Louisiana Debt Statistics


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

louisiana

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

☰ Use “CTRL+F” to quickly find statistics. There are total 20 Louisiana Debt Statistics on this page 🙂

Louisiana Debt “Latest” Statistics

  • According to Education Data Initiative, $22.5 billion in student loan debt belongs to Louisiana residents.[1]
  • The average student loan debt in Louisiana is $34,525.[1]
  • Federal reserve consumer finances survey people with college degrees carry higher credit card balances even though only 43% carry credit card debt compared with 52% who have some college and 47% who ended their education after high school.[2]
  • According to US Courts, nonbusiness filings (filings involving mainly consumer debt) constituted 97% of all Chapter 7 bankruptcies and 99% of all Chapter 13 bankruptcies.[3]
  • In the fourth quarter of 2021, 4% of all auto debt balances in the country were over 90 days delinquent.[4]
  • In 2018, the average mortgage debt in the state was $145,922, then jumped to $151,763, a 4 percent increase in a year.[5]
  • Experian reported an average mortgage debt level of $151,763 in Louisiana, representing an increase of 4.0% compared to 2018, and ranking the state 32nd in the nation.[6]
  • The average household credit card debt carried by Louisiana citizens is $7,260, 22.2% below the national average for indebted households of $9,333, placing them 25th nationwide.[6]
  • In Louisiana, the average debt per student borrower is $23,855, the seventh lowest in the nation.[7]
  • According to Southeastern Louisiana University, 51% of Louisiana students graduated with debt.[7]
  • Southeastern graduates reported an average debt of $19,356, 1.93% less than 2020.[7]
  • According to US News, Alabama, Louisiana, Florida, Alaska and Georgia have the highest shares of renters with debt, each at 20% or more.[8]

Louisiana Debt “Household” Statistics

  • The federal reserves survey of consumer finances’ most recent findings show that us households have an average credit card debt of $6,270.[2]
  • Black households had the lowest average debt of any group, at $3,940, which is 37% less than the national average.[2]
  • According to Self, the average VantageScore in Louisiana is 661 and the average household debt is $39,740.[5]

Louisiana Debt “House” Statistics

  • Alabama, Louisiana and Florida are among the states with the highest shares of households with rent debt providing more than 5.7 million households that are behind on payments nationally and owing nearly $20 billion total, according to recent data from a joint advocacy effort.[8]
  • According to USDA, single family housing repair loans and grants can be combined for up to $50,000 in assistance in Louisiana.[2]

Louisiana Debt “Other” Statistics

  • According to KALB, the nationwide total average auto loan balance per capita has increased from $2,960 to $5,210, an increase of around 76% since 2023.[4]
  • In Louisiana, the median amount of debt in collections climbed from $1,899 to $1,934 between February and October 2020.[9]
  • According to research from Student Loan Hero, in Louisiana, the average balance for both federal and private student loans is $33,823, 8% lower than the US average of $36,689.[10]

Also Read

How Useful is Louisiana Debt

Debt, when used responsibly, can be a valuable tool for achieving important goals and investments in a timely manner. For a state like Louisiana, debt can enable the government to fund essential infrastructure projects, such as roads, bridges, and public transportation systems. These projects are crucial for improving the state’s economy, attracting businesses, creating jobs, and enhancing the overall quality of life for its residents.

Furthermore, debt can also be used to fund important social programs, such as healthcare, education, and housing assistance. These programs are essential for ensuring the well-being and prosperity of Louisiana’s residents, particularly those who are most vulnerable.

However, it is important that debt is managed effectively and prudently. While debt can be a useful tool for financing necessary investments, excessive debt can quickly become a burden that hinders economic growth and development. High levels of debt can lead to increased interest payments, which in turn can require higher taxes or budget cuts to maintain fiscal sustainability. This can create a vicious cycle that stifles economic growth and limits opportunities for future investments.

It is crucial for Louisiana, like any government or entity, to carefully consider the implications of taking on additional debt. Will the investments funded by debt generate enough economic returns to justify the cost of borrowing? Will the debt be manageable within the context of the state’s overall fiscal health and economic outlook?

In addition, transparency and accountability are key when it comes to managing debt. Louisiana must ensure that its debt is used for legitimate purposes and that the funds are allocated efficiently and effectively. It is essential that the state regularly evaluates its debt levels, assesses its fiscal position, and remains committed to fiscal responsibility and long-term sustainability.

Overall, debt can be a useful tool for Louisiana if used responsibly and strategically. It can enable the state to make vital investments in infrastructure, social programs, and economic development that benefit its residents and enhance its overall competitiveness. However, it is imperative that Louisiana exercises caution and diligence in managing its debt levels to avoid the pitfalls of excessive borrowing and ensure a strong and prosperous future for the state and its residents.

Reference

  1. educationdata – https://educationdata.org/student-loan-debt-by-state
  2. valuepenguin – https://www.valuepenguin.com/average-credit-card-debt
  3. uscourts – https://www.uscourts.gov/news/2018/03/07/just-facts-consumer-bankruptcy-filings-2006-2017
  4. kalb – https://www.kalb.com/2022/06/29/louisiana-has-2-highest-auto-loan-balance-per-capita-nationwide/
  5. self – https://www.self.inc/info/average-credit-score-and-debt-louisiana/
  6. unitedsettlement – https://unitedsettlement.com/louisiana-debt-settlement/
  7. southeastern – http://www.southeastern.edu/news_media/news_releases/2021/june/lowest_student_debt_ranking.html
  8. usnews – https://www.usnews.com/news/best-states/articles/2021-05-17/data-shows-us-households-are-nearly-20-billion-in-debt-on-rent
  9. bizneworleans – https://www.bizneworleans.com/how-consumer-debt-in-louisiana-changed-during-the-pandemic/
  10. wafb – https://www.wafb.com/2021/12/23/data-shows-average-student-loan-balance-louisiana-residents-close-34000/

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