Hawaii Debt Statistics


Steve Goldstein
Steve Goldstein
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Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

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

hawaii

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

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

Hawaii Debt “Latest” Statistics

  • According to Experian, the total consumer debt balances increased 5.4% from 2020 to 2021 to $15.31 trillion, a $772 billion increase, and more than double the 2.7% increase from 2019 through 2020.[1]
  • In 2020, the Hawaii average consumer debt is $133,903 while in 2021, the average consumer debt is $138,274.[1]
  • According to the Institute of College Access and Success, the Hawaiian people has an average debt of $24,926 with a percentage of 45.[2]
  • According to Shift, compared to 77.8% of families in the west, just 75.4% of families in the northeast are on a typical basis in debt.[3]
  • 37% of couples postpone having children and establishing households until they establish their finances and pay off the majority of their debt.[3]
  • According to Education Data, Hawaiians are the least likely to have student loans outstanding, with 8.4% of residents in debt.[4]
  • Hawaii has a smaller proportion of indebted student borrowers, but the average remaining student loan balance is high compared to the rest of the United States with $4.5 billion in student loan debt.[4]
  • According to Consolidated Credit, the average Hawaiian household owes over $8,000 to creditors.[5]
  • In Hawaii, the average credit score is near the national average at 693, the average cardholder uses over 30% of their available credit limit.[5]

Hawaii Debt “Other” Statistics

  • As of December 31, 2021 the Hawaiian Airline company had an outstanding debt and finance lease obligations of $1.9 billion.[6]
  • According to Consumer Finance, the mortgage delinquency in Hawaii is 0.5%.[7]
  • 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]
  • Hawaii residents have an open credit card balance of $6,675 and 49% of residents have a student loan, the average amount of which is $25,125.[9]
  • According to InCharge, the average Hawaiian had a $238 average monthly credit card bill, the second highest in the nation.[9]
  • According to Lending Tree, card debt resulted in overall growth until the financial collapse in 2008, when balances fell from $866 billion in the fourth quarter of 2008 to $660 billion in the first quarter of 2013.[9]
  • A study of monthly debt to income ratios nationally put Hawaii’s at 36.15% in 2019, the highest in the nation.[9]
  • Consumer debt reached $14.56 trillion after the fourth quarter of 2020, according to the New York Federal Reserve.[10]

Also Read

How Useful is Hawaii Debt

One could argue that debt can be a useful tool when used strategically. For example, taking on debt to invest in infrastructure projects or expand social services can stimulate economic growth and improve the overall quality of life for residents. These investments can lead to job creation, increased commerce, and a stronger, more competitive local economy.

Furthermore, debt can also be essential during times of crisis or emergency. In the face of natural disasters or unforeseen events, borrowing money can provide the necessary resources to respond effectively and mitigate the impact of the crisis. Without access to debt, governments may struggle to provide timely assistance and support to affected communities.

On the other hand, excessive debt can have harmful consequences. High levels of debt can strain government budgets, leading to cuts in essential services, increased taxes, and reduced public investment. Additionally, a heavy debt burden can limit a government’s ability to respond to future crises or unexpected events, putting the state at risk of financial instability.

Moreover, carrying a significant amount of debt can also signal weakness to investors and credit rating agencies, potentially leading to higher borrowing costs and decreased confidence in the state’s financial health. This can further exacerbate the debt problem and create a vicious cycle of increasing debt levels.

It is important for policymakers to carefully consider the costs and benefits of taking on debt and to exercise fiscal responsibility in managing the state’s finances. This includes establishing clear priorities, monitoring debt levels, and ensuring that borrowing is done prudently and in the best interest of the state and its residents.

Overall, the usefulness of Hawaii debt ultimately depends on how it is used and managed. When used wisely and strategically, debt can be a valuable tool for economic development and crisis management. However, it is crucial to be mindful of the potential risks and downsides associated with debt and to take proactive steps to ensure that it does not become a burden on the state and its citizens.

Reference


  1. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  2. ticas – https://ticas.org/interactive-map/
  3. shiftprocessing – https://shiftprocessing.com/american-debt/
  4. educationdata – https://educationdata.org/student-loan-debt-by-state
  5. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/hawaii/
  6. hawaiianairlines – https://newsroom.hawaiianairlines.com/releases/hawaiian-holdings-reports-2021-fourth-quarter-and-full-year-financial-results
  7. consumerfinance – https://www.consumerfinance.gov/data-research/mortgage-performance-trends/mortgages-90-or-more-days-delinquent/
  8. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  9. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/hawaii/
  10. debt – https://www.debt.org/faqs/americans-in-debt/

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