Illinois Debt Statistics


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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

At the heart of the debate is the question of how useful Illinois Debt truly is. On one hand, debt can be a valuable financial instrument that allows government entities to smooth out budgetary pressures, finance large infrastructure projects, and manage cash flow fluctuations. This can be especially important for states like Illinois, which faces ongoing budgeting challenges due to a combination of factors such as pension obligations, rising healthcare costs, and a sluggish economy.

By using debt, Illinois can spread out the costs of major projects over time, rather than having to fund them upfront with limited financial resources. This can allow the state to invest in critical infrastructure improvements needed to support economic growth and improve quality of life for residents. In essence, debt can provide a necessary bridge to future prosperity by enabling the state to make investments that will pay dividends in the long run.

However, the downside of Illinois Debt is that excessive borrowing can lead to spiraling interest payments, credit downgrades, and ultimately financial instability. If debt levels become too high, creditors may become hesitant to lend money to the state, leading to liquidity problems and potentially even default. This can have wide-reaching negative consequences, from harming the state’s credit rating to requiring drastic cuts in services to balance the budget.

Moreover, reliance on debt can also crowd out other important spending priorities, such as education, healthcare, and social services. When a large portion of the state’s budget is dedicated to servicing debt, there may be less room for critical investments in areas that can drive long-term economic growth and social welfare.

Ultimately, the usefulness of Illinois Debt depends on how it is managed and for what purposes it is used. Prudent borrowing for essential investments can be a responsible fiscal strategy that benefits residents and communities in the long term. However, excessive or wasteful borrowing can lead to significant financial problems that harm the state’s ability to meet its obligations and serve its residents.

Moving forward, Illinois policymakers must carefully consider the costs and benefits of debt as they make decisions about the state’s budget and financial priorities. By taking a balanced approach that leverages debt strategically while also exercising fiscal discipline, Illinois can navigate its financial challenges and build a more 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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