Illinois 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.

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

illinois

LLCBuddy editorial team did hours of research, collected all important statistics on Illinois 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 Illinois 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 Illinois 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.

On this page, you’ll learn about the following:

Top Illinois Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 18 Illinois Debt Statistics on this page 🙂

Illinois Debt “Latest” Statistics

  • According to the Benson Law Firms, the average amount of credit card debt per person in Illinois was $6,253, slightly higher than the U.S. average of $6,194 in 2019.[1]
  • The average person in Illinois has $36,531 in student loan debt. That’s the sixth highest amount of student loan debt among U.S. states.[1]
  • According to Forbes, over 45 million people have student loan debt with an average balance of $37,691 including both federal and private education debt.[1]
  • In Illinois, the average total debt for both undergrad and graduate education for a professional degree in 2015/2016 was over $140,000.[1]
  • As of 2019, 43% of those who have attended college, incurred at least some debt for their education (including those that did not finish a degree or went to technical or trade schools).[1]
  • The total amount of student loan debt in the US surpassed $1.7 trillion in December 2020 according to estimates from the Federal Reserve.[1]
  • Illinois residents are slightly less likely to have student loan debt. However, Illinois has an average student loan debt of $37,757.[1]
  • According to debt.org, Illinois residents do a little better than the rest of the country at accumulating debt, with an average debt balance of $50,450 for residents with credit reports.[2]
  • According to InCharge, Illinois residents ranked 35th in the nation in auto debt in 2020 at $19,036.[1]
  • American households hold a lot of debt for over $15 trillion in 2018.[2]
  • According to the Institute of College Access and Success, the Illinois people has an average debt of $28,552 with a percentage of 57%.[3]
  • Illinois also spent 1.3 percentage points more of its revenues on general debt interest than the average state.[4]
  • In 2020, the Illinois average consumer debt is $83,968 while in 2021, the average consumer debt is $85,991.[5]
  • 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.[5]
  • According to Nerd Wallet, 41% of Americans who currently have debt feel anxious about it, and 35% feel overwhelmed.[6]
  • Illinois residents have, on average, $5,265 in credit card debt, the 15th largest amount in the US.[1]
  • Illinois ranks seventh in the nation in terms of the most collective student loan debt at $59 billion.[1]
  • According to Pew, the 2013 data show that 75% of civil case judgments were for less than $5,200, which means that in most states, debt claims are typically filed in a limited or small claims court.[1]

Also Read

How Useful is Illinois Debt

Proponents of debt argue that it can be a valuable tool when used strategically and responsibly. One of the primary benefits of debt is that it allows states to invest in critical infrastructure projects, such as roads, bridges, schools, and public transportation systems. These investments not only create jobs and stimulate economic growth in the short term but also provide a solid foundation for long-term prosperity. Without debt, Illinois would not have been able to make these vital improvements to its infrastructure, which would have ultimately hindered the state’s ability to attract businesses and support a thriving economy.

Moreover, debt can also be a useful tool for managing cash flow and smoothing out budget shortfalls during economic downturns. By borrowing money to cover temporary shortfalls, states like Illinois can avoid abrupt spending cuts or tax increases that could further weaken the economy. This kind of flexibility is crucial for maintaining essential services and supporting vulnerable populations during challenging times.

Additionally, debt can also be advantageous when used to finance education and healthcare initiatives. Investing in these areas not only improves quality of life for residents but also enhances the state’s overall competitiveness and attractiveness to businesses. Without debt, Illinois would struggle to maintain high-quality education and healthcare systems, which are essential for fostering a skilled workforce and attracting top talent.

While it is true that excessive debt can pose risks to a state’s financial health, it is essential to recognize that not all debt is created equal. Illinois Debt levels are undoubtedly high, but it is crucial to differentiate between debt used for productive investments and debt incurred through unsustainable spending habits. Responsible debt management, including prioritizing debt repayment and maintaining a strong credit rating, can help prevent Illinois Debt from becoming a significant liability in the future.

In conclusion, Illinois Debt, when used judiciously and strategically, can be a useful tool for supporting economic growth, fostering social investment, and managing fiscal challenges. While concerns about the state’s debt levels are valid, it is essential to consider the broader context in which debt is incurred and evaluate the potential benefits that can come from prudent borrowing. By ensuring that debt is utilized effectively and managed responsibly, Illinois can continue to leverage debt as a tool for promoting prosperity and well-being for its residents.

Reference

  1. incharge – https://www.incharge.org/debt-relief/credit-counseling/illinois/
  2. brookings – https://www.brookings.edu/blog/up-front/2019/06/25/six-facts-about-wealth-in-the-united-states/
  3. ticas – https://ticas.org/interactive-map/
  4. chicagofed – https://www.chicagofed.org/publications/chicago-fed-letter/2016/365
  5. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  6. nerdwallet – https://www.nerdwallet.com/blog/average-credit-card-debt-household/

Leave a Comment