Pennsylvania’s Financial Landscape: Debt Statistics and Trends
Average Debt in Pennsylvania
- Total Average Debt: Pennsylvanians carry an average debt of $85,047, which is below the U.S. average debt of $104,215. This shows that while Pennsylvanians do have debt, it’s not as high compared to some other places in the country.
- Debt by Type:
- Mortgage Debt: This is the biggest chunk of debt for many people. In the big picture, Americans owe a lot on their homes, with a total of $12.44 trillion nationally.
- Student Loan Debt: In Pennsylvania, the average amount of money owed on student loans is $39,436. This is a bit more than the average student loan debt across the U.S., which is $38,883.
- Auto Loan: The average amount owed for cars and other vehicles in the U.S. totals $1.61 trillion.
- Credit Card Debt: Credit card debt is where Pennsylvania stands out in a good way, ranking fourth lowest with an average debt of $2,439, which is much lower than the U.S. average of $6,501.
Credit Card Debt in Pennsylvania
- Median Credit Card Balance: Pennsylvania’s median credit card balance is $2,439. It takes a typical person 11 months and 15 days to pay this off, including an interest cost of about $249. This is significantly better than the U.S. average, showing Pennsylvanians are managing their credit card debt well.
- National Context: The U.S.’s average credit card balance stands at $6,501 in 2023, highlighting that Pennsylvania residents are generally doing a better job at keeping their credit card balances low.
Student Loan Debt
- Average Student Loan Balance: Pennsylvania students on average owe $39,436 in student loans, growing by $1,878 in the first half of 2024. This ranks Pennsylvania as the 16th state for average student loan debt, showing that student loan debt is a significant burden for many in the state.
- State Rankings: The state’s position reflects a broader national issue where student loan debt remains a persistent challenge for many Americans
Financial Trends Specific to Pennsylvania
Small Business Financial Conditions
In Pennsylvania, small businesses are feeling the pinch. Here’s a quick look at how things are going:
- In 2023, over half of small businesses in Pennsylvania said they were not doing great financially. This has been the case for three years now.
- Not as many small businesses are borrowing money or getting loans compared to last year.
- Finding good people to work, getting more customers, and dealing with things you need for your business being hard to get are big problems. But, these problems are not as bad as they were before.
Economic Development and Education Investments
Good news is on the way for Pennsylvania, though! Big plans are being made to make things better:
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- The Governor of Pennsylvania has made a new budget for 2024-25. This budget will put a lot of money into schools for kids and older students, making places safer, helping businesses grow, and training people for jobs.
- They are going to spend over a billion dollars more on schools for kids and $100 million to fix up schools and make them better for the environment.
Credit Card Delinquency
Now, talking about problems with paying back money:
- More people in Pennsylvania are having a hard time paying their credit card bills on time. The end of 2023 saw the highest number of people late on payments since 2012.
Even though there are some tough spots, Pennsylvania is working on making things better. From trying to improve how businesses do, investing in schools, to handling debt, there’s a lot happening. And for folks dealing with too much debt, especially from credit cards or loans, there are ways to get help.
How Pacific Debt’s Services Address These Challenges
Credit Card Debt Relief
With many Pennsylvanians struggling to manage their credit card debt, Pacific Debt’s credit card debt relief can be a lifesaver. Here’s why:
- They put together a plan to make dealing with credit card payments easier by combining what you owe into one loan. This loan has a lower interest rate, so you spend less money on interest.
- This helps a lot if you’re feeling stuck because you’ve got too much debt on different cards. It can reduce stress and save you some cash.
Debt Consolidation Loans
Besides credit card relief, Pacific Debt offers another cool option:
- They can take all your debts and put them into one big loan. This new loan has a smaller interest rate, making it easier to handle.
- This method makes keeping track of your bills simpler and helps to cut down the total interest you pay. It clears the path towards being free from debt.
Financial Counseling
Pacific Debt doesn’t just stop with loans and debt plans. They also offer advice on how to manage your money better:
- They talk to you about your money situation and help you figure out how to deal with your debts.
- This support means you get tips tailored just for you, helping you take on your debt problems effectively.
Additional Financial Insights
There are a couple of other things worth noting:
- The latest Pennsylvania budget is putting money into important places like schools, safety, and jobs. This is big news because it can help people have more opportunities and deal with money problems better.
- Also, Pennsylvania’s first-ever debt management policy is helping the state handle its debts wisely. This is great because it can lead to a more stable money situation for everyone living there.
Pacific Debt’s offerings, like helping with credit card debt and providing consolidation loans, are perfect for folks in Pennsylvania facing debt issues. By reducing how much interest you pay and making it simpler to keep up with bills, these options can be a big help in sorting out financial matters.
