Delaware Debt Statistics


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

delaware

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

☰ Use “CTRL+F” to quickly find statistics. There are total 31 Delaware Debt Statistics on this page 🙂

Delaware “Latest” Debt Statistics

  • According to the SIPP in 2017, 19% of U.S. households carried medical debt, defined as medical costs people were unable to pay up front or when they received care.[1]
  • According to Yahoo Finance, under normal circumstances, the fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in emerging markets corporate debt securities (80% policy).[2]
  • The share of households with medical debt was almost double for those with any member experiencing a hospital stay (31.3%) than for those with no members with a hospital stay (15.8%).[1]
  • In the fourth quarter of 2021, 4% of all auto debt balances in the country were over 90 days delinquent.[3]
  • According to Stacker, since 2003, the nationwide total average auto loan balance per capita has increased from $2,960 to $5,210, an increase of around 76%.[3]
  • 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.[4]
  • Families with a net worth of $250,000 to $499,999 and $500,000 or above were among the least likely to have a high medical debt burden (1.5% and 0.7%, respectively).[1]
  • Families with members in fair or poor health were also more likely to suffer high medical debt burden (9.4%) than their healthier counterparts (2%), as the medical care costs of those in worse health may be higher.[1]
  • Debt-to-asset levels for the farm sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.[4]
  • 2.9% of families with full insurance and 8.5% of those without full insurance reported having substantial medical debt burdens.[1]
  • Regarding student loans, data compiled in 2019 by Experian indicates that average student loan debt for Delaware borrowers is $36,098, 2.1% higher than the national average of $35,359, 6.2% higher than in 2018 and 27.1% higher than it was in 2014.[5]
  • The average Delaware resident owes $5,462 on credit cards, 12th highest in the country.[6]
  • According to InCharge, Delawareans owed an average of $190,846 on their mortgages in 2019, up 2.9% since 2010 and the 18th highest in the country.[6]
  • Delaware has the fourth highest average student loan debt ($37,447).[6]
  • The average household credit card debt carried by Delaware citizens is $7,158, which is 23% lower than the national average for indebted households of $9,333 and places them in 28th place nationwide.[5]
  • 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.[1]
  • Studies have indicated that default judgements are obtained in more than 70% of debt instances.[7]

Delaware “Family” Debt Statistics

  • 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.[1]

Delaware “Household” Debt Statistics

  • 27.9% of households with a Black householder had medical debt compared to 17.2% of households with a White non-Hispanic householder and 9.7% of households with an Asian householder.[1]
  • 25.4% of homes with the youngest child under the age of five had medical debt, little over a quarter of all households.[1]
  • Households with children under 18 were 24.7% more likely to have medical debt than those without children, who were 16.5% more likely.[1]
  • Nineteen of US 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.[1]

Delaware “House” Debt Statistics

  • Households that had trouble paying their rent or mortgage appeared to have trouble paying medical bills and were more likely to carry a high medical debt burden relative to other households 12.4% compared to 3.5%.[1]
  • High medical debt load is defined as debt that represents more than 20% of a household’s yearly income.[1]
  • 22.1% of south households reported having medical debt, compared to 15.2% of west households and 15.6% of northeast families.[1]
  • 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.[1]

Delaware “Other” Debt Statistics

  • According to Credit Summit, residents have an open credit card balance of $6,963 and 62% of residents have a student loan, the average amount of which is $34,144[8]
  • According to Pew, 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 17 million to nearly 4 million.[7]
  • At University of Delaware, the median federal loan debt among borrowers who completed their undergraduate degree is $24,572.[9]
  • The median monthly federal loan payment (if it were repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is $246.[9]
  • According to US News, in terms of education in Delaware, after graduation, the average debt is $37,447.[9]

Also Read

How Useful is Delaware Debt

Debt can be a tool for states like Delaware to finance infrastructure projects, provide public services, and fund essential programs. By borrowing money, the state can tackle urgent needs without having to rely solely on tax revenues. This can be especially beneficial during times of economic downturns or unexpected emergencies, when revenue streams may be lower than usual.

However, the key question lies in how responsibly and strategically this debt is used. When taken on haphazardly or without a clear plan for repayment, debt can become a burden that stifles economic growth and leaves future generations with a heavy financial load. It is crucial that Delaware carefully analyzes the implications of taking on debt and ensures that any borrowed funds are put to efficient use.

Furthermore, the level of debt that Delaware carries must be evaluated in comparison to its ability to manage and service that debt. If the state’s debt levels are growing at a rate that outpaces its ability to generate revenue, this can pose serious risks to its financial stability. In such cases, Delaware may find itself in a position where debt payments take up a significant portion of its budget, leaving less room for essential services and investments.

It is also worth noting that excessive debt can negatively impact Delaware’s credit rating, making it more expensive for the state to borrow money in the future. This, in turn, can further strain Delaware’s financial resources and limit its capacity to address pressing needs.

On the other hand, prudent use of debt can be a powerful tool for Delaware to stimulate economic growth and improve the quality of life for its residents. By investing in infrastructure projects, education, healthcare, and other essential services, Delaware can create job opportunities, attract businesses, and boost overall prosperity.

In conclusion, Delaware debt can be a useful instrument if used judiciously and in accordance with a well-thought-out plan. It is essential for the state to strike a balance between leveraging debt for productive investments and avoiding overreliance on borrowing. By doing so, Delaware can harness the benefits of debt while safeguarding its financial health for the long term.

Reference

  1. census – https://www.census.gov/library/stories/2021/04/who-had-medical-debt-in-united-states.html
  2. yahoo – https://finance.yahoo.com/quote/DEDIX/profile/
  3. stacker – https://stacker.com/delaware/see-average-auto-loan-balance-capita-delaware
  4. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
  5. unitedsettlement – https://unitedsettlement.com/delaware-debt-settlement/
  6. incharge – https://www.incharge.org/debt-relief/credit-counseling/delaware/
  7. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  8. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/delaware/
  9. usnews – https://www.usnews.com/news/best-states/delaware

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