Hawaii Debt Statistics


Steve Goldstein
Steve Goldstein
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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

Debt in itself is not necessarily a bad thing. It is a tool that many governments use to fund important projects and investments when funds are not readily available. Similarly, Hawaii’s debt has been used to finance infrastructure improvements, healthcare programs, and education initiatives, among other things. Without debt, the state may not have had the resources to make these vital investments that have benefited its residents for generations.

However, the question of whether Hawaii’s debt is truly useful lies in the way it is managed and allocated. It is important for the state to carefully evaluate the cost and benefits of taking on additional debt, ensuring that it is being used effectively and will ultimately contribute to the state’s overall economic growth and prosperity.

One concern often raised about Hawaii’s debt is the potential burden it places on future generations. As debt accumulates, the state must allocate more and more of its budget towards servicing that debt, leaving fewer resources for other important programs and services. This can lead to higher taxes, reduced public services, and increased budget deficits, all of which can have negative consequences for residents both now and in the future.

It is crucial for Hawaii to strike a balance between utilizing debt as a valuable financial tool and ensuring that it does not become a hindrance to economic progress. Responsible debt management involves careful consideration of factors such as interest rates, debt service costs, and the state’s overall financial health. By properly managing its debt, Hawaii can invest in critical infrastructure and programs that will benefit its residents while also maintaining a sustainable budget for future generations.

Ultimately, the usefulness of Hawaii debt will depend on how it is managed and invested. While debt can be a powerful tool for driving economic growth and finance important initiatives, it must be used thoughtfully and responsibly. By ensuring that Hawaii’s debt is allocated wisely and managed effectively, the state can continue to thrive and provide a high quality of life for its residents for years to come.

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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