North Dakota Debt Statistics


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North Dakota Debt Statistics 2023: Facts about Debt in North Dakota 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 North Dakota 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 North Dakota 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 North Dakota 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 North Dakota Debt Statistics 2023

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

North Dakota Debt “Latest” Statistics

  • According to Consolidated Credit, the average credit card debt per household is $8,450.[1]
  • The average available credit limit in North Dakota is $15,365.[1]
  • 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.[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 the cases from 2010 to 2019.[3]
  • According to the Institute of College Access and Success, the North Dakota people has an average debt of $31,939 with a percentage of 66%.[4]
  • According to Experian, consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[2]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[3]
  • Net farm income, a broad measure of profits, is forecast at $160.5 billion in calendar year 2022, an increase of $19.5 billion (13.8%) in 2022 relative to 2021.[5]
  • According to Education Data Initiative, North Dakota’s average federal student loan debt is $28,604, making it the only state where the average debt is less than $30,000.[6]
  • In North Dakota, the student loan debt is $2.5 billion and the average student loan debt is $28,604.[6]
  • Debt-to-asset levels for the sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.[5]

North Dakota Debt “Other” Statistics

  • According to the US Census Bureau, North Dakota had a debt of $2,063,788,000 in 2015.[7]
  • The state debt per capita in North Dakota was $2,727. This ranked North Dakota 48th among the states in debt and 33rd in per capita debt.[7]
  • According to AFDC, the total value of loan guarantees under the Agriculturally-Derived Fuel Production Facility Loan program may not exceed $8 million at any one time.[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.[3]
  • The Bank of North Dakota offers loan guarantees of up to $400,000 per borrower for eligible entities constructing facilities using biomass for agriculturally-derived fuel production.[8]
  • By law, a vehicle that is damaged in excess of 75% of the vehicle’s retail value must be reported to the Department of Transportation and a salvage certificate of title is issued.[9]

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How Useful is North Dakota Debt

One of the main arguments in favor of North Dakota debt is that it allows the state to make critical investments in its future. By borrowing money to build roads, bridges, schools, and other vital infrastructure, the state can promote economic growth, create jobs, and improve the quality of life for its residents. Additionally, debt can help smooth out budgetary constraints, allowing the state to fund necessary programs even during times of economic downturn.

Moreover, debt can also be useful in times of crisis or emergency. When faced with natural disasters, public health crises, or other unexpected events, the ability to borrow money can provide the state with much-needed resources to respond effectively and mitigate the impact on its citizens. In these situations, debt can be a valuable tool for ensuring the safety and well-being of the population.

On the other hand, critics of North Dakota debt argue that excessive borrowing can have negative consequences. High levels of debt can lead to increased interest payments, reducing the amount of money available for other important priorities. Furthermore, a heavy debt burden can restrict the state’s ability to respond to future challenges or take advantage of new opportunities. In extreme cases, unsustainable levels of debt can even lead to insolvency or default, creating a financial crisis that can have catastrophic effects on the economy and society as a whole.

It is essential to strike the right balance when it comes to North Dakota debt. While some level of borrowing may be necessary to fund essential projects and programs, it is important to ensure that debt levels remain sustainable and in line with the state’s ability to repay. Careful planning, prudent financial management, and transparent reporting are all vital components of responsible debt management. By carefully weighing the costs and benefits of borrowing, policymakers can make informed decisions that support the long-term prosperity and well-being of the state and its residents.

In conclusion, North Dakota debt can be a useful tool for funding essential investments in infrastructure, education, and social programs. However, it is crucial to keep debt levels in check and ensure that borrowing is done responsibly and transparently. By striking the right balance between debt and fiscal responsibility, the state can continue to support economic growth, create jobs, and provide for the needs of its citizens while safeguarding its long-term financial health.

Reference

  1. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/north-dakota/
  2. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  3. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  4. ticas – https://ticas.org/interactive-map/
  5. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
  6. educationdata – https://educationdata.org/student-loan-debt-by-state
  7. ballotpedia – https://ballotpedia.org/North_Dakota_state_debt,_2004-2017
  8. energy – https://afdc.energy.gov/laws/all?state=ND
  9. nd – https://www.insurance.nd.gov/consumers/insurance/auto

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