Wisconsin Debt Statistics


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

wisconsin

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

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

Wisconsin Debt “Latest” Statistics

  • Wisconsin is the state with the lowest average credit card debt at $4,587.[1]
  • According to fool.com, Wisconsin and Iowa have the smallest average balances at $4,587.[1]
  • According to US News, At University of Wisconsin–Madison, the median federal loan debt among borrowers who completed their undergraduate degree is $20,500.[2]
  • At University of Wisconsin–Madison, the median monthly federal loan payment (if it were repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is $205.[2]
  • In Wisconsin, more than 700,000 residents owe nearly $25 billion in student loans.[1]
  • The average credit utilization rate is 25.6% as of 2021, a 0.3% increase from where it was in 2020.[1]
  • Black Americans have the lowest average credit card debt at $3,940, and Hispanic Americans are right in between those two other groups with $5,510 in average credit card debt.[1]
  • Over the past year, nearly 3 in 10 Americans (28%) say their overall debt has increased, with 14% of Americans saying they’ve taken on medical debt, according to Nerd Wallet.[1]
  • More than a quarter of Americans (27%) are concerned about having to pay higher interest on their debt over the next 12 months.[1]
  • Wisconsin court records from the period 2001–2018 to document trends in hospital lawsuits to recover patients’ unpaid medical bills. The lawsuits increased 37% during this period, from 1.12 per 1,000 residents in 2001 to 1.53 per 1,000 residents in 2018.[3]
  • 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]
  • 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.[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.[4]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[4]
  • According to InCharge, Wisconsin has the 26th highest estimated average income at $72,154.[6]
  • Debt-to-asset levels for the sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.[7]
  • 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.[7]
  • In Wisconsin, the average amount of student loan debt held by former students increased by nearly 85% between 2006 and 2018.[6]
  • In 2019, credit delinquency hit an eight-year high with more than 8% of balances held by people ages 18 to 29 hitting serious delinquency after going more than 90 days overdue without payment.[6]
  • 10% of graduating students at University of Wisconsin–Madison took out private loans with an average of $32,768 in private loan debt at graduation.[2]

Also Read

How Useful is Wisconsin Debt

Wisconsin, like many other states, has taken on debt as a means to finance critical investments in areas such as education, transportation, and healthcare. This debt allows the state to fund projects and services that might not otherwise be feasible in the absence of borrowing. By spreading the costs over time, the state can meet the needs of its residents without requiring immediate increases in taxes or fees.

However, while debt can serve as a valuable financial tool, it is not without consequences. Taking on debt means that the state must allocate a portion of its budget each year to service that debt, paying interest and principal payments. This can limit the state’s flexibility in terms of budgeting and can consume funds that might otherwise be used for other essential services or investments. Additionally, increased borrowing can carry risks, particularly in times of economic uncertainty or downturns when revenues may decline, making it more challenging to meet debt obligations.

Furthermore, excessive debt levels can also impact the state’s credit rating and borrowing costs. If lenders view Wisconsin as having too much debt relative to its income and ability to repay, they may demand higher interest rates when the state seeks to borrow further, increasing the overall cost of debt servicing.

Despite these potential downsides, it is essential to recognize that debt, when used prudently and responsibly, can be a useful tool for states like Wisconsin. By carefully managing its debt levels, the state can leverage its financial resources to make investments that benefit its residents both now and in the future. Wisely chosen investments can enhance the state’s overall economic competitiveness, improve quality of life, and maintain critical public services.

Ultimately, the usefulness of Wisconsin debt lies in how it is utilized and managed. Careful planning, transparency, and accountability are essential to ensure that borrowed funds are directed towards projects and services that will yield long-term benefits for the state and its residents. By balancing the need for public investment with the imperative to maintain fiscal responsibility, Wisconsin can navigate the complexities of debt and continue to build a prosperous and sustainable future for all its residents.

Reference

  1. nerdwallet – https://www.nerdwallet.com/blog/average-credit-card-debt-household/
  2. usnews – https://www.usnews.com/best-colleges/university-of-wisconsin-3895/paying
  3. healthaffairs – https://www.healthaffairs.org/doi/10.1377/hlthaff.2021.01130
  4. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  5. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  6. incharge – https://www.incharge.org/debt-relief/credit-counseling/wisconsin/
  7. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/

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