Connecticut Debt Statistics


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

connecticut

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

☰ Use “CTRL+F” to quickly find statistics. There are total 19 Connecticut Debt Statistics on this page 🙂

Connecticut “Latest” Debt Statistics

  • According to Consolidated Credit, the average credit user in Connecticut owes over $7,000 to credit card companies.[1]
  • Studies have indicated that default judgements are obtained in more than 70% of debt instances.[2]
  • Retirement pension expenditures and bond debt repayments made up around 17% of the General Fund budget in 2007, shortly before the latest recession.[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 cases from 2010 to 2019, according to Pew Trust.[2]
  • 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.[2]
  • Families in the lowest 25% of Americans had average debts of only $1,000 in 1989, $2,000 in 2007, and $13,000 in 2013.[3]
  • At $28,650, New York has the 13th highest student loan debt in the US, behind only Connecticut , yet 60% of 2017 grads still owing money on their loans.[4]
  • According to the nonprofit Institute for College Access and Success, the average debt held by a Connecticut resident graduating college, public or private, rose from $18,906 in 2004 to $29,750 in 2014.[3]
  • Student loans really account for 11% of consumer debt, with an average balance of roughly $37,000.[5]
  • Connecticut residents have an average student loan debt notably higher than the national average with $17.5 billion student loan debt and $35,162 average student loan debt.[6]
  • SHED found that students used other sources to finance their education: 25% borrowed with credit cards, 6% took out a home equity line of credit, and 7% used another form of loan.[5]

Connecticut “Household” Debt Statistics

  • In 2007, 8% of households had more debt than assets, with an average debt of $20,000 per family.[3]
  • In Connecticut, the average credit card debt per household is $7,304.[1]

Connecticut “Other” Debt Statistics

  • 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.[2]
  • At Connecticut College, the average debt after graduation is $39,763.[7]
  • According to recently published statistics, the Federal Trade Commission received more than 2.1 million fraud complaints from consumers in 2020, with imposter scams continuing to be the most prevalent kind of fraud reported to the agency.[8]
  • According to the the Federal Reserve’s 2017 SHED survey, it revealed that over 30% of those who attended college owed money on their student loans.[5]
  • At University of Connecticut, the median federal loan debt among borrowers who completed their undergraduate degree is $21,500.[7]
  • 10% of graduating students at University of Connecticut took out private loans. Students with private loans had an average of $34,126 in private loan debt at graduation.[7]

Also Read

How Useful is Connecticut Debt

On one hand, taking on debt can be a strategic decision to facilitate economic growth and development. In many cases, borrowing money allows states to invest in infrastructure improvements, education, and other vital services that can ultimately benefit the population as a whole. By financing large-scale projects through debt, Connecticut has been able to make significant improvements to its transportation systems, schools, and public services over the years.

Furthermore, utilizing debt can help the state navigate through periods of economic uncertainty or instability. By turning to borrowing during lean times, Connecticut can maintain essential services and programs without making drastic cuts that could harm residents. In this sense, debt can act as a valuable tool for managing the state’s finances and ensuring that necessary programs continue to operate even when tax revenue is down.

However, it is crucial to acknowledge the potential downsides of relying too heavily on debt. One major concern is the long-term financial burden that excessive debt can place on future generations. As interest payments pile up and debts need to be paid off, Connecticut may find itself in a difficult position of having limited resources to invest in new initiatives or respond to unforeseen challenges. Over time, high levels of debt can restrict the state’s ability to adapt to changing economic conditions and fund important priorities.

Additionally, debt can expose Connecticut to heightened risk in the event of an economic downturn or financial crisis. A state that is heavily reliant on borrowing may struggle to meet its debt obligations if revenues plummet and borrowing costs rise. This scenario can lead to credit rating downgrades, increased borrowing costs, and diminished investor confidence in Connecticut’s financial stability. Ultimately, an overreliance on debt can trap the state in a cycle of financial strain that limits its ability to achieve sustainable growth and prosperity.

In conclusion, Connecticut debt can be a useful tool when managed responsibly and used strategically to support economic growth and stability. By utilizing debt to finance important projects and investments, the state can make valuable progress in improving infrastructure, education, and public services. However, it is crucial for policymakers to exercise caution and prudence when taking on debt, as excessive borrowing can have negative consequences in the long term. Finding the right balance between leveraging debt for public benefit and avoiding financial pitfalls is essential to ensuring Connecticut’s long-term economic health and prosperity.

Reference


  1. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/connecticut/
  2. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  3. ctmirror – https://ctmirror.org/2018/05/29/already-deep-debt-connecticut-struggles-extremes-wealth-income/
  4. debt – https://www.debt.org/faqs/americans-in-debt/
  5. ctdata – https://www.ctdata.org/blog/student-loans-in-ct
  6. educationdata – https://educationdata.org/student-loan-debt-by-state
  7. usnews – https://www.usnews.com/best-colleges/connecticut-college-1379
  8. ftc – https://www.ftc.gov/news-events/news/press-releases/2021/02/new-data-shows-ftc-received-22-million-fraud-reports-consumers-2020

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