Hawaii Debt Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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

hawaii

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

☰ Use “CTRL+F” to quickly find statistics. There are total 17 Hawaii Debt Statistics on this page 🙂

Hawaii Debt “Latest” Statistics

  • According to Experian, the total consumer debt balances increased 5.4% from 2020 to 2021 to $15.31 trillion, a $772 billion increase, and more than double the 2.7% increase from 2019 through 2020.[1]
  • In 2020, the Hawaii average consumer debt is $133,903 while in 2021, the average consumer debt is $138,274.[1]
  • According to the Institute of College Access and Success, the Hawaiian people has an average debt of $24,926 with a percentage of 45.[2]
  • According to Shift, compared to 77.8% of families in the west, just 75.4% of families in the northeast are on a typical basis in debt.[3]
  • 37% of couples postpone having children and establishing households until they establish their finances and pay off the majority of their debt.[3]
  • According to Education Data, Hawaiians are the least likely to have student loans outstanding, with 8.4% of residents in debt.[4]
  • Hawaii has a smaller proportion of indebted student borrowers, but the average remaining student loan balance is high compared to the rest of the United States with $4.5 billion in student loan debt.[4]
  • According to Consolidated Credit, the average Hawaiian household owes over $8,000 to creditors.[5]
  • In Hawaii, the average credit score is near the national average at 693, the average cardholder uses over 30% of their available credit limit.[5]

Hawaii Debt “Other” Statistics

  • As of December 31, 2021 the Hawaiian Airline company had an outstanding debt and finance lease obligations of $1.9 billion.[6]
  • According to Consumer Finance, the mortgage delinquency in Hawaii is 0.5%.[7]
  • 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]
  • Hawaii residents have an open credit card balance of $6,675 and 49% of residents have a student loan, the average amount of which is $25,125.[9]
  • According to InCharge, the average Hawaiian had a $238 average monthly credit card bill, the second highest in the nation.[9]
  • According to Lending Tree, card debt resulted in overall growth until the financial collapse in 2008, when balances fell from $866 billion in the fourth quarter of 2008 to $660 billion in the first quarter of 2013.[9]
  • A study of monthly debt to income ratios nationally put Hawaii’s at 36.15% in 2019, the highest in the nation.[9]
  • Consumer debt reached $14.56 trillion after the fourth quarter of 2020, according to the New York Federal Reserve.[10]

Also Read

How Useful is Hawaii Debt

Debt can serve as a valuable instrument to spur economic growth and improve infrastructure by allowing governments to invest in projects that promote long-term benefits for their residents. For Hawaii, which relies heavily on tourism and has unique geographical challenges, debt can facilitate the development of transportation networks, public facilities, and other vital assets that enhance the quality of life for residents and visitors alike.

However, the usefulness of Hawaii’s debt comes into question when considering the implications for the state’s financial health and future generations. High levels of debt can lead to increased borrowing costs, budget constraints, and limited flexibility for future expenditures. This could place an undue burden on taxpayers and constrain policymakers’ ability to address new challenges or seize opportunities as they arise.

Furthermore, excessive debt can undermine the sustainability of public finances and erode the state’s creditworthiness, making it more difficult and costly to obtain financing in the future. This could hinder Hawaii’s ability to weather economic downturns, respond to disasters, or make strategic investments in areas critical to its long-term prosperity.

Critics argue that Hawaii’s debt has been driven by short-sighted spending decisions, inefficient budget practices, and an overreliance on borrowing to cover operating expenses instead of investing in productive assets. This raises concerns about the prioritization of projects and the effectiveness of debt-funded initiatives in delivering tangible benefits to residents.

As Hawaii grapples with the challenges posed by its debt burden, policymakers and stakeholders must evaluate the usefulness and sustainability of borrowing in the context of the state’s unique needs and circumstances. They must strike a balance between addressing immediate priorities and ensuring long-term fiscal responsibility to safeguard the state’s financial well-being and reputation.

In light of these considerations, the debate over the usefulness of Hawaii’s debt is not simply a matter of numbers but a reflection of broader policy choices and priorities that will shape the state’s future trajectory. It is crucial for stakeholders to engage in informed and thoughtful discussions about the role of debt in Hawaii’s economy and society to make sound decisions that prioritize the well-being of its residents and the sustainability of its finances.

Reference

  1. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  2. ticas – https://ticas.org/interactive-map/
  3. shiftprocessing – https://shiftprocessing.com/american-debt/
  4. educationdata – https://educationdata.org/student-loan-debt-by-state
  5. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/hawaii/
  6. hawaiianairlines – https://newsroom.hawaiianairlines.com/releases/hawaiian-holdings-reports-2021-fourth-quarter-and-full-year-financial-results
  7. consumerfinance – https://www.consumerfinance.gov/data-research/mortgage-performance-trends/mortgages-90-or-more-days-delinquent/
  8. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  9. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/hawaii/
  10. debt – https://www.debt.org/faqs/americans-in-debt/

Leave a Comment