Colorado 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.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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

colorado

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

☰ Use “CTRL+F” to quickly find statistics. There are total 22 Colorado Debt Statistics on this page 🙂

Colorado “Latest” Debt Statistics

  • According to a research from 2016, collection agencies got about 10% of the total $729 billion in debt that was outstanding, demonstrating that this sector of the economy is worth billions of dollars.[1]
  • Nearly 7 in 10 Americans (69%) have financial concerns about the next 12 months.[2]
  • Total consumer debt balances increased 5.4% from 2020 to 2021 to $15.31 trillion, a $772 billion increase and more than double the 2.7% increase from 2019 through 2020, according to Experian.[3]
  • A 2016 Commonwealth Fund study found that 40% of persons between the ages of 19 and 64 reported having a poorer credit score as a result of medical debt.[1]
  • Nearly 64% of the 99 instances had debts for less than $1,000, with half of those debts being for less than $600.[1]
  • According to Experian, the total amount of consumer debt in the US reached $13.3 trillion at the end of 2018, with numerous categories setting new records.[4]
  • According to Experian, the average amount of debt that Colorado residents accumulated in the fourth quarter of 2018 and the fourth quarter of 2017 was $3,536.[4]
  • According to CCHI, 52% of individuals with just collection debt from unpaid medical claims had otherwise unblemished credit histories.[1]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff in the countries for which statistics are available.[5]
  • According to a HowMuch.net review of data from credit karma and the federal reserve bank, the per capita debt load in the country is $50,090.[4]

Colorado “Family” Debt Statistics

  • U.S. households that carry credit card debt will pay an average of $1,380 in interest this year, according to NerdWallet.[2]
  • 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 during this time.[2]

Colorado “Household” Debt Statistics

  • NerdWallet’s annual look at household debt finds that credit card balances carried from month to month have increased over the past 12 months, totaling an estimated $460 billion as of September 2022.[2]
  • Median household income has grown by 44% since 2012, while overall expenses have increased by 28% in the same span.[2]

Colorado “Other” Debt Statistics

  • The mortgage delinquency rate fell from 1.8% in February 2020 to 1.0% in October 2020 which is likely due in large part to certain provisions of the CARES Act.[6]
  • In Colorado, the median amount of debt in collections fell from $1,682 to $1,637 between February and October 2020.[6]
  • The Colorado Loan Repayment Assistance Program (LRAP) is available to graduates working in qualifying public interest jobs and provided partial loan repayment awards in the amount of $6,500 to 52 qualified applicants in the 2022 award year.[6]
  • According to University of Colorado, on average, the annual student loan payment is 6% of annual earnings.[6]
  • At CU, Colorado residents earning bachelor’s degrees who graduate with debt have between $25,000 and $28,000, based on analysis by the Colorado Department of Higher Education.[6]
  • Colorado recently saw the passage of a ballot initiative limiting payday lending interest and fees to 36%.[1]
  • The most recent federal data (2014) found that almost 20% of credit reports had at least one medical collection account listed.[1]
  • According to US News, in terms of education in Colorado, after graduation, the average debt is $26,562.[1]

Also Read

How Useful is Colorado Debt

One of the first things to consider when evaluating the usefulness of Colorado debt is its impact on the overall economy. On the one hand, access to credit can help consumers make purchases they might not otherwise be able to afford, boosting economic growth. For example, taking out a loan to buy a car or a house can stimulate spending, lead to job creation, and drive up national or state GDP.

However, excessive debt can also have negative consequences on the economy. When individuals accumulate more debt than they can reasonably repay, they may be forced to cut back on spending, leading to a decrease in demand for goods and services. This, in turn, can slow down economic growth, potentially leading to a recession.

Another aspect to consider when evaluating Colorado debt is its impact on personal financial well-being. While taking on some debt can be necessary and even beneficial in certain circumstances, such as investing in education or buying a home, being overly indebted can lead to financial stress and hardship. High levels of debt can prevent individuals from achieving their long-term financial goals, such as saving for retirement or emergencies, and can even lead to bankruptcy in extreme cases.

Furthermore, being burdened by debt can have negative psychological effects. Constantly worrying about how to make ends meet and how to pay off loans can take a toll on mental health, leading to anxiety, depression, and other stress-related health issues. High levels of debt can also strain relationships, as financial issues are a common source of conflict among couples and families.

Ultimately, the usefulness of Colorado debt depends on how it is managed and utilized. It is important for individuals to be mindful of their borrowing habits, to borrow responsibly, and to have a solid plan in place for repaying their debts. Seeking financial education and advice from professionals can also help individuals make informed decisions about their finances and avoid falling into the trap of excessive debt.

In conclusion, Colorado debt can be a useful tool for individuals and the economy at large when used wisely and responsibly. However, excessive debt can have detrimental effects on both personal finances and the broader economy. Therefore, it is essential for individuals to exercise caution when taking on debt, to avoid borrowing more than they can comfortably repay, and to seek guidance if they find themselves overwhelmed by debt. By making prudent financial decisions, individuals can better position themselves for a secure financial future and contribute to a healthy economy.

Reference

  1. cohealthinitiative – https://cohealthinitiative.org/articles/medical-debt-collections-cchis-deep-dive/
  2. nerdwallet – https://www.nerdwallet.com/blog/average-credit-card-debt-household/
  3. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  4. denverpost – https://www.denverpost.com/2019/07/19/colorado-debt-credit-experian-california/
  5. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  6. kiowacountypress – https://kiowacountypress.net/content/how-consumer-debt-colorado-changed-during-pandemic

Leave a Comment