Idaho Debt Statistics


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

idaho

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

☰ Use “CTRL+F” to quickly find statistics. There are total 22 Idaho Debt Statistics on this page 🙂

Idaho Debt “Latest” Statistics

  • According to Education Data Initiative, unpaid meal debt cost 10% of school districts income, equivalent to more than 1% of their yearly costs, but less than 10% of those expenses.[1]
  • Idaho’s total state debt in terms of meal is estimated to have at least $2.36 million.[1]
  • 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.[2]
  • 38% the meal debt per state was estimated by taking the average debt per child for each state and multiplying that with the number of food insecure children ineligible for federal assistance.[1]
  • In the fourth quarter of 2021, 4% of all auto debt balances in the country were over 90 days delinquent.[3]
  • 30% of school districts would still have been in the red for other unrelated costs even after collecting all of the outstanding food debt.[1]
  • According to Experian, Idahoans had $185,322 in mortgage debt in 2020, up 8.3% from 2019.[4]
  • Over 35% of personal loans in Idaho are utilized for debt consolidation, making Idahoans among the three top users of loans.[5]
  • Idahoans owed on average of $19,832 on their auto loans, and roughly $4,582 on their credit cards in 2020.[4]
  • The median amount of outstanding meal debt per school district has increased by 70% since 2012.[1]
  • The average household in Idaho owes over $8,500 to credit card companies, according to Consolidated Credit.[6]
  • People in Idaho are less likely to have educational debt. However, they have an average student loan debt of $33,012.[7]
  • $7.2 billion in student loan debt belongs to state residents of Idaho, according to Education Data Initiative.[7]
  • Debt-to-asset levels for the farm sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.[8]
  • According to the U.S. Census Bureau, Idaho had a debt of $3,685,377,000 in 2015.[9]
  • Idaho ranked 43rd among the states in debt and 38th in per capita debt with state debt per capita of $2,230.[9]
  • According to Consumer Finance, the mortgage delinquency in Idaho is 0.7%.[10]
  • 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 cases from 2010 to 2019.[11]
  • While mortgages are still by far the biggest component of household debt at 71% the data show how consumers are relying more on credit cards as decades high inflation raises the cost of everything, including food, petrol, and housing.[12]

Idaho Debt “Other” Statistics

  • Idaho has the nation’s third-best economic outlook for 2021, according to richstatespoorstates.org.[4]
  • 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.[11]
  • In small cities or towns, 66.4% of schools projected a decrease in funding for their food program.[1]

Also Read

How Useful is Idaho Debt

Idaho’s debt can be seen as a necessary evil in some regards. It allows the state to invest in infrastructure projects, education initiatives, and other development programs that benefit the community as a whole. Without debt, these projects would be difficult or impossible to finance, ultimately hindering progress and growth within the state.

However, Idaho’s debt can also be a cause for concern. As with any debt, there is a cost involved in borrowing money, whether in the form of interest payments or potential credit downgrades. Excessive debt can also limit the state’s ability to respond to unexpected challenges or economic downturns, leaving Idaho vulnerable to financial instability.

Another aspect to consider is how public debt impacts the everyday lives of Idaho residents. Those interest payments and credit downgrades could potentially result in higher taxes or reduced services, affecting taxpayers and the quality of life in the state. It is essential for policymakers to carefully consider the long-term consequences of accumulating debt and ensure that it is used wisely and responsibly.

Furthermore, the attitude towards debt can vary among individuals and institutions. Some may view debt as a necessary and manageable part of financial planning, while others may see it as an unnecessary burden that should be avoided at all costs. It is crucial for Idaho to strike a balance between leveraging debt for strategic investment and maintaining a sustainable financial outlook.

In conclusion, Idaho’s debt serves as a vital tool for funding important projects and initiatives that benefit residents and promote economic growth. However, it is essential for policymakers to approach debt management with caution and foresight to avoid the negative repercussions associated with excessive borrowing. Idaho must carefully weigh the costs and benefits of taking on debt and ensure that it is used in a manner that serves the best interests of the state and its residents. By maintaining a prudent approach to debt, Idaho can continue to thrive and prosper while also safeguarding its financial well-being for future generations.

Reference

  1. educationdata – https://educationdata.org/school-lunch-debt
  2. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  3. bigcountrynewsconnection – https://www.bigcountrynewsconnection.com/news/state/idaho/see-the-average-auto-loan-balance-per-capita-in-idaho/collection_8b53bfb4-f448-527d-9457-955ecc17f9a0.html
  4. incharge – https://www.incharge.org/debt-relief/credit-counseling/idaho/
  5. lendingtree – https://www.lendingtree.com/debt-relief/idaho/
  6. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/idaho/
  7. educationdata – https://educationdata.org/student-loan-debt-by-state
  8. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
  9. ballotpedia – https://ballotpedia.org/Idaho_state_debt,_2004-2017
  10. consumerfinance – https://www.consumerfinance.gov/data-research/mortgage-performance-trends/mortgages-90-or-more-days-delinquent/
  11. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  12. spokesman – https://www.spokesman.com/stories/2022/jun/10/americans-put-more-on-credit-cards-as-inflation-bo/

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