Arkansas Debt Statistics


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

arkansas

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

☰ Use “CTRL+F” to quickly find statistics. There are total 28 Arkansas Debt Statistics on this page 🙂

Arkansas Debt “Latest” Statistics

  • On average, Arkansas residents carry a credit card balance of $5,660 and 55% of Arkansans have student loan debt, $26,799 worth to be precise.[1]
  • According to Education Data Initiative, $13.0 billion in student loan debt belongs to Arkansas residents.[2]
  • According to Credit Summit, the average Arkansan has $1,580 in personal debt, plus $128,842 of mortgage debt for homeowners.[1]
  • Approximately 37% of Arkansans, compared to 29% of Americans overall, carry debt of some kind.[3]
  • In Arkansas, 23% of residents in communities of color and 19% of residents of towns with a majority of white residents have medical debt that is being collected.[3]
  • 2.9% of families with full insurance and 8.5% of those without full insurance reported having substantial medical debt burdens.[4]
  • In Arkansas, students who graduated from public schools during the 2013-2014 had more debt on average than those who graduated from private schools.[5]
  • Families with a net worth of between $250,000 and $499,999 and 500,000 or more were among the lowest rates of having a large medical debt load, at 1.5% and 0.7%, respectively.[4]
  • Debt-to-asset levels for the sector are forecast to improve from 13.56 percent in 2021 to 13.05 percent in 2022.[6]
  • The proportion of medical debt in collections is greatest in Sevier County, Southwest Arkansas, at 31%.[3]
  • 19% of families in both categories, including those above and below the poverty line, reported having medical debt, therefore there was no difference in this statistic.[4]
  • According to the SIPP, 19% of US families had medical debt in 2017—defined as medical expenses that individuals couldn’t afford to pay up front or at the time they got treatment.[4]
  • Compared to 30.8% of families without comprehensive insurance, 16.2% of those having full coverage for all members for the whole year incurred medical debt.[4]
  • Farm sector debt is forecast to increase by $27.8 billion (5.9%) in 2022 to $501.9 billion in nominal terms but it is forecast to fall by 0.4% when adjusted for inflation.[6]
  • Families with some college but no degree at the highest level of education had a 26.2% higher likelihood of having medical debt.[4]
  • 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.[7]
  • $33,333 is the average student loan debt in Arkansas, and 51.2% of them are under the age of 35.[2]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[7]

Arkansas Debt “Household” Statistics

  • Health and economic circumstances may also influence which families have a high burden of medical debt, even though just 4% of all households reported having a high burden of medical debt.[4]
  • High medical debt load is defined as debt that represents more than 20% of a household’s yearly income.[4]
  • Nineteen percent of U.S. households could not afford to pay for medical care up front or when they received care in 2017, according to new U.S. Census Bureau data on the burden of medical debt.[4]
  • When any family member spent time in the hospital, the proportion of households with medical debt increased to 31.3% from 15.8% when there were no family members who spent time in the hospital.[4]

Arkansas Debt “House” Statistics

  • Households with children under 18 were 24.7% more likely to have medical debt than those without children, who were 16.5% more likely.[4]
  • Regionally, 22.1% of south households reported having medical debt, compared to 15.2% of west households and 15.6% of northeast families.[4]
  • 25.4% of homes with the youngest child under the age of five had medical debt, little over a quarter of all households.[4]
  • About 31% of households with a member in fair or poor health had medical debt compared to 14.4% of those with no members in fair or poor health.[4]

Arkansas Debt “Other” Statistics

  • Nearly half of who lost coverage reported having serious problems paying off medical debt.[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.[7]

Also Read

How Useful is Arkansas Debt

One of the key arguments in favor of Arkansas debt is that it can be used to fund critical infrastructure projects. Building and maintaining roads, bridges, and public facilities require significant financial resources that the state may not have readily available. By taking on debt, Arkansas can invest in projects that will benefit residents for years to come. These projects can generate jobs, boost local economies, and improve quality of life.

Supporters of Arkansas’ debt also point to its potential for stimulating economic growth. When the state borrows money, it can inject those funds into the economy through various channels, such as public works projects, tax incentives, or grants to businesses. This injection of funds can create demand for goods and services, which spurs economic activity and job creation. In this sense, debt can be seen as an investment in the state’s future prosperity.

Further, debt can be used to support social programs that provide essential services to residents. Education, healthcare, and social welfare programs are crucial for ensuring the well-being of Arkansas residents. By taking on debt, the state can ensure that these programs are adequately funded and can continue to benefit those in need. This support can help lift residents out of poverty, improve healthcare outcomes, and provide opportunities for a better future.

On the other hand, critics of Arkansas debt argue that it poses a significant risk to the state’s financial stability. Increasing debt levels can lead to higher interest payments, which can strain the state budget and limit funding for other essential services. Additionally, carrying a large amount of debt can impact Arkansas’ credit rating, making it more expensive for the state to borrow in the future.

Critics also raise concerns about the long-term impact of debt on future generations. As the state takes on more debt, it must eventually be repaid, either through increased taxes or budget cuts. This burden can fall on future generations who may not have benefited from the projects or programs funded by the debt. In this sense, using debt irresponsibly can pass on significant financial challenges to future Arkansans.

Overall, the usefulness of Arkansas debt is a complex issue with valid arguments on both sides. While debt can be a valuable tool for funding critical projects, stimulating economic growth, and supporting social programs, it also carries risks that must be carefully considered. As Arkansas continues to navigate its financial challenges, it is essential for policymakers to weigh the costs and benefits of debt carefully to ensure the state’s long-term prosperity.

Reference

  1. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/arkansas/
  2. educationdata – https://educationdata.org/student-loan-debt-by-state
  3. ualrpublicradio – https://www.ualrpublicradio.org/local-regional-news/2022-01-27/arkansas-groups-erase-millions-in-medical-debt
  4. census – https://www.census.gov/library/stories/2021/04/who-had-medical-debt-in-united-states.html
  5. ballotpedia – https://ballotpedia.org/Higher_education_in_Arkansas,_1993-2016
  6. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
  7. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  8. cbpp – https://www.cbpp.org/research/health/states-experiences-confirm-harmful-effects-of-medicaid-work-requirements

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