Nebraska Debt Statistics


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

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

☰ Use “CTRL+F” to quickly find statistics. There are total 12 Nebraska Debt Statistics on this page 🙂

Nebraska Debt “Latest” Statistics

  • According to Education Data Initiative, in Nebraska, the student loan debt is $7.9 billion.[1]
  • There are 247,500 student borrowers that live in Nebraska, and the average student loan debt is $31,919.[1]
  • According to Credit Summit, the average Nebraskan has $1,032 in personal debt, plus $139,626 of mortgage debt for homeowners.[2]
  • Nebraska residents carry a credit card balance of $5,845 and 54% of Nebraskans have student loan debt of $25,750.[2]
  • 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.[3]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[3]
  • According to Consolidated Credit, the average Nebraskan has an average credit card balance of $4,819.[4]

Nebraska Debt “Other” Statistics

  • According to Consolidated Credit, the total household debt of Nebraska is $42,139.[4]
  • According to Forbes, the Nebraska Law class of 2019 had the lowest median debt in the nation.[5]
  • 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.[3]
  • 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.[3]
  • According to Pew, civil caseloads dropped more than 18 percent from 2009 to 2017.[3]

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How Useful is Nebraska Debt

Debt, in general, can be a useful tool when used strategically and responsibly. When individuals or governments borrow money, they are essentially investing in their future. Whether it’s investing in infrastructure, education, or healthcare, taking on debt can help stimulate economic growth and provide essential services to citizens.

For Nebraska specifically, debt can play a vital role in funding important projects and initiatives that benefit the state as a whole. From building new schools and roads to investing in renewable energy and technology, debt can finance these necessary expenses without burdening taxpayers with immediate, hefty costs.

Furthermore, debt can also be a valuable tool for managing economic fluctuations and crises. During times of recession or unforeseen emergencies, having access to debt can help governments maintain essential services and support vulnerable populations without resorting to drastic budget cuts or tax increases.

However, it is crucial to note that not all debt is created equal. Excessive or imprudent borrowing can lead to financial instability and long-term consequences for states like Nebraska. It’s essential for policymakers to carefully evaluate the costs and benefits of taking on debt, weighing the potential returns against the risks of overleveraging the state’s finances.

Additionally, transparent and accountable management of debt is essential to ensure that funds are used effectively and responsibly. Oversight, monitoring, and regular audits can help prevent misuse of borrowed funds and promote fiscal responsibility.

Critics of Nebraska debt often argue that borrowing money merely pushes the burden onto future generations, saddling them with the debt accumulated today. While this argument holds some truth, it overlooks the fact that investments made now can reap long-term benefits for future generations. By investing in education, healthcare, and infrastructure today, Nebraska can create a more prosperous and sustainable future for its citizens.

In conclusion, Nebraska debt, when used wisely and prudently, can be a valuable tool for enhancing the state’s economy and improving the quality of life for its residents. By carefully weighing the costs and benefits of borrowing, effectively managing debt, and prioritizing investments that yield long-term returns, Nebraska can leverage debt to build a stronger, more resilient state for generations to come.

Reference


  1. educationdata – https://educationdata.org/student-loan-debt-by-state
  2. incharge – https://www.incharge.org/debt-relief/credit-counseling/nebraska/
  3. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  4. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/nebraska/
  5. unl – https://law.unl.edu/prospective/

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