21 August 2017
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According to the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit, Americans are taking on more debt than ever before. In fact, total household indebtedness has surpassed the previous record set in 2008 during the wake of the housing market collapse. The country’s total indebtedness now sits at a whopping $12.73 trillion as many wonder if the U.S. is verging on yet another major market crash.

 

In the midst of an ongoing debt crisis you may be wondering where Missouri stands in relation to the rest of the country. Just how bad is Missouri’s debt problem? Allow us to shed some light on the situation.

General Debt Statistics

What is the average credit score in Missouri?

Average Missouri Credit Score

 

Considering FICO scores are one of the primary ways lenders assess credit worthiness, it’s safe to assume that credit score is a good indicator of overall state health. The Average FICO score in the state of Missouri is 674, which is a bit below the national average of 695. Nevertheless, 674 is still considered a near-prime score. Approximately 14% of residents in the state are suffering from declining credit, which means the average could take a dip in the near future.

What is the average amount of credit card debt in Missouri?

Average Credit Card Debt Missouri

 

Credit cards offer a means of payment that is easy to obtain and even easier to abuse. The average U.S. household possesses $5,700 in credit card debt. In Missouri, the average household owes $5,431. While there is certainly room for improvement, the show-me state is much better off than over 70% of the country.  

What is the average amount of student loan debt in Missouri?

Average Student Debt Missouri

Student loan debt has ballooned to catastrophic levels in the last decade. Total student loan debt has risen from 480.1 billion in 2006 to $1.39 trillion in 2016. Academic debt used to account for 3.5% of GDP and now accounts for 7.5%. Yet, despite the suffering students are enduring across the country, Missouri students have much healthier wallets than students in 17 other states. Missouri ranks as the 18th worth state for student debt with the average student possessing roughly  $29,183 in loans.

What is the average amount of mortgage debt for Missouri residents?

Average Mortgage Debt Missouri

Mortgages are the last of the three largest sources of debt for Americans. Missouri residents owe an average of $134,760 on their homes. The state is actually well below the national average of $163,309.31.

General Bankruptcy Statistics

How Many Bankruptcy Filings Occur In A Year?

 

Total Bankruptcy Filings Missouri

The number of bankruptcy filings vary from year to year, and is somewhat dependant on economic conditions. However, the most recent data suggests that there were 18,511 filings in Missouri from March 2016 to March 2017.

How Many Chapter 7 Filings?

Total Chapter 7 Filings Missouri

 

Chapter 7 is the most popular of the chapters. In total, there were 12,143 filings from March 2016 to March 2017. Chapter 7 accounted for 65.59% of all bankruptcies in Missouri.

How Many Chapter 9 Filings?

Total Chapter 9 Filings Missouri

In the year ending March 31st, 2017 there was just one Chapter 9 filing. Chapter 9 filings are reserved for municipalities, which include cities, counties, townships, and school districts. It is very fortunate that there was only one filing.

How Many Chapter 11 Filings?

Total Chapter 11 Filings Missouri

 

Businesses and certain wealthy individuals typically file under Chapter 11. There were 211 Chapter 11 filings in Missouri.

How Many Chapter 12 Filings?

Total Chapter 12 Filings Missouri

 

Chapter 12 bankruptcies are reserved for family farmers and fishermen. Therefore, it makes sense that there were only 9 filings in the period of a year.

How Many Chapter 13 Filings?

Total Chapter 13 Filings Missouri

 

Just as you’d expect, Chapter 13 filings accounted for the second largest portion of bankruptcy filings. There were 6,147 filings, which equates to roughly 33.21% of all filings.


Important Disclaimer: The information discussed above and throughout this website should not be relied upon to make any decisions without first speaking to a bankruptcy attorney. There are many intricate rules of law governing bankruptcy with many exceptions to the general rules that could change the advice given by an attorney based on the differing facts in each person’s special set of circumstances. THEREFORE, it is important to discuss any information contained in this website with one of our attorneys before taking any action or refraining from taking any action.

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