Iowa Debt Statistics


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

☰ Use “CTRL+F” to quickly find statistics. There are total 14 Iowa Debt Statistics on this page 🙂

Iowa Debt “Latest” Statistics

  • According to Experian, 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.[1]
  • Consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[1]
  • 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 the cases from 2010 to 2019.[2]
  • Farm real estate debt is expected to reach $347.8 billion in 2022, a 7.3% increase in nominal terms and a 1.0% increase in inflation-adjusted dollars.[3]
  • Farm non-real estate debt is expected to increase to $154.1 billion in 2022, a 2.8% increase in nominal terms but a 3.2% decline when adjusted for inflation.[3]
  • According to Education Data Initiative, Iowans owe significantly less on average with$13.2 billion student loan debt and has an average student loan debt of $30,848.[4]
  • Female principal landlords tend to bear much more debt than their male landowner counterparts by accounting for 89% of total debt on only 40% of land rented out.[5]
  • Iowa has consistently been among the top 15 states in the country for the last ten years in terms of its debt-over-household-income ratio, according to state figures from the federal reserve.[6]

Iowa Debt “Household” Statistics

  • The total household debt increased by $351, or 2.2% in the third quarter of 2022 to reach $16.51 trillion.[7]
  • Iowans have a debt-over-household-income ratio of 77%, which is another data that demonstrates how ready Americans are to incur significant debt.[6]

Iowa Debt “House” Statistics

  • According to statistics from The Fed, Iowa ranks 30th among households with mortgages in terms of median family income, with $88,085.[6]

Iowa Debt “Other” Statistics

  • 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.[2]
  • As of 2013, debt collection lawsuits which most often involve unpaid medical, auto loan, or credit card bills have become the single most common type of civil litigation, representing 24% of civil cases compared with less than 12% two decades earlier.[2]
  • 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.[2]

Also Read

How Useful is Iowa Debt

One particular area of debt that has been in the spotlight recently is Iowa debt. Iowa’s debt levels have been a source of concern for state policymakers and residents alike, with some questioning the sustainability of the state’s borrowing practices. While debt can be a useful tool for funding critical infrastructure projects and other investments, it is essential to carefully manage debt levels to ensure that they do not become overwhelming.

One of the key questions surrounding Iowa debt is how useful it actually is. Debt can be a valuable resource for funding important projects that provide long-term benefits to residents and the economy. For example, borrowing money to improve transportation infrastructure or expand access to healthcare can have a positive impact on the quality of life for Iowa residents and create economic opportunities for businesses and individuals.

However, it is important to strike a balance between leveraging debt for necessary investments and avoiding overburdening future generations with unsustainable debt levels. Excessive debt can strain state finances, limit future budget flexibility, and increase the risk of default or downgrade by credit rating agencies. Iowa policymakers must carefully consider the costs and benefits of taking on debt and ensure that borrowing decisions are made responsibly and transparently.

Another consideration when evaluating the usefulness of Iowa debt is how the borrowed funds are being used. Ideally, debt should be used to finance projects that provide long-term benefits and have a positive return on investment. However, if debt is being used to cover recurring operating expenses or unsustainable programs, it may not be as useful in the long run and could exacerbate financial challenges for the state.

Furthermore, Iowa residents should be engaged in discussions about how their tax dollars are being used to repay debt and what impact borrowing decisions will have on future generations. Transparency and accountability in the debt issuance process are essential for building trust between policymakers and the public and ensuring that debt is being used effectively and responsibly.

In conclusion, Iowa debt can be a useful tool for funding critical investments in infrastructure, healthcare, education, and other key areas that benefit residents and the economy. However, it is important for policymakers to carefully manage debt levels, evaluate the costs and benefits of borrowing, and ensure that debt is being used transparently and responsibly. By considering these factors, Iowa can continue to leverage debt as a valuable resource for building a brighter future for all residents.

Reference

  1. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  2. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  3. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/assets-debt-and-wealth/
  4. educationdata – https://educationdata.org/student-loan-debt-by-state
  5. iastate – https://www.extension.iastate.edu/agdm/wholefarm/html/c2-78.html
  6. incharge – https://www.incharge.org/debt-relief/credit-counseling/iowa/
  7. newyorkfed – https://www.newyorkfed.org/microeconomics/hhdc/background.html

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