Kansas 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.

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

kansas

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

☰ Use “CTRL+F” to quickly find statistics. There are total 15 Kansas Debt Statistics on this page 🙂

Kansas Debt “Latest” Statistics

  • According to the Institute of College Access and Success, the Kansas people has an average debt of $26,002 with a percentage of 60%.[1]
  • According to Education Data Initiative, $12.5 billion in student loan debt belongs to Kansas residents.[2]
  • In Kansas, $32,578 is the average student loan debt, and almost 383,700 student have loans.[2]
  • According to Credit Summit, the average Kansan has $2,590 in personal debt, plus $137,542 of mortgage debt per capita.[3]
  • Kansas residents have an open credit card balance of $5,155 and 59% of residents have a student loan, the average amount of which is $27,720.[3]
  • 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.[4]
  • According to Experian, the total mortgage balance grew by 7.6% over the previous 12 months to a total of $10.29 trillion in 2021, and the total auto loan and lease balance grew by 5.8% to $1.43 trillion.[4]
  • Total household debt rose by $351 billion, or 2.2 percent, to reach $16.51 trillion in the third quarter of 2022, according to the latest Quarterly Report on Household Debt and Credit.[5]
  • According to Consolidated Credit, the average credit card debt per household in Kansas is $7,040.[6]
  • The average cardholder uses over 31% of their available credit. Anything over 30% will decrease your credit score, limiting your options for do-it-yourself debt relief.[6]
  • The typical American holds four credit cards, and Kansas residents report having a total debt of around $5,063, according to Experian.[7]
  • 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.[8]

Kansas Debt “Other” 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.[8]
  • Over the past decade in the jurisdictions, courts have resolved more than 70 percent of debt collection lawsuits with default judgments for the plaintiff.[8]
  • 75% of civil case judgments were for less than $5,200, which means that in most states, debt claims are typically filed in a limited or small claims court.[8]

Also Read

How Useful is Kansas Debt

On one hand, debt can be a useful tool when used wisely. It allows the state to invest in infrastructure projects, education, and other important initiatives without having to raise taxes or cut essential services. By borrowing money, Kansas can fund these projects now and pay back the debt over time, spreading the cost over a longer period.

Debt also enables the state to take advantage of favorable interest rates, especially when market conditions are favorable. By borrowing at lower interest rates, Kansas can save money in the long run and free up funds for other priorities. Additionally, debt can help smooth out fluctuations in revenue and expenses, providing stability during economic downturns or when unexpected expenses arise.

However, too much debt can have negative consequences. High levels of debt can lead to higher interest payments, which can strain state finances and limit the ability to invest in important programs. Excessive debt can also lead to credit downgrades, which can increase borrowing costs in the future and erode the state’s financial stability.

It is important for Kansas to carefully manage its debt levels to ensure that it remains sustainable in the long term. This means balancing the need for investment with the need to control costs and avoid excessive borrowing. By taking a strategic approach to debt management, Kansas can maximize the benefits of borrowing while minimizing the risks.

Moreover, transparency and accountability are crucial when it comes to managing debt. Citizens have a right to know how their tax dollars are being used and to hold their elected officials accountable for the decisions they make. Kansas should be open and honest about its debt levels, so that citizens can have confidence in the state’s financial management.

Ultimately, the usefulness of Kansas debt depends on how it is managed. If debt is used responsibly to fund critical investments and managed carefully to ensure sustainability, it can be a valuable tool for the state. However, if debt levels spiral out of control or if funds are mismanaged, it can have detrimental effects on the state’s financial health.

As Kansas continues to grapple with its debt levels, it is important for policymakers to consider the long-term implications of their decisions. By striking a balance between investing in the future and controlling costs, Kansas can ensure that its debt remains a useful tool for economic development and prosperity.

Reference

  1. ticas – https://ticas.org/interactive-map/
  2. educationdata – https://educationdata.org/student-loan-debt-by-state
  3. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/kansas/
  4. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  5. newyorkfed – https://www.newyorkfed.org/microeconomics/hhdc/background.html
  6. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/kansas/
  7. incharge – https://www.incharge.org/debt-relief/credit-counseling/kansas/
  8. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts

Leave a Comment