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

Debt in Indiana, like in many other states, can be a double-edged sword. On one hand, debt can provide individuals with opportunities that they may not otherwise have access to. For example, student loans can allow individuals to pursue higher education and increase their earning potential in the future. Similarly, mortgages can enable individuals to purchase homes and build equity over time.

However, the flip side of debt is that it can also become a burden if not managed properly. High-interest credit card debt, for example, can quickly snowball out of control and lead to financial instability. Medical bills can also add up, leaving individuals grappling with how to pay for necessary healthcare services. In these cases, debt can become a source of stress and anxiety, inhibiting individuals from reaching their financial goals.

One of the challenges with debt in Indiana is that it can vary significantly depending on individual circumstances. Factors such as income, employment stability, and financial literacy can all play a role in how debt is managed and ultimately impacts an individual’s financial well-being. For some, debt may be a necessary tool for achieving their goals, while for others, it may be a hindrance that prevents them from building financial security.

It is important for individuals in Indiana to approach debt with a critical eye and a solid understanding of their financial situation. Creating a budget, setting financial goals, and seeking out resources for debt management can help individuals navigate the complexities of debt and make informed decisions about their finances.

Additionally, policymakers in Indiana can play a role in addressing the broader issue of debt in the state. By promoting financial education and literacy programs, implementing consumer protections, and creating resources for debt management, policymakers can help individuals in Indiana make more informed decisions about their finances and decrease the negative impacts of debt on their lives.

Ultimately, the usefulness of debt in Indiana is a multifaceted issue that requires careful consideration and thoughtful decision-making. While debt can provide opportunities for individuals to achieve their goals, it can also become a burden if not managed properly. By approaching debt with awareness and a solid financial foundation, individuals in Indiana can work towards building a secure financial future.

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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