Arizona Debt Statistics


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

☰ Use “CTRL+F” to quickly find statistics. There are total 26 Arizona Debt Statistics on this page 🙂

Arizona “Latest” Debt Statistics

  • According to debt.org, Americans in the top 10% by income have a median of $222,200 in debt, whereas those in the bottom 25% have less than $20,900.[1]
  • According to the Department of Education, 34% of total debt was owed by those aged 18 to 29.[1]
  • According to a 2019 study by the Motley Fool, Arizona ranked fourth among the top 15 states whose residents owe more than they make.[2]
  • According to statistics gathered by Educationdata.org, Blacks had an average student loan debt of $52,000 in 2021.[1]
  • The average debt for Arizona’s 3.8 million adults in 2019 was $54,290, according to the New York Federal Reserve.[3]
  • People in the highest 10% of annual income had an average credit card debt of $12,600, according to a 2021 ValuePenguin analysis of Census and Federal Reserve reports.[1]
  • Arizona is ranked 11th out of the states with the highest vehicle loan debt from 2018 to 2019.[2]
  • 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.[4]
  • According to the Federal Reserve, American household debt reached a record high of $14.6 trillion in the spring of 2021.[1]
  • 57% of homeowners cited a medical debt or another medical issue as the reason for their foreclosure, and 54% had incurred additional debt to cover medical expenses.[5]
  • About 40% of Black graduates have student loan debt from graduate school, while 22% of white college graduates have graduate school debt.[1]
  • According to a Brookings Institution survey, 6% of borrowers have student loan debt over $100,000, with 2% having debt exceeding $200,000.[1]
  • Arizona’s default rate has risen one over the national average from 10.8% to 11.45% in 2016, while the state’s student debt was somewhat lower than the norm.[2]
  • According to the National Center for Education Studies, women are responsible for 58% of all student loan debt.[1]
  • People put up collateral and pay around 10%-12% for a debt consolidation loan, compared to the 25% they likely are paying to credit card companies.[6]
  • Arizona’s average debt is also on par with the rest of the country with $35,396 average student loan debt.[7]
  • Credit card debt decreased by $73 billion, marking the first yearly decline in eight years and a 9% fall from 2019.[1]
  • High school graduates only carry an average of $4,600 credit card debt, according to data from the Federal Reserve, the Consumer Financial Protection Bureau and Experian.[1]

Arizona “Household” Debt Statistics

  • According to the Economic Policy Institute, from 2000 to 2019, the median household income of Blacks went from $45,442 to $46,073.[1]
  • The National Institute for Retirement Security’s 2020 study found that their median household retirement income was $47,244.[1]
  • People of color make up 63% of the households that are in rent debt, and 78% are low-income households making less than $50,000.[8]

Arizona “House” Debt Statistics

  • According to the U.S. Department of Housing and Urban Development, the median household income hit $79,900 in the first quarter of 2021.[1]
  • According to the Federal Reserve, American household debt reached a record high of $14.6 trillion in the spring of 2021.[1]

Arizona “Other” Debt Statistics

  • In 2022, the average interest rate on credit cards was 16.7%, but if you miss a payment, the rate can jump to 20%-25%.[6]
  • The US Census Bureau estimates that in the five years between 2014 and 2018, little over 260,000 individuals each year relocated to Arizona.[3]
  • According to a poll conducted by Experian in November 2020, 66% of customers spent the same amount or less during the pandemic as they did in 2019.[1]

Also Read

How Useful is Arizona Debt

Proponents of taking on debt argue that it is a necessary tool for funding essential infrastructure projects, such as building roads, bridges, schools, and public facilities. These projects are crucial for ensuring the safety, well-being, and economic growth of the state and its residents. Without the ability to take on debt, Arizona would likely struggle to keep up with the demands of a growing population and rapidly changing economy.

Furthermore, proponents argue that taking on debt can actually save the state money in the long run. By borrowing money now to finance needed projects, Arizona can avoid costly delays and prevent the deterioration of critical infrastructure. In the end, investing in infrastructure through debt can lead to a more efficient use of taxpayer dollars and a higher quality of life for residents.

On the other hand, critics of Arizona debt caution against the risks associated with borrowing money. They argue that excessive debt levels can lead to increased interest payments, crowding out other essential government spending priorities. Additionally, high levels of debt can negatively impact the state’s credit rating, leading to higher borrowing costs in the future.

Critics also point to the potential for mismanagement and inefficiency when it comes to spending borrowed funds. Without proper oversight and accountability, debt-funded projects could end up being wasteful or unnecessary, further exacerbating the state’s financial challenges.

It is important for policymakers to strike a balance between leveraging debt for strategic investments and maintaining fiscal responsibility to avoid putting future generations at risk. Careful planning, prioritization, and monitoring of debt levels are essential in ensuring that Arizona’s debt remains a useful tool rather than a burden.

Ultimately, the usefulness of Arizona debt depends on how it is used and managed. When used wisely to fund essential public projects that benefit the overall well-being of the state and its residents, debt can be a valuable resource. However, when mismanaged or used frivolously, debt can quickly become a hindrance to the state’s financial health and stability.

As the state continues to navigate its financial challenges and opportunities, it is crucial for policymakers to carefully consider the implications of taking on additional debt and ensure that it is being used in a responsible and effective manner. The future of Arizona’s financial health and well-being may very well depend on it.

Reference

  1. debt – https://www.debt.org/faqs/americans-in-debt/demographics/
  2. self – https://www.self.inc/info/average-credit-score-and-debt-arizona/
  3. incharge – https://www.incharge.org/debt-relief/credit-counseling/arizona/
  4. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  5. nih – https://pubmed.ncbi.nlm.nih.gov/26536913/
  6. debt – https://www.debt.org/faqs/americans-in-debt/consumer-arizona/
  7. educationdata – https://educationdata.org/student-loan-debt-by-state
  8. usnews – https://www.usnews.com/news/best-states/articles/2021-05-17/data-shows-us-households-are-nearly-20-billion-in-debt-on-rent

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