Nevada Debt Statistics


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

nevada

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

☰ Use “CTRL+F” to quickly find statistics. There are total 15 Nevada Debt Statistics on this page 🙂

Nevada Debt “Latest” Statistics

  • According to Experian, Nevada homeowners’ average mortgage debt increased by 5.6% between 2019 and 2020.[1]
  • From 2020 to 2021, total consumer debt balances climbed by 54%, or $772 billion, to reach $15.31 trillion, more than double the 27% growth that occurred from 2019 to 2020.[2]
  • According to Education Data Initiative, Nevada has a $33,743 average student loan debt with 349,700 student borrowers.[3]
  • 11.3% of state residents have student loan debt, according to Education Data Initiative, in Nevada.[3]
  • 47.5% of students with loan in Nevada are under the age of 35, according to EDI.[3]
  • According to data collected by Self, Nevada has the most credit card debt in the United States with credit card delinquency rate of 13.32%, and credit card debt balance per capita of $3,220.[4]
  • Nevada and Hawaii shared the title of state with the highest national median household debt-to income ratio in 2020, according to the Federal Reserve.[1]
  • According to InCharge, consumers in Nevada owe an average of $32,402 on their student loans.[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 cases from 2010 to 2019.[5]
  • According to Experian, the average amount of vehicle loan debt increased by merely 2% between 2018 and 2019.[1]
  • Over 90% of student loan debt is held by the federal government, with the remaining 10% controlled by private corporations that often offer students riskier, less flexible loans.[6]

Nevada Debt “Other” Statistics

  • In Nevada as of December 2020, according to Urban Institute data, 14% of all student loan holders were in default.[6]
  • According to the most current statistics released, 256 out of every 100,000 Nevada citizens were victims of identity theft.[1]
  • According to the University of Nevada, Reno, 54% of all students graduated with no debt.[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.[5]

Also Read

How Useful is Nevada Debt

Debt can be a double-edged sword for any entity, whether it be an individual, a business, or a government. On one hand, taking on debt can enable investments in much-needed infrastructure, education, healthcare, and other essential services that can help foster economic growth and improve the quality of life for residents. It can also provide flexibility in times of financial strain or economic downturns, allowing for continued operation and service delivery when revenues are low.

However, on the other hand, excessive debt can weigh heavily on a state’s finances, leading to higher interest payments, limited budgetary flexibility, and increased financial risks. In the case of Nevada, it is important to carefully assess the level of debt the state has taken on and ensure that it is being used responsibly and strategically to benefit residents in the long run.

Furthermore, it is essential to consider not just the amount of debt, but also how it is being managed and whether it is sustainable in the long term. Responsible debt management involves ensuring that debt levels are maintained at an appropriate and manageable level, that resources are being efficiently allocated to projects and programs that provide tangible benefits to residents, and that there is a clear plan in place for repayment.

Moreover, Nevada should also be mindful of the debt burden that future generations may inherit if current debt levels are not carefully managed. It is important to strike a balance between leveraging debt as a tool for investment and focusing on fiscal prudence to ensure that the state’s finances remain healthy and sustainable in the long term.

In conclusion, the useful of Nevada debt is a complex and nuanced topic that requires careful consideration and thoughtful decision-making. While debt can be a valuable tool for states to fund essential services and infrastructure, it is important for Nevada to assess the level of debt it has taken on and ensure that it is being used responsibly and effectively. By carefully managing debt levels, allocating resources efficiently, and planning for the future, Nevada can ensure that its debt remains a useful tool for promoting economic growth and improving the quality of life for residents.

Reference

  1. incharge – https://www.incharge.org/debt-relief/credit-counseling/nevada/
  2. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  3. educationdata – https://educationdata.org/student-loan-debt-by-state
  4. – #2
  5. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  6. nevadacurrent – https://www.nevadacurrent.com/2021/05/28/student-loan-measure-aims-to-tame-wild-west-of-consumer-finance/
  7. unr – https://www.unr.edu/degrees/minors/statistics

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