Idaho Debt Statistics 2023: Facts about Debt in Idaho reflect the current socio-economic condition of the state.
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.
On this page, you’ll learn about the following:
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
- Alabama Debt Statistics
- Alaska Debt Statistics
- Arizona Debt Statistics
- Arkansas Debt Statistics
- California Debt Statistics
- Colorado Debt Statistics
- Connecticut Debt Statistics
- Delaware Debt Statistics
- Florida Debt Statistics
- Georgia Debt Statistics
- Hawaii Debt Statistics
- Idaho Debt Statistics
- Illinois Debt Statistics
- Indiana Debt Statistics
- Iowa Debt Statistics
- Kansas Debt Statistics
- Kentucky Debt Statistics
- Louisiana Debt Statistics
- Maine Debt Statistics
- Maryland Debt Statistics
- Massachusetts Debt Statistics
- Michigan Debt Statistics
- Minnesota Debt Statistics
- Mississippi Debt Statistics
- Missouri Debt Statistics
- Montana Debt Statistics
- Nebraska Debt Statistics
- Nevada Debt Statistics
- New Hampshire Debt Statistics
- New Jersey Debt Statistics
- New Mexico Debt Statistics
- New York Debt Statistics
- North Carolina Debt Statistics
- North Dakota Debt Statistics
- Ohio Debt Statistics
- Oklahoma Debt Statistics
- Oregon Debt Statistics
- Pennsylvania Debt Statistics
- South Carolina Debt Statistics
- South Dakota Debt Statistics
- Tennessee Debt Statistics
- Texas Debt Statistics
- Utah Debt Statistics
- Vermont Debt Statistics
- Virginia Debt Statistics
- Washington Debt Statistics
- West Virginia Debt Statistics
- Wisconsin Debt Statistics
- Wyoming Debt Statistics
- District of Columbia Debt Statistics
How Useful is Idaho Debt
When it comes to the state of Idaho, the issue of debt is one that cannot be ignored. With a growing population and increasing demands on public services, the state has had to borrow money to finance numerous projects and initiatives. But the question remains: how useful is this debt?
On one hand, debt can be a powerful tool for economic development. By allowing the state to fund infrastructure projects, education initiatives, and other investments, debt can spur economic growth and create new opportunities for residents. Without debt, many of these projects would simply not be possible, leaving Idaho at a disadvantage compared to other states that are willing to take on debt to invest in their future.
Furthermore, debt can also help Idaho weather unforeseen financial challenges. In times of economic downturn or natural disaster, having debt can provide a financial cushion that allows the state to continue providing essential services and support to residents. Without debt, Idaho would be much more vulnerable to economic shocks that could have serious consequences for its residents.
However, it is important to recognize the risks associated with debt. Too much debt can lead to financial instability, with interest payments eating up a larger and larger portion of the state’s budget. This can restrict the state’s ability to invest in important priorities and limit its flexibility in responding to new challenges.
Moreover, debt can also burden future generations with the consequences of decisions made today. By borrowing money now, Idaho is essentially passing the bill for current investments onto future taxpayers. This can create a cycle of debt that becomes increasingly difficult to break, with each new generation responsible for paying off the debts accumulated by those who came before them.
Ultimately, the usefulness of Idaho’s debt depends on how it is managed. If used wisely and in moderation, debt can be a valuable tool for investing in the state’s future and supporting economic growth. However, if not handled carefully, debt can become a barrier to progress and a burden that weighs down the state for years to come.
As Idaho continues to navigate the challenges of a growing population and shifting economic landscape, it is crucial that policymakers consider the role of debt in financing the state’s priorities. By carefully weighing the risks and benefits of borrowing money, Idaho can ensure that its debt remains a useful tool for building a better future for all residents.
Reference
- educationdata – https://educationdata.org/school-lunch-debt
- experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
- 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
- incharge – https://www.incharge.org/debt-relief/credit-counseling/idaho/
- lendingtree – https://www.lendingtree.com/debt-relief/idaho/
- consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/idaho/
- educationdata – https://educationdata.org/student-loan-debt-by-state
- usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
- ballotpedia – https://ballotpedia.org/Idaho_state_debt,_2004-2017
- consumerfinance – https://www.consumerfinance.gov/data-research/mortgage-performance-trends/mortgages-90-or-more-days-delinquent/
- pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
- spokesman – https://www.spokesman.com/stories/2022/jun/10/americans-put-more-on-credit-cards-as-inflation-bo/