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.

illinois

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.

On this page, you’ll learn about the following:

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 necessary tool for governments to fund major projects and investments. Illinois, like many other states, has used debt to finance infrastructure improvements, education initiatives, and other critical services. These investments can have long-term benefits for the state and its residents, improving quality of life and boosting economic growth.

Additionally, debt can also serve as a vital source of liquidity for the state during times of economic downturns or emergencies. By issuing bonds, Illinois can access much-needed funds quickly and efficiently to address unforeseen challenges, such as natural disasters or public health crises.

However, the usefulness of Illinois debt is not without its drawbacks. High levels of debt can pose significant risks to the state’s financial health and stability. Excessive debt burdens can lead to credit downgrades, higher borrowing costs, and strained budgets as more revenue is allocated to debt service, leaving less for essential services and programs.

Furthermore, reliance on debt can create a cycle of dependency, as the state may continue to borrow to meet current obligations rather than addressing underlying fiscal issues. This can exacerbate financial imbalances and inhibit long-term sustainability, leaving future generations to bear the burden of today’s fiscal mismanagement.

Critics of Illinois debt argue that the state’s borrowing practices have become unsustainable, with unchecked spending and borrowing contributing to a dire fiscal situation. They contend that reform is necessary to rein in debt levels and restore fiscal responsibility, ensuring that the state can meet its obligations without jeopardizing its financial future.

Proponents of Illinois debt, on the other hand, argue that debt is a necessary tool for governments to address complex and pressing needs. They emphasize the importance of balancing short-term financial constraints with long-term investments in critical services and infrastructure, highlighting the role debt plays in bridging the gap between current resources and future needs.

Ultimately, the usefulness of Illinois debt is a nuanced and complex issue that requires careful consideration and thoughtful analysis. While debt can be a valuable tool for addressing key priorities and challenges, it must be managed responsibly to avoid negative consequences and promote overall fiscal sustainability.

As Illinois grapples with its debt burden, policymakers and stakeholders should work together to evaluate the costs and benefits of borrowing, prioritize investments that yield long-term returns, and implement reforms to ensure that debt remains a viable and strategic mechanism for achieving the state’s priorities. By doing so, Illinois can strike a balance between debt utilization and fiscal prudence, setting the stage for a more sustainable and prosperous future for all residents.

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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