Illinois Debt Statistics


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

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

☰ Use “CTRL+F” to quickly find statistics. There are total 18 Illinois Debt Statistics on this page 🙂

Illinois Debt “Latest” Statistics

  • According to the Benson Law Firms, the average amount of credit card debt per person in Illinois was $6,253, slightly higher than the U.S. average of $6,194 in 2019.[1]
  • The average person in Illinois has $36,531 in student loan debt. That’s the sixth highest amount of student loan debt among U.S. states.[1]
  • According to Forbes, over 45 million people have student loan debt with an average balance of $37,691 including both federal and private education debt.[1]
  • In Illinois, the average total debt for both undergrad and graduate education for a professional degree in 2015/2016 was over $140,000.[1]
  • As of 2019, 43% of those who have attended college, incurred at least some debt for their education (including those that did not finish a degree or went to technical or trade schools).[1]
  • The total amount of student loan debt in the US surpassed $1.7 trillion in December 2020 according to estimates from the Federal Reserve.[1]
  • Illinois residents are slightly less likely to have student loan debt. However, Illinois has an average student loan debt of $37,757.[1]
  • According to debt.org, Illinois residents do a little better than the rest of the country at accumulating debt, with an average debt balance of $50,450 for residents with credit reports.[2]
  • According to InCharge, Illinois residents ranked 35th in the nation in auto debt in 2020 at $19,036.[1]
  • American households hold a lot of debt for over $15 trillion in 2018.[2]
  • According to the Institute of College Access and Success, the Illinois people has an average debt of $28,552 with a percentage of 57%.[3]
  • Illinois also spent 1.3 percentage points more of its revenues on general debt interest than the average state.[4]
  • In 2020, the Illinois average consumer debt is $83,968 while in 2021, the average consumer debt is $85,991.[5]
  • 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.[5]
  • According to Nerd Wallet, 41% of Americans who currently have debt feel anxious about it, and 35% feel overwhelmed.[6]
  • Illinois residents have, on average, $5,265 in credit card debt, the 15th largest amount in the US.[1]
  • Illinois ranks seventh in the nation in terms of the most collective student loan debt at $59 billion.[1]
  • According to Pew, the 2013 data show that 75% of civil case judgments were for less than $5,200, which means that in most states, debt claims are typically filed in a limited or small claims court.[1]

Also Read

How Useful is Illinois Debt

On one hand, debt can be a useful tool for funding important infrastructure projects, social programs, and other initiatives that can help stimulate economic growth and improve the quality of life for residents. By borrowing money to invest in projects that have long-term benefits, a state like Illinois can fuel its economy and lay the groundwork for future prosperity.

Additionally, debt can help smooth out fluctuations in revenue and ensure that crucial services continue to be provided, even during times of economic downturn. It can provide flexibility and allow for investments in areas that are crucial for the state’s long-term wellbeing but may not have immediate returns.

However, when debt is excessive and not effectively managed, it can quickly spiral out of control and become a financial burden that stifles economic growth and threatens the state’s stability. Excessive debt can lead to higher interest payments, reduced credit ratings, and increased borrowing costs, all of which can make it harder for a state to finance essential services and address critical needs.

Furthermore, accrual of substantial debt can limit a state’s ability to respond to unforeseen challenges and emergencies, such as natural disasters or economic crises. In times of crisis, a state with high levels of debt may be less equipped to weather the storm and provide necessary relief to its citizens.

It’s essential for Illinois to carefully consider the pros and cons of accumulating more debt and to ensure that any new borrowing is done thoughtfully and responsibly. Debt should be seen as a temporary solution to address short-term needs rather than a long-term strategy for funding ongoing expenses.

That being said, reducing debt can often be a complex and challenging process that requires careful planning and a multi-faceted approach. It may involve measures such as cutting expenses, increasing revenue, and implementing structural reforms to ensure that the state’s finances are sustainable in the long run.

In conclusion, Illinois debt can be a useful tool when used strategically and prudently, but excessive debt can quickly become a burden that hinders economic growth and threatens the state’s financial stability. It’s crucial for Illinois policymakers to carefully consider the implications of taking on more debt and to prioritize fiscal responsibility to ensure the state’s long-term prosperity.

Reference


  1. incharge – https://www.incharge.org/debt-relief/credit-counseling/illinois/
  2. brookings – https://www.brookings.edu/blog/up-front/2019/06/25/six-facts-about-wealth-in-the-united-states/
  3. ticas – https://ticas.org/interactive-map/
  4. chicagofed – https://www.chicagofed.org/publications/chicago-fed-letter/2016/365
  5. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  6. nerdwallet – https://www.nerdwallet.com/blog/average-credit-card-debt-household/

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