Wyoming Debt Statistics


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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

One of the primary arguments in favor of Wyoming debt is that it allows the state to fund important projects that benefit its residents. Infrastructure improvements, such as road and bridge repairs, water treatment facilities, and school construction, are all essential investments that would not be possible without incurring debt. By taking on debt, Wyoming can make these improvements now rather than waiting until funds are available from the state budget.

Additionally, debt can be a valuable tool for economic development. By borrowing money to invest in businesses, workforce training programs, and other initiatives, Wyoming can attract new industries and create jobs for its residents. This can help to stimulate the state’s economy and improve the overall quality of life for its residents.

However, there are also downsides to Wyoming debt. One of the most significant concerns is the long-term financial burden it places on future generations. Just as individuals can struggle with debt repayment, so too can states. High levels of debt can result in increased interest payments, leaving less money available for essential services and leading to budget cuts or tax increases.

In addition, excessive debt can damage Wyoming’s credit rating, making it more expensive for the state to borrow money in the future. This can further exacerbate the financial strain on state resources and limit its ability to invest in key projects and programs.

It is important for policymakers in Wyoming to carefully consider the implications of incurring debt and to balance the short-term benefits against the long-term consequences. While debt can be a useful tool for funding essential projects and stimulating economic development, it is crucial that borrowing is done responsibly and with an eye toward sustainability.

Ultimately, the usefulness of Wyoming debt depends on how it is managed and the extent to which it is used to invest in the state’s future. By weighing the costs and benefits of debt carefully, policymakers can ensure that Wyoming’s financial resources are used effectively and responsibly to enhance the well-being of its residents.

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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