Indiana Debt Statistics


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Steve Goldstein
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Indiana Debt Statistics 2023: Facts about Debt in Indiana 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 Indiana 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 Indiana 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 Indiana 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 Indiana Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 22 Indiana Debt Statistics on this page 🙂

Indiana Debt “Latest” Statistics

  • According to SNA’s 2023 School Nutrition Trends Survey, 96.3% of districts that must charge for meals reported that unpaid meal debt is a challenge for their school meal programs, with 65.4% reporting a significant challenge.[1]
  • According to Money Geek, the age group most likely to incur credit card debt is 45–54 year old Americans, who make up 52% of the population.[2]
  • According to Education Data Initiative, the average student loan balance in Indiana is lower than the nationwide average with $29.8 billion student loan and $32,874 average student loan.[3]
  • US residents identifying themselves as white (non-Hispanics) reported an average of $6,900 credit debt, according to the Federal Reserve’s Survey of Consumer Finances.[2]
  • About 58% of Indiana students from the class of 2017 graduated with debt, with each student owing an average of $29,405.[4]
  • Only 28% of persons in the age bracket of 75 or older have debt, despite the fact that they have the highest average credit card debt at $8,100.[2]
  • According to LendEDU.com, the total outstanding student loan debt now stands at to $1.52 trillion, making it the second largest form of consumer debt behind only mortgages.[4]
  • 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.[5]
  • In 2021, mortgage balances for borrowers averaged $220,380 in 2021, a 5.9% increase from 12 months earlier.[5]
  • Individuals who reported as belonging to other or many races had the lowest percentage of debt, at 44%.[2]
  • 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 these cases from 2010 to 2019.[6]

Indiana Debt “Other” Statistics

  • At Indiana University Bloomington, the median federal loan debt among borrowers who completed their undergraduate degree is $19,500.[7]
  • The New York Fed’s quarterly Household Debt and Credit Survey (HHDC) shows that total consumer debt stands at $16.5 trillion as of the second quarter of 2022.[7]
  • According to Experian, the average Indiana total consumer debt in 2021 was $96,371.[7]
  • Americans owe $890 billion in credit card debt as of Q2 2022, according to the latest Household Debt and Credit survey results from the New York Fed.[7]
  • According to Experian, Americans had an average of $5,221 in credit card debt in 2021.[7]
  • According to TransUnion, the average unsecured personal loan amount in June 2022 was $7,860, up from $7,273 in June 2021.[7]
  • According to The Urban Institute, 13% of Americans, over 43 million people, had medical debt in collections in 2011.[7]
  • 16% of Indiana people has a medical debt with median value of medical debt in collections of $748, according to The Ascent.[7]
  • 11% of graduating students at Indiana University Bloomington took out private loans, and students with private loans had an average of $37,976 in private loan debt at graduation.[7]
  • According to data from the New York Fed, 90-day delinquency rates on auto loans peaked in the fourth quarter of 2010 at 5.3%, dropping to 3.9% as of the third quarter of 2022.[8]
  • 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.[6]

Also Read

How Useful is Indiana Debt

One of the main arguments in favor of Indiana debt is that it allows the state government to fund critical infrastructure projects that improve the quality of life for residents. From building new roads and bridges to upgrading schools and hospitals, debt can be used to invest in the state’s future and ensure that Indiana remains a competitive and thriving place to live and work. Without debt, many of these projects would not be possible, leaving the state lagging behind in terms of development and growth.

Additionally, debt can be seen as a way to spread out the cost of large projects over time, rather than burdening current residents with the full cost upfront. This approach allows Indiana to take on investments that will benefit current and future generations, such as public transportation systems, water treatment facilities, and other essential infrastructure.

However, there are also concerns about the potentially negative consequences of relying too heavily on debt. High levels of debt can lead to significant financial burdens for the state, resulting in increased borrowing costs and limited flexibility in budgeting decisions. Additionally, debt can be a risky proposition if project costs balloon or revenues fall short of expectations, leaving the state with a mounting pile of debt and limited options for repayment.

Another concern is the impact of debt on future generations. While debt can be a useful tool for investing in the state’s long-term prosperity, excessive debt can leave future residents saddled with high interest payments and limited funds for essential services. This can create a cycle of debt that stunts economic growth and limits opportunities for future generations to thrive.

Overall, the usefulness of Indiana debt ultimately depends on how it is managed and utilized. When used wisely and prudently, debt can be a valuable tool for funding important projects and investments that benefit residents across the state. However, when debt levels become unsustainable or are used for frivolous or unnecessary purposes, it can have damaging consequences for the state’s financial health and future prospects.

As Indiana continues to navigate its debt obligations, it is critical for policymakers to carefully consider the costs and benefits of borrowing, and to ensure that debt is used judiciously to support the state’s long-term prosperity. By striking a balance between responsible fiscal management and strategic investments, Indiana can leverage debt as a useful tool for building a stronger and more resilient future for all residents.

Reference


  1. schoolnutrition – https://schoolnutrition.org/aboutschoolmeals/schoolmealtrendsstats/
  2. moneygeek – https://www.moneygeek.com/credit-cards/analysis/average-credit-card-debt/
  3. educationdata – https://educationdata.org/student-loan-debt-by-state
  4. goshen – https://www.goshen.edu/news/2018/08/16/goshen-college-ranks-among-top-indiana-private-colleges-lowest-student-debt/
  5. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  6. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  7. usnews – https://www.usnews.com/best-colleges/indiana-university-bloomington-1809/paying
  8. lendingtree – https://www.lendingtree.com/auto/debt-statistics/

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