Montana Debt Statistics 2023: Facts about Debt in Montana reflect the current socio-economic condition of the state.
LLCBuddy editorial team did hours of research, collected all important statistics on Montana 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 Montana 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 Montana 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.
On this page, you’ll learn about the following:
Top Montana Debt Statistics 2023
☰ Use “CTRL+F” to quickly find statistics. There are total 22 Montana Debt Statistics on this page 🙂Montana Debt “Latest” Statistics
- According to InCharge, Montanans has an average mortgage balances rise from $180,711 in 2019 to $189,021 in 2020.[1]
- According to Experian’s research on student loans, Montana has an average student loan debt per borrower of $31,030 in 2019. This is an increase of 6.1% from the previous year and 27.2% from 2014.[2]
- Montana ranks fifth in the nation in terms of credit card debt, checking in at an average level of $9,759 – 4.5% higher than the national average of indebted households of $9,333.[2]
- According to the latest Quarterly Report on Household Debt and Credit, the total household debt rose by $351 billion, or 2.2%, to reach $16.51 trillion in the third quarter of 2022.[3]
- In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[4]
- 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]
- Farm sector debt is forecast to increase by $27.8 billion (5.9%) in 2022 to $501.9 billion in nominal terms but it is forecast to fall by 0.4% when adjusted for inflation.[5]
- Debt-to-asset levels for the sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.[5]
- The average amount of auto loan debt climbed from $20,046 in 2019 to $21,135 in 2020 among Montanans.[1]
- Mortgage balances climbed by $282 billion and stood at $11.67 trillion at the end of September 2021.[3]
- According to the Institute of College Access and Success, the Montana people has an average debt of $27,114 with a percentage of 55%.[6]
- According to Education Data Initiative, $4.2 billion in student loan debt belongs to the Montana residents.[7]
- 50.9% of of Montana students who have student loans are under the age of 35.[7]
- In Montana, the average student loan debt is $33,149.[7]
- 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.[8]
- According to Experian, consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[8]
Montana Debt “Other” Statistics
- According to InCharge, Montana has a credit card debt of $5,482, the 15th lowest amount in the U.S.[1]
- 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]
- Statistics from the Department indicate that the total amount collected nationwide in criminal actions totaled $2.66 billion in restitution, criminal fines, and felony assessments.[9]
- According to US New, at University of Montana, the median federal loan debt among borrowers who completed their undergraduate degree is $21,500.[9]
- The median monthly federal loan payment for student federal loan borrowers who graduated is $215.[9]
- 6% of graduating students at University of Montana took out private loans with an average private loan debt at graduation of $26,001.[9]
Also Read
- Alabama Debt Statistics
- Alaska Debt Statistics
- Arizona Debt Statistics
- Arkansas Debt Statistics
- California Debt Statistics
- Colorado Debt Statistics
- Connecticut Debt Statistics
- Delaware Debt Statistics
- Florida Debt Statistics
- Georgia Debt Statistics
- Hawaii Debt Statistics
- Idaho Debt Statistics
- Illinois Debt Statistics
- Indiana Debt Statistics
- Iowa Debt Statistics
- Kansas Debt Statistics
- Kentucky Debt Statistics
- Louisiana Debt Statistics
- Maine Debt Statistics
- Maryland Debt Statistics
- Massachusetts Debt Statistics
- Michigan Debt Statistics
- Minnesota Debt Statistics
- Mississippi Debt Statistics
- Missouri Debt Statistics
- Montana Debt Statistics
- Nebraska Debt Statistics
- Nevada Debt Statistics
- New Hampshire Debt Statistics
- New Jersey Debt Statistics
- New Mexico Debt Statistics
- New York Debt Statistics
- North Carolina Debt Statistics
- North Dakota Debt Statistics
- Ohio Debt Statistics
- Oklahoma Debt Statistics
- Oregon Debt Statistics
- Pennsylvania Debt Statistics
- South Carolina Debt Statistics
- South Dakota Debt Statistics
- Tennessee Debt Statistics
- Texas Debt Statistics
- Utah Debt Statistics
- Vermont Debt Statistics
- Virginia Debt Statistics
- Washington Debt Statistics
- West Virginia Debt Statistics
- Wisconsin Debt Statistics
- Wyoming Debt Statistics
- District of Columbia Debt Statistics
How Useful is Montana Debt
One argument in favor of Montana debt is that it can be a valuable tool for financing important infrastructure projects. Investing in new roads, bridges, and other critical infrastructure can help improve the quality of life for residents and promote economic growth. By taking on debt to finance these projects, the state can spread the costs over time and benefit from the projects immediately, rather than having to wait until sufficient funds are saved up.
In addition to funding infrastructure projects, debt can also be used to support important programs and services that benefit residents. From education and healthcare to social services and public safety, the state relies on a steady stream of funding to meet the needs of its residents. By using debt to bridge funding gaps and support crucial services, the state can ensure that important programs and services continue to be provided, even in the face of fluctuating revenues.
Furthermore, taking on debt can also provide the state with flexibility in times of economic uncertainty. During economic downturns or other challenging times, having access to debt can help the state continue to operate and provide essential services to residents. By having this financial cushion in place, the state can weather downturns more easily and avoid damaging cuts to services or programs that residents rely on.
However, it’s important to recognize that there are risks associated with taking on too much debt. Accumulating high levels of debt can limit the state’s financial flexibility and put it at risk of economic instability. High levels of debt can also result in increased costs for the state, as interest payments and fees add up over time. As a result, some argue that the state should be cautious in taking on debt and ensure that it is used responsibly and in moderation.
Ultimately, the usefulness of Montana debt will depend on how it is used and managed. When used to finance critical projects, support important programs, and provide flexibility in times of need, debt can be a powerful tool for the state. However, it’s essential that the state carefully consider the risks and benefits of taking on debt and ensure that it is used in a responsible and sustainable manner.
In conclusion, while Montana debt can be a useful tool for funding important projects and programs, it is essential that the state exercise caution and prudence in how it is used. By carefully managing debt levels and ensuring that it is used responsibly, the state can leverage debt to improve the lives of residents and support a strong and resilient economy. Wealth may take different shapes in Montana, but it is always for the welfare of the public.
Reference
- incharge – https://www.incharge.org/debt-relief/credit-counseling/montana/
- unitedsettlement – https://unitedsettlement.com/montana-debt-settlement/
- newyorkfed – https://www.newyorkfed.org/microeconomics/hhdc/background.html
- pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
- usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
- ticas – https://ticas.org/interactive-map/
- educationdata – https://educationdata.org/student-loan-debt-by-state
- experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
- justice – https://www.justice.gov/archive/usao/mt/pressreleases/20111117154846.html