Indiana Debt Statistics


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

☰ Use “CTRL+F” to quickly find statistics. There are total 22 Indiana Debt Statistics on this page 🙂

Indiana Debt “Latest” Statistics

  • 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.[1]
  • According to Money Geek, the age group most likely to incur credit card debt is 45–54 year old Americans, who make up 52% of the population.[2]
  • According to Education Data Initiative, the average student loan balance in Indiana is lower than the nationwide average with $29.8 billion student loan and $32,874 average student loan.[3]
  • US residents identifying themselves as white (non-Hispanics) reported an average of $6,900 credit debt, according to the Federal Reserve’s Survey of Consumer Finances.[2]
  • About 58% of Indiana students from the class of 2017 graduated with debt, with each student owing an average of $29,405.[4]
  • Only 28% of persons in the age bracket of 75 or older have debt, despite the fact that they have the highest average credit card debt at $8,100.[2]
  • According to LendEDU.com, the total outstanding student loan debt now stands at to $1.52 trillion, making it the second largest form of consumer debt behind only mortgages.[4]
  • 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.[5]
  • In 2021, mortgage balances for borrowers averaged $220,380 in 2021, a 5.9% increase from 12 months earlier.[5]
  • Individuals who reported as belonging to other or many races had the lowest percentage of debt, at 44%.[2]
  • 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.[6]

Indiana Debt “Other” Statistics

  • At Indiana University Bloomington, the median federal loan debt among borrowers who completed their undergraduate degree is $19,500.[7]
  • The New York Fed’s quarterly Household Debt and Credit Survey (HHDC) shows that total consumer debt stands at $16.5 trillion as of the second quarter of 2022.[7]
  • According to Experian, the average Indiana total consumer debt in 2021 was $96,371.[7]
  • Americans owe $890 billion in credit card debt as of Q2 2022, according to the latest Household Debt and Credit survey results from the New York Fed.[7]
  • According to Experian, Americans had an average of $5,221 in credit card debt in 2021.[7]
  • According to TransUnion, the average unsecured personal loan amount in June 2022 was $7,860, up from $7,273 in June 2021.[7]
  • According to The Urban Institute, 13% of Americans, over 43 million people, had medical debt in collections in 2011.[7]
  • 16% of Indiana people has a medical debt with median value of medical debt in collections of $748, according to The Ascent.[7]
  • 11% of graduating students at Indiana University Bloomington took out private loans, and students with private loans had an average of $37,976 in private loan debt at graduation.[7]
  • 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.[8]
  • 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.[6]

Also Read

How Useful is Indiana Debt

It is important to recognize the usefulness of debt in certain situations. For example, taking on debt to build new roads, bridges, and schools can stimulate economic growth and improve quality of life for Hoosiers. Similarly, borrowing money to invest in healthcare, education, and social services can yield long-term benefits for Indiana residents.

On the other hand, accumulating too much debt can have serious consequences. High levels of debt can lead to credit downgrades, increased interest payments, and limited flexibility in funding future projects. This can ultimately harm the state’s ability to provide essential services and support economic growth.

One of the key considerations when evaluating Indiana debt is how the borrowed funds are being used. If debt is being used to finance long-term investments that will generate economic returns, it may be worthwhile. However, if debt is being used to cover operating expenses or fund unsustainable programs, it can be a cause for concern.

Indiana policymakers must strike a balance between leveraging debt for strategic investments and ensuring fiscal responsibility. This means carefully evaluating the costs and benefits of borrowing, prioritizing projects with high potential for return on investment, and maintaining a realistic plan for debt repayment.

Furthermore, it is important for Indiana residents to stay informed about the state’s debt levels and how their tax dollars are being used. Transparency and accountability in government spending are essential to ensuring that debt is being managed responsibly and in the best interest of the public.

In conclusion, Indiana debt can be a useful tool for funding essential projects and services, but it must be managed carefully to avoid negative consequences. By making strategic investments, prioritizing long-term benefits, and maintaining fiscal responsibility, Indiana can leverage debt effectively to support economic growth and enhance quality of life for its residents.

Reference

  1. schoolnutrition – https://schoolnutrition.org/aboutschoolmeals/schoolmealtrendsstats/
  2. moneygeek – https://www.moneygeek.com/credit-cards/analysis/average-credit-card-debt/
  3. educationdata – https://educationdata.org/student-loan-debt-by-state
  4. goshen – https://www.goshen.edu/news/2018/08/16/goshen-college-ranks-among-top-indiana-private-colleges-lowest-student-debt/
  5. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  6. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  7. usnews – https://www.usnews.com/best-colleges/indiana-university-bloomington-1809/paying
  8. lendingtree – https://www.lendingtree.com/auto/debt-statistics/

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