Florida Debt Statistics


Steve Goldstein
Steve Goldstein
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Florida Debt Statistics 2023: Facts about Debt in Florida 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 Florida 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 Florida 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 Florida 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 Florida Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 34 Florida Debt Statistics on this page 🙂

Florida Debt “Latest” Statistics

  • According to the website, Self, in 2010, during the Great Recession, mortgage debt comprised almost 75 percent of total household debt for Floridians.[1]
  • Sunshine State residents ranked 23rd in the nation in auto debt in 2020 at $20,110. That was a 4% jump over the 2019 average auto debt.[2]
  • Total student loan debt for the state of Florida in 2021 totals $94 billion. The average Florida student carries $39,700 in student loan debt. The total student loan debt nationally is $1.6 trillion.[1]
  • The biggest increases in debt were seen in student loans (12%), mortgages (7%) and personal loans (6%).[3]
  • According to data from the Federal Reserve, the Consumer Financial Protection Bureau and Experian, the average debt of high school graduates is just $4,600.[3]
  • According to a 2021 ValuePenguin analysis of Census and Federal Reserve records, those in the top 10% of yearly income had an average credit card debt of $16,000.[3]
  • According to the National Center for Education Studies, women are responsible for 58% of all student loan debt.[3]
  • According to SNA’s 2023 School Nutrition Trends Survey, 96.3% of districts that must charge for meals reported that unpaid meal debt is a challenge for their school meal programs, with 65.4% reporting a significant challenge.[4]
  • In terms of a percentage, the amount of student loan debt owed by those in their 30s and 40s has climbed by 30.2% during the previous five years.[5]
  • From 2020 to 2021, total consumer debt balances climbed by 54%, or $772 billion, to reach $15.31 trillion, more than double the 2.7% growth that occurred from 2019 to 2020.[6]
  • 75% of borrowers who graduated from private nonprofit colleges have student loan debt.[7]
  • Pew researchers calculated that debt collection lawsuits represented approximately 24% of the civil caseload (0.37 × 0.64 = 0.236), or 3.98 million cases (16.9 million × .236), which is higher than the other aggregated case types.[8]
  • According to Pew, 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 these cases from 2010 to 2019.[8]
  • In 2018, 65% of seniors who attended public and private nonprofit universities and graduated had student loan debt.[7]
  • According to statistics gathered by Educationdata.org, blacks had an average student loan debt of $52,000 in 2021.[3]
  • According to the department of education, 34% of total debt was owed by those aged 18 to 29.[3]
  • Credit card debt decreased by $73 billion, marking the first yearly decline in eight years and a 9% fall from 2019.[3]
  • Over 67% of Florida’s mortgages are underwater, indicating that the debt is more than the value of the property, placing Florida tenth nationwide.[9]

Florida Debt “Household” Statistics

  • According to the Value Penguin study, the average credit card balance for white families was $6,940 in 2021.[3]
  • According to the Economic Policy Institute, blacks’ median household income increased from $45,442 to $46,073 between 2000 and 2019.[3]
  • Floridians owe an average of $49,000 in total household debt, excluding their mortgages.[3]

Florida Debt “House” Statistics

  • According to a 2020 survey by the National Institute for Retirement Security, median household retirement income was $47,244.[3]
  • The median household income hit $79,900 in the first quarter of 2021, according to the U.S. Department of Housing and Urban Development.[3]
  • Homeowners in Florida have the eighth highest rate of mortgage delinquencies at 1.47%. The national mortgage delinquency rate is 7.65%.[1]

