Utah Debt Statistics 2023: Facts about Debt in Utah reflect the current socio-economic condition of the state.
LLCBuddy editorial team did hours of research, collected all important statistics on Utah 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 Utah 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 Utah 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 Utah Debt Statistics 2023
☰ Use “CTRL+F” to quickly find statistics. There are total 27 Utah Debt Statistics on this page 🙂Utah Debt “Latest” Statistics
- According to the Institute for College Access and Success, the average student debt at graduation in 2020 ranged from $18,350 in Utah.[1]
- New graduates’ likelihood of having debt varied from 39% in Utah to 73% in South Dakota.[1]
- According to Consolidated Credit, the average credit card debt per household is $11,222.[1]
- With 43%, Utah is also the state with the lowest proportion of graduates who have student debt, one of just five that are under 50%.[2]
- Typical American pays less than 9% of their monthly salary toward debt.[3]
- Utah has the lowest percentage of graduates who have school debt. Only 39% of Utah students take out student loans to help pay for college compared to 59% nationally.[4]
- In 2013, Utah students took out an average of $22,418 in student loans; in 2014, $18,921; and in 2015, $18,873.[4]
- Utah ranks 10th in the nation for highest debt, according to the Federal Reserve Bank of New York.[5]
- 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.[6]
- State averages for debt at graduation ranged from a low of $19,975 (Utah) to a high of $36,350 (New Hampshire), and new graduates’ likelihood of having debt varied from 43% (Utah) to 77% (West Virginia).[2]
- According to Experian, consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[6]
- According to Education Data Initiative, $10.1 billion in student loan debt belongs to Utah residents.[7]
- The average student loan debt in Utah is $32,835, and 55.6% of them are under the age of 35.[7]
- 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.[8]
- In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiffs.[8]
- According to the Federal Reserve Bank of New York, Utah households are racking-up debt faster than the national average with the state now ranking tenth in the nation for highest debt.[9]
Utah Debt “House” Statistics
- In 2018, total household debt in Utah reached $128.8 billion, according to KSL TV.[9]
- In the first quarter of 2017, just 34.4% of Americans under the age of 35 owned houses, compared to 60.3% of Americans between the ages of 35 and 44.[10]
- 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.[3]
- According to InCharge, Utah ranks 10th in the nation for household debt, at $59,320 for each adult resident.[11]
- Utahans began borrowing once again in 2015, and by 2018, household debt had increased by 9%.[9]
- According to KSL, in 2018, total household debt in Utah reached $128.8 billion.[5]
Utah Debt “Other” Statistics
- According to Experian, average total consumer debt in 2021 was $96,371. That’s up nearly 4% from 2020, when average total consumer debt was $92,727.[3]
- Utah residents debt from credit cards was $11,222 in 2018, the third highest average in the United States.[11]
- According to USN, in Utah, the national debt at graduation is $28,996.[12]
- 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.[8]
- The state of Utah has the lowest debt per borrower amount in U.S., and the average student loan debt nationwide is $37,000 per borrower.[8]
Also Read
- Alabama Debt Statistics
- Alaska Debt Statistics
- Arizona Debt Statistics
- Arkansas Debt Statistics
- California Debt Statistics
- Colorado Debt Statistics
- Connecticut Debt Statistics
- Delaware Debt Statistics
- Florida Debt Statistics
- Georgia Debt Statistics
- Hawaii Debt Statistics
- Idaho Debt Statistics
- Illinois Debt Statistics
- Indiana Debt Statistics
- Iowa Debt Statistics
- Kansas Debt Statistics
- Kentucky Debt Statistics
- Louisiana Debt Statistics
- Maine Debt Statistics
- Maryland Debt Statistics
- Massachusetts Debt Statistics
- Michigan Debt Statistics
- Minnesota Debt Statistics
- Mississippi Debt Statistics
- Missouri Debt Statistics
- Montana Debt Statistics
- Nebraska Debt Statistics
- Nevada Debt Statistics
- New Hampshire Debt Statistics
- New Jersey Debt Statistics
- New Mexico Debt Statistics
- New York Debt Statistics
- North Carolina Debt Statistics
- North Dakota Debt Statistics
- Ohio Debt Statistics
- Oklahoma Debt Statistics
- Oregon Debt Statistics
- Pennsylvania Debt Statistics
- South Carolina Debt Statistics
- South Dakota Debt Statistics
- Tennessee Debt Statistics
- Texas Debt Statistics
- Utah Debt Statistics
- Vermont Debt Statistics
- Virginia Debt Statistics
- Washington Debt Statistics
- West Virginia Debt Statistics
- Wisconsin Debt Statistics
- Wyoming Debt Statistics
- District of Columbia Debt Statistics
How Useful is Utah Debt
One of the key arguments in favor of Utah debt is that it allows the state to invest in important projects that stimulate economic growth and improve the quality of life for its citizens. For example, state debt has been used to fund transportation improvements, school construction projects, and water infrastructure upgrades. These projects create jobs, increase property values, and attract businesses to the area, ultimately benefiting the entire community.
In addition to funding public works projects, debt can also be a useful tool for managing cash flow and smoothing out budget shortfalls. By using debt to cover temporary deficits, the state can avoid drastic cuts to vital services and programs that would negatively impact residents. This flexible approach to financing allows Utah to maintain a stable and reliable government that can provide the necessary resources to its citizens in times of need.
Furthermore, low-interest rates and favorable market conditions make debt an attractive option for Utah. By borrowing at historically low rates, the state can finance projects at a lower cost than it would otherwise be able to afford. This allows Utah to maximize the impact of its spending and stretch limited resources further, benefiting the state as a whole.
Despite the benefits of Utah debt, there are valid concerns about the potential risks and drawbacks associated with it. One of the main criticisms is that excessive debt can strain the state’s budget and limit its ability to respond to unforeseen economic crises or emergencies. If debt levels become unsustainable, Utah could face downgrades in its credit rating, higher borrowing costs, and reduced access to capital markets. This would ultimately harm the state’s ability to fund essential services and jeopardize its long-term financial stability.
Another concern is the burden that debt places on future generations. As debt continues to accumulate, interest payments can consume a larger portion of the state’s budget, leaving fewer resources available for critical programs and services. This intergenerational transfer of debt could limit opportunities for future residents and hinder Utah’s ability to thrive in the years to come.
In conclusion, Utah debt is a complex and multifaceted issue that requires careful consideration and thoughtful analysis. While debt can be a useful tool for funding essential projects and maintaining government operations, it also carries risks and consequences that must be taken into account. By striking a careful balance between responsible borrowing and prudent financial management, Utah can continue to invest in its future while safeguarding the well-being of its residents.
Reference
- ticas – https://ticas.org/our-work/student-debt/
- ushe – https://ushe.edu/new-report-utah-student-debt-still-lowest-in-the-nation/
- fool – https://www.fool.com/the-ascent/research/average-american-household-debt/
- ushe – https://ushe.edu/average-student-debt-in-utah-continues-to-be-lowest-in-nation/
- ksl – https://www.ksl.com/article/46527812/unaffordable-utah-beehive-state-ranks-no-10-for-most-household-debt
- experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
- educationdata – https://educationdata.org/student-loan-debt-by-state
- pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
- ksltv – https://ksltv.com/411432/unaffordable-utah-beehbive-state-ranks-10-household-debt/
- businessinsider – https://www.businessinsider.com/personal-finance/average-american-debt
- incharge – https://www.incharge.org/debt-relief/credit-counseling/utah/
- usnews – https://www.usnews.com/news/best-states/utah