Idaho Debt Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
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.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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

The question then arises – how useful is Idaho debt? The answer to this complex question lies in how effectively the borrowed funds are being utilized and managed. When used prudently, debt can be a powerful tool for investing in infrastructure, education, and other essential services that can ultimately improve the overall well-being of a state’s residents.

In the context of Idaho, debt has been instrumental in financing key projects that have contributed to the state’s growth and development. For example, the construction of highways, schools, and other infrastructure projects have been made possible through the issuance of bonds, allowing the state to expand its capacity and attract businesses and residents to the region. This influx of economic activity has resulted in the creation of jobs, increased tax revenues, and improved quality of life for Idahoans.

Furthermore, debt can also be used as a strategic financial tool to take advantage of favorable interest rates and spread out the costs of projects over time. By borrowing funds at low rates and investing them in initiatives that generate long-term returns, Idaho can effectively leverage debt to maximize the benefits for its citizens. This approach can effectively balance the immediate needs of the state with the long-term goals of sustainable growth and development.

However, it is crucial to recognize the potential risks and challenges associated with debt. Excessive borrowing can lead to financial strain, as excessive debt service payments can crowd out funding for other essential services and projects. Additionally, relying too heavily on debt can limit a state’s flexibility and financial stability in the long run, especially in times of economic uncertainty or market volatility.

To ensure the usefulness of Idaho debt, it is essential for policymakers to adopt a balanced and strategic approach to borrowing. This involves careful planning, thoughtful consideration of the potential impact on future generations, and transparent communication with taxpayers and stakeholders. By implementing sound fiscal policies and responsible debt management practices, Idaho can maximize the benefits of borrowing while minimizing the risks associated with debt accumulation.

In conclusion, the usefulness of Idaho debt ultimately depends on how effectively it is utilized and managed. When used prudently and strategically, debt can be a valuable tool for financing key projects and initiatives that can drive economic growth and improve the overall well-being of the state’s residents. By taking a balanced and forward-thinking approach to borrowing, Idaho can harness the power of debt to achieve its goals and enhance the prosperity of its citizens for years to come.

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/

Leave a Comment