Florida Debt “Other” Statistics

  • According to Lending Tree, the average mortgage interest rate in Florida is 3.39%, just 0.7% higher than the national average of 3.37%.[10]
  • A 2015 research found that 30% of Florida mortgages were underwater, down from 44% in the middle of 2012 and 30% in 2015.[9]
  • 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.[8]
  • According to Lending Tree, the average Florida cardholder owes $7,049 on their credit card, the seventh-highest total in the country.[11]
  • According to data from the New York Fed, 90-day delinquency rates on auto loans peaked in the fourth quarter of 2010 at 5.3%, dropping to 3.9% as of the third quarter of 2022.[12]
  • Overall vehicle debt nearly doubled between the third quarter of 2012 ($768 billion) and the third quarter of 2022 ($1.52 trillion), according to the Federal Reserve Bank of New York.[12]
  • Florida residents have a $100.9 billion student loan debt and $38,459 is the average student loan debt.[13]
  • According to InCharge, Florida ranks third in the nation in student loan debt at $94.3 billion.[2]
  • According to the Federal Reserve System recently reported, the median household debt-to-income ratio in Florida during the second quarter of 2020 stood at 1.89 to 2.13, which is above the national average of 1.51.[2]
  • According to UCF, 62% of first-time-in-college students at UCF graduate doesn’t have any educational debt, and only 42% of students graduated debt-free.[2]

Also Read

How Useful is Florida Debt

First and foremost, it’s important to acknowledge that debt, when used correctly, can serve as a valuable tool for governments to fund essential infrastructure projects, public services, and other investments that benefit the citizens of the state. By borrowing funds to finance these projects, Florida can make necessary improvements to its transportation systems, schools, and healthcare facilities without burdening taxpayers with immediate costs. This can help spur economic growth, attract businesses, and ultimately improve the quality of life for residents.

However, the usefulness of Florida debt is contingent on responsible management and oversight. When debt levels become excessive or are used to cover ongoing operating expenses, it can lead to financial instability and put the state at risk of default. Therefore, it is crucial for the state government to carefully evaluate the necessity of taking on debt, ensure that borrowed funds are being used effectively and efficiently, and prioritize repayment to avoid potential long-term fiscal challenges.

In addition, the interest costs associated with servicing Florida debt can divert budget resources away from other critical areas such as education, healthcare, and public safety. This can create a strain on the state’s financial resources and limit its ability to respond to unforeseen economic challenges or emergencies. As such, it is essential for policymakers to strike a balance between leveraging debt to make necessary investments and managing debt levels responsibly to avoid excessive costs and risks.

Another consideration when discussing the usefulness of Florida debt is the impact it can have on the state’s credit rating and overall financial standing. High debt levels can signal to investors and credit agencies that Florida may be overleveraged and pose a heightened risk of default. This, in turn, can lead to higher borrowing costs and limited access to capital markets, making it more challenging for the state to raise funds for future projects or initiatives.

Ultimately, the usefulness of Florida debt hinges on its appropriateness, management, and impact on the state’s financial health. When used strategically to finance critical infrastructure projects and investments that benefit the public, debt can be a powerful tool to drive economic growth and enhance the well-being of residents. However, it is imperative for the state government to exercise prudence and discipline in its approach to borrowing and debt management to ensure long-term fiscal sustainability and stability.

Reference

  1. self – https://www.self.inc/info/average-credit-score-and-debt-florida/
  2. incharge – https://www.incharge.org/debt-relief/credit-counseling/florida/
  3. debt – https://www.debt.org/faqs/americans-in-debt/demographics/
  4. schoolnutrition – https://schoolnutrition.org/aboutschoolmeals/schoolmealtrendsstats/
  5. forbes – https://www.forbes.com/sites/zackfriedman/2018/06/13/student-loan-debt-statistics-2018/
  6. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  7. forbes – https://www.forbes.com/sites/zackfriedman/2020/02/03/student-loan-debt-statistics/
  8. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  9. debt – https://www.debt.org/faqs/americans-in-debt/
  10. lendingtree – https://www.lendingtree.com/debt-relief/florida/
  11. lendingtree – https://www.lendingtree.com/credit-cards/study/florida-credit-card-debt-statistics/
  12. lendingtree – https://www.lendingtree.com/auto/debt-statistics/
  13. educationdata – https://educationdata.org/student-loan-debt-by-state

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