West Virginia 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.

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

west-virginia

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

☰ Use “CTRL+F” to quickly find statistics. There are total 41 West Virginia Debt Statistics on this page 🙂

West Virginia Debt “Latest” Statistics

  • According to Education Data Initiative, the average meal debt per child is $170.13 yearly, based on the national total.[1]
  • According to new U.S. Census Bureau data on the burden of medical debt, 19% of U.S. households could not afford to pay for medical care up front or when they received care in 2017.[2]
  • According to Consolidated Credit, the average credit card debt per household is $7,090.[3]
  • According to the Institute of College Access and Success, the West Virginia people has an average debt of $29,208 with a percentage of 66%.[4]
  • According to lendedu, 15% of individuals in debt think they will be in debt for the rest of their life, while 20% of those with debt don’t know how much they owe.[5]
  • According to the annual study on student loan debt, 57% of the class of 2018 graduates who attended non-profit public and private colleges are in debt.[5]
  • 16.2% of households with health insurance coverage for all members all year (fully insured) had medical debt compared to 30.8% of those that were not fully insured.[2]
  • Families with a net worth of between $250,000 and $499,999 and 500,000 or more were among the lowest rates of having a large medical debt load, at 1.5% and 0.7%, respectively.[2]
  • 30% of those school districts would still have been in the red for other unrelated costs even after collecting all of the outstanding food debt.[1]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[6]
  • 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.[2]
  • 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.[7]
  • 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 35%.[2]
  • Americans had over $905 billion in student loan debt as of the second quarter of 2011, meaning that during the previous ten years, their debt had climbed by more than 91%.[8]
  • According to Education Data Initiative, in West Virginia, the average unpaid student loan debt is much lower than the national average with $7.2 billion student loan debt.[9]
  • 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]
  • 27.9% of households with a black householder had medical debt compared to 17.2% of households with a white non-Hispanic householder and 9.7% of households with an Asian householder.[2]
  • Families with some college but no degree at the highest level of education had a 26.2% higher likelihood of having medical debt.[2]
  • West Virginians had an average of $112,912 in mortgage debt in 2020, up 2.2% from the $110,464 that they owed in 2019, according to Experian.[10]
  • According to InCharge, West Virginians owed roughly $4,686 on their credit cards in 2020.[10]
  • Unpaid meal debt cost 10% of school districts income equivalent to more than 1% of their yearly costs, but less than 10% of those expenses.[1]
  • The median amount of outstanding meal debt per school district has increased by 70% since 2012.[1]
  • The conforming loan limit for 2019 is $484,350 for one-unit properties in every West Virginia county.[11]
  • 2.9% of families with full insurance and 8.5% of those without full insurance reported having substantial medical debt burdens.[2]
  • 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.[2]

West Virginia Debt “Corporate” Statistics

  • The West Virginia Economic Development Authority can provide up to 45% in financing fixed assets by providing low-interest, direct loans to expanding state businesses and firms locating in West Virginia.[12]

West Virginia Debt “Household” Statistics

  • About 31% of households with a member in fair or poor health had medical debt compared to 14.4% of those with no members in fair or poor health table 3.[2]
  • Households with children under 18 were 24.7% more likely to have medical debt than those without children, who were 16.5% more likely.[2]
  • 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.[2]
  • Regionally, 22.1% of south households reported having medical debt, compared to 15.2% of west households and 15.6% of northeast families.[2]

West Virginia Debt “House” Statistics

  • 25.4% of homes with the youngest child under the age of five had medical debt, little over a quarter of all households.[2]
  • High medical debt load is defined as debt that represents more than 20% of a household’s yearly income.[2]

West Virginia Debt “Other” Statistics

  • According to Credit Summit, the average West Virginian has $4,244 in personal debt, plus $110,729 of mortgage debt per capita.[13]
  • According to an AARP survey, 25% of cosigners for private student loans who are 50 years old or older had to make a loan payment because the borrower didn’t make one.[5]
  • A yearly rise in the number of children who could not afford meals was reported by 43% of school districts.[1]
  • The average amount of auto loan debt jumped from $20,332 in 2019 to $21,164 in 2020 among West Virginians.[10]
  • According to the U.S. Census Bureau, West Virginia had a debt of $7,123,763,000 in fiscal year 2015. The state debt per capita was $3,869.[14]
  • According West Virginia Legislature, the authority may not award an amount of the loan moneys exceeding $20 million, in any single calendar year, to insure the debt or security instruments, or costs related there to, of any one broadband provider.[15]
  • Effective on February 1, 2023, the current interest rate for Single Family Housing Direct home loans in West Virginia is 4.00% for low-income and very low-income borrowers.[16]
  • 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]
  • On average, West Virginia residents have an open credit card balance of $5,547 and 74% of residents have a student loan, the average amount of which is $27,505.[13]

Also Read

How Useful is West Virginia Debt

Debt can serve as a valuable tool for states like West Virginia, allowing them to invest in infrastructure, education, and social programs that can spur economic growth and improve the quality of life for residents. By borrowing money, the state can fund projects that might otherwise be out of reach, such as building new roads and bridges or expanding access to healthcare services.

Additionally, debt can help West Virginia navigate economic downturns or unexpected emergencies. By having a reserve of funds to draw upon in times of need, the state can better weather financial storms and continue to provide essential services to its citizens.

On the other hand, excessive debt can also pose risks to the state’s financial health. High debt levels can increase borrowing costs, making it more expensive for the state to finance future projects. This can crowd out spending on other priorities and limit the state’s ability to respond to changing economic conditions.

Furthermore, carrying a heavy debt burden can also leave the state vulnerable to economic shocks. If revenues dry up or interest rates spike, West Virginia could find itself in a precarious position, struggling to meet its debt obligations and risking a downgrade in its credit rating.

In weighing the usefulness of West Virginia’s debt, it is important to consider both the benefits and risks associated with borrowing. While debt can provide the state with much-needed resources to invest in its future, it must be managed carefully to ensure that it does not become a burden that future generations will have to bear.

Ultimately, the decision to take on debt should be made judiciously and with a clear understanding of the costs and benefits involved. By carefully weighing the usefulness of debt and ensuring that it is used to fund productive investments that will benefit the state in the long run, West Virginia can make informed decisions that will enhance its economic prosperity and well-being.

Reference

  1. educationdata – https://educationdata.org/school-lunch-debt
  2. census – https://www.census.gov/library/stories/2021/04/who-had-medical-debt-in-united-states.html
  3. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/west-virginia/
  4. ticas – https://ticas.org/interactive-map/
  5. lendedu – https://lendedu.com/blog/personal-finance-statistics/
  6. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  7. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  8. cnbc – https://www.cnbc.com/2021/09/09/america-has-1point73-trillion-in-student-debtborrowers-from-these-states-owe-the-most.html
  9. educationdata – https://educationdata.org/student-loan-debt-by-state
  10. incharge – https://www.incharge.org/debt-relief/credit-counseling/west-virginia/
  11. lendingtree – https://www.lendingtree.com/debt-relief/west-virginia/
  12. westvirginia – https://westvirginia.gov/wv-incentives/
  13. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/west-virginia/
  14. ballotpedia – https://ballotpedia.org/West_Virginia_state_debt,_2004-2017
  15. wvlegislature – http://www.wvlegislature.gov/wvcode/code.cfm?chap=12&art=6C
  16. usda – https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-direct-home-loans/wv

Leave a Comment