergencies, potentially leading to a decline in services and quality of life for residents.

Furthermore, critics point out that debt comes with costs, in the form of interest payments and fees, that can add up over time and eat into the state’s budget. This can limit the resources available for other important priorities, such as education, healthcare, and public safety. In addition, high levels of debt can have negative implications for the state’s credit rating, making it more expensive for Wyoming to borrow money in the future and potentially harming its financial reputation.

In conclusion, the debate over the usefulness of Wyoming debt is a complex and nuanced one. While borrowing money can be a valuable tool for financing necessary investments and driving economic growth, it also comes with risks and costs that must be carefully considered. Ultimately, the key to maximizing the benefits of debt while minimizing the drawbacks lies in responsible financial management and prudent decision-making by policymakers. Only time will tell just how useful Wyoming debt truly is in shaping the state’s future.

Reference

  1. educationdata – https://educationdata.org/student-loan-debt-by-state
  2. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/wyoming/
  3. firstrepublic – https://www.firstrepublic.com/personal-line-of-credit/student-loan-debt-averages-2021
  4. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  5. census – https://www.census.gov/library/stories/2021/04/who-had-medical-debt-in-united-states.html
  6. unitedsettlement – https://unitedsettlement.com/wyoming-debt-settlement/
  7. incharge – https://www.incharge.org/debt-relief/credit-counseling/wyoming/

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