2021 Missouri Debt Statistics

Missouri Debt Statistics

Table of Contents

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 $14.56 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?

Missouri Average 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 707, which is a bit below the national average of 711. However, 707 is still a relatively good score and it’s an increase of 7 points from 2019. 

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

Missouri Average Credit Card Debt

Credit cards offer a means of payment that is easy to obtain and even easier to abuse. The average U.S. household possesses $6,270 in credit card debt. In Missouri, the average household owes $4,950. While there is certainly room for improvement, the show-me state is much better off than over 60% of the country.  

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

Missouri Average Student Loan Debt

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 $1.7 trillion in 2020. Academic debt used to account for 3.5% of GDP and now accounts for 8.1%. The average resident in Missouri possesses roughly $37,189 in student loan debt.

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

Missouri Average Mortgage Debt

Mortgages are the last of the three largest sources of debt for Americans. Missouri residents owe an average of $143,545 on their homes. This is a 2.9% increase from the year prior. 

General Bankruptcy Statistics

How Many Bankruptcy Filings Occur In A Year?

Missouri Total Annual Bankruptcies

The number of bankruptcy filings vary from year to year, and is somewhat dependent on economic conditions. However, the most recent data suggests that there were 12,568 filings in Missouri in 2020.

How Many Chapter 7 Filings?

Missouri Total Chapter 7 Bankruptcies

Chapter 7 is the most popular of the chapters. In total, there were 8,642 filings in 2020. Chapter 7 accounted for 68.76% of all bankruptcies in Missouri.

How Many Chapter 9 Filings?

Missouri Total Chapter 9 Bankruptcies

Chapter 9 filings are reserved for municipalities, which include cities, counties, townships, and school districts. There were no Chapter 9 filings in Missouri in 2020.

How Many Chapter 11 Filings?

Missouri Total Chapter 11 Bankruptcies

Businesses and certain wealthy individuals typically file under Chapter 11. There were 80 Chapter 11 filings in Missouri in 2020.

How Many Chapter 12 Filings?

Missouri Total Chapter 12 Bankruptcies

Chapter 12 bankruptcies are reserved for family farmers and fishermen. Therefore, it makes sense that there were only 15 filings in the period of a year.

How Many Chapter 13 Filings?

Missouri Total Chapter 13 Bankruptcies

Just as you’d expect, Chapter 13 filings accounted for the second largest portion of bankruptcy filings. There were 3,831 filings, which equates to roughly 30.4% 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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