Virginia Debt Statistics


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Virginia Debt Statistics 2023: Facts about Debt in Virginia 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 Virginia 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 Virginia 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 Virginia 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 Virginia Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 27 Virginia Debt Statistics on this page 🙂

Virginia Debt “Latest” Statistics

  • According to the SIPP, 19% of US families had medical debt in 2017—defined as medical expenses that individuals couldn’t afford to pay up front or at the time they got treatment.[1]
  • Borrowers who put up collateral pay 10%–12% for a debt consolidation loan instead of the 25% they are probably paying to credit card firms.[2]
  • According to New York Fed, there was $1.11 trillion in newly originated mortgage debt in Q3 2021, with 69% of it originated to borrowers with credit scores over 760.[3]
  • Households with a net worth of $250,000 to $499,999 and $500,000 or above were among the least likely to have a high medical debt burden (1.5% and 0.7%, respectively).[1]
  • In some level of delinquency as of late September, 2.7% of outstanding debt was, a 2.0 percentage point drop from the fourth quarter of 2019, shortly before the COVID-19 epidemic struck the United States.[3]
  • When any family member spent time in the hospital, the proportion of households with medical debt increased to 31.3% from 15.8% when there were no family members who spent time in the hospital.[1]
  • Families with some college but no degree at the highest level of education had a 26.2% higher likelihood of having medical debt.[1]
  • 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]
  • Non-profit debt settlement was created in 2021 by non-profit credit counseling agencies and the lure is the same as traditional debt settlement consumers in Virginia will settle debts for just 50%–60% of what they are owed.[2]
  • In the fourth quarter of 2021, 4% of all auto debt balances in the country were over 90 days delinquent.[5]
  • 2.9% of families with full insurance and 8.5% of those without full insurance reported having substantial medical debt burdens.[1]
  • 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.[6]
  • Compared to 30.8% of families without comprehensive insurance, 16.2% of those having full coverage for all members for the whole year incurred medical debt.[1]

Virginia Debt “Household” Statistics

  • Households that had trouble paying their rent or mortgage also appeared to have trouble paying medical bills and were more likely to carry a high medical debt burden relative to other households 12.4% compared to 3.5%.[1]
  • High medical debt load is defined as debt that represents more than 20% of a household’s yearly income.[1]
  • Nineteen percent of U.S. households could not afford to pay for medical care up front or when they received care in 2017, according to new U.S. Census Bureau data on the burden of medical debt.[1]
  • Households with children under 18 were 24.7% more likely to have medical debt than those without children, who were 16.5% more likely.[1]
  • Health and economic circumstances may also influence which families have a high burden of medical debt, even though just 4% of all households reported having a high burden of medical debt.[1]

Virginia Debt “House” Statistics

  • In Virginia, the percentage of house loan denials in 2018 was 6.2% for non Hispanic whites and 14% for African Americans.[7]
  • Regionally, 22.1% of south households reported having medical debt, compared to 15.2% of west households and 15.6% of northeast families.[1]
  • Virginia ranked eighth highest nationally with an average mortgage debt of $245,054 in 2021.[2]
  • According to the Federal Reserve Bank of New York’s Center for Microeconomic Data issued a Quarterly Report on Household Debt and Credit, it shows that total household debt increased by $286 billion (1.9%) to $15.24 trillion in the third quarter of 2021.[3]

Virginia Debt “Home” Statistics

  • According to Virginia Mercury, of the approximately 14,700 mortgage loan applications submitted by Black Virginians last year, 11.9% were turned down.[7]
  • 25.4% of homes with the youngest child under the age of five had medical debt, little over a quarter of all households.[1]

Virginia Debt “Other” Statistics

  • Virginia’s average consumer auto loan balance was $20,013 in 2021, which ranked 25th nationally.[2]
  • According to loanDepot, a California-based mortgage lender with an office in Glen Allen, turned down 18% of African Americans seeking home-purchase loans and 4% of non-Hispanic Whites.[7]
  • 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.[6]

Also Read

How Useful is Virginia Debt

Proponents of Virginia debt argue that it is a necessary tool for investing in the state’s future. By borrowing money, the government can fund projects and programs that lead to long-term benefits for the state’s residents. For example, by investing in transportation infrastructure, the state can improve connectivity and accessibility, thus boosting economic growth and creating jobs. Similarly, investing in education can lead to a more skilled workforce and a competitive economy.

Moreover, proponents argue that debt allows the state to spread the costs of projects over time, making them more affordable for current taxpayers. This can be particularly advantageous for large-scale projects that require significant upfront investment but yield benefits over many years. By issuing bonds and paying them off gradually, the state can finance essential projects without burdening taxpayers with a hefty bill all at once.

On the other hand, critics point to the risks and consequences of accumulating debt. As debt levels rise, so do interest payments, which can divert funds away from critical services and programs. High levels of debt can also negatively impact the state’s credit rating, making it more expensive for Virginia to borrow in the future. This can further strain the state’s finances and limit its ability to respond to unforeseen events or emergencies.

Furthermore, carrying a large debt burden can limit the state’s flexibility and ability to invest in new initiatives. When a significant portion of the state budget is allocated to debt service, there may be less room for funding other priorities, such as healthcare, public safety, or social services. This can lead to trade-offs and difficult decisions about where to allocate limited resources, potentially hindering progress in critical areas.

The debate over Virginia debt is complicated and multifaceted, with valid arguments on both sides. Ultimately, the effectiveness of debt depends on how it is managed, what it is used for, and how it is balanced with competing priorities. While debt can be a useful tool for investing in the state’s future, it must be approached with caution and prudence to avoid negative consequences for Virginia residents.

In conclusion, the usefulness of Virginia debt is a complex issue that requires careful consideration and thoughtful decision-making. It is essential for policymakers to weigh the benefits and risks of borrowing money and ensure that debt is used responsibly to benefit all residents of the Commonwealth. Only by striking a careful balance can Virginia harness the power of debt as a tool for progress and prosperity.

Reference

  1. census – https://www.census.gov/library/stories/2021/04/who-had-medical-debt-in-united-states.html
  2. debt – https://www.debt.org/faqs/americans-in-debt/consumer-virginia/
  3. newyorkfed – https://www.newyorkfed.org/newsevents/news/research/2021/20211109
  4. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  5. insidenova – https://www.insidenova.com/news/state/see-the-average-auto-loan-balance-per-capita-in-virginia/collection_823ed872-8441-55d0-a00a-7616ce6224e9.html
  6. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  7. virginiamercury – https://www.virginiamercury.com/2020/07/21/the-bedrock-of-wealth-inequality-data-shows-big-racial-disparities-in-mortgage-loans-and-homeownership/

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