Arizona Debt Statistics


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

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

☰ Use “CTRL+F” to quickly find statistics. There are total 26 Arizona Debt Statistics on this page 🙂

Arizona “Latest” Debt Statistics

  • According to debt.org, Americans in the top 10% by income have a median of $222,200 in debt, whereas those in the bottom 25% have less than $20,900.[1]
  • According to the Department of Education, 34% of total debt was owed by those aged 18 to 29.[1]
  • According to a 2019 study by the Motley Fool, Arizona ranked fourth among the top 15 states whose residents owe more than they make.[2]
  • According to statistics gathered by Educationdata.org, Blacks had an average student loan debt of $52,000 in 2021.[1]
  • The average debt for Arizona’s 3.8 million adults in 2019 was $54,290, according to the New York Federal Reserve.[3]
  • People in the highest 10% of annual income had an average credit card debt of $12,600, according to a 2021 ValuePenguin analysis of Census and Federal Reserve reports.[1]
  • Arizona is ranked 11th out of the states with the highest vehicle loan debt from 2018 to 2019.[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.[4]
  • According to the Federal Reserve, American household debt reached a record high of $14.6 trillion in the spring of 2021.[1]
  • 57% of homeowners cited a medical debt or another medical issue as the reason for their foreclosure, and 54% had incurred additional debt to cover medical expenses.[5]
  • About 40% of Black graduates have student loan debt from graduate school, while 22% of white college graduates have graduate school debt.[1]
  • According to a Brookings Institution survey, 6% of borrowers have student loan debt over $100,000, with 2% having debt exceeding $200,000.[1]
  • Arizona’s default rate has risen one over the national average from 10.8% to 11.45% in 2016, while the state’s student debt was somewhat lower than the norm.[2]
  • According to the National Center for Education Studies, women are responsible for 58% of all student loan debt.[1]
  • People put up collateral and pay around 10%-12% for a debt consolidation loan, compared to the 25% they likely are paying to credit card companies.[6]
  • Arizona’s average debt is also on par with the rest of the country with $35,396 average student loan debt.[7]
  • Credit card debt decreased by $73 billion, marking the first yearly decline in eight years and a 9% fall from 2019.[1]
  • High school graduates only carry an average of $4,600 credit card debt, according to data from the Federal Reserve, the Consumer Financial Protection Bureau and Experian.[1]

Arizona “Household” Debt Statistics

  • According to the Economic Policy Institute, from 2000 to 2019, the median household income of Blacks went from $45,442 to $46,073.[1]
  • The National Institute for Retirement Security’s 2020 study found that their median household retirement income was $47,244.[1]
  • People of color make up 63% of the households that are in rent debt, and 78% are low-income households making less than $50,000.[8]

Arizona “House” Debt Statistics

  • According to the U.S. Department of Housing and Urban Development, the median household income hit $79,900 in the first quarter of 2021.[1]
  • According to the Federal Reserve, American household debt reached a record high of $14.6 trillion in the spring of 2021.[1]

Arizona “Other” Debt Statistics

  • In 2022, the average interest rate on credit cards was 16.7%, but if you miss a payment, the rate can jump to 20%-25%.[6]
  • The US Census Bureau estimates that in the five years between 2014 and 2018, little over 260,000 individuals each year relocated to Arizona.[3]
  • According to a poll conducted by Experian in November 2020, 66% of customers spent the same amount or less during the pandemic as they did in 2019.[1]

Also Read

How Useful is Arizona Debt

One of the primary ways in which Arizona debt can be useful is in funding necessary infrastructure projects. Whether it be improving roads, building new schools, or investing in renewable energy sources, debt can provide the necessary funds to make these projects a reality. Without debt, many of these initiatives would simply not be possible, leading to a lack of essential services and amenities for residents.

Furthermore, debt can also be an effective way to stimulate economic growth. By borrowing money to invest in various sectors of the economy, Arizona can create jobs, increase productivity, and ultimately boost its overall economic output. This can lead to increased tax revenues, which can then be used to pay back the debt over time. In this way, debt can act as a catalyst for sustained economic prosperity.

Additionally, debt can be a useful tool in times of emergencies or unforeseen circumstances. Whether it be a natural disaster, a public health crisis, or a sudden economic downturn, having access to debt can enable Arizona to respond quickly and effectively to these challenges. Without the flexibility that debt provides, the state may struggle to address these issues in a timely manner, potentially leading to greater harm and hardship for its residents.

It is important to note that while debt can be a useful tool, it must be managed responsibly. Accumulating too much debt can lead to higher interest payments, lower credit ratings, and ultimately a strain on the state’s finances. It is crucial for policymakers to strike a balance between taking on debt to fund important projects and ensuring that the debt remains sustainable in the long term.

In conclusion, Arizona debt can indeed be a useful resource for the state when utilized appropriately. By leveraging debt to fund essential projects, stimulate economic growth, and respond to emergencies, Arizona can enhance its overall well-being and prosperity. However, it is imperative that debt be managed prudently to avoid negative consequences and ensure the long-term fiscal health of the state.

Reference

  1. debt – https://www.debt.org/faqs/americans-in-debt/demographics/
  2. self – https://www.self.inc/info/average-credit-score-and-debt-arizona/
  3. incharge – https://www.incharge.org/debt-relief/credit-counseling/arizona/
  4. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  5. nih – https://pubmed.ncbi.nlm.nih.gov/26536913/
  6. debt – https://www.debt.org/faqs/americans-in-debt/consumer-arizona/
  7. educationdata – https://educationdata.org/student-loan-debt-by-state
  8. usnews – https://www.usnews.com/news/best-states/articles/2021-05-17/data-shows-us-households-are-nearly-20-billion-in-debt-on-rent

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