Indiana Debt Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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

indiana

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 primary reasons that debt can be useful is that it allows individuals to make investments that they would not be able to afford otherwise. For example, taking out a student loan to pay for college tuition can open up opportunities for higher education and better-paying jobs. Similarly, businesses often take on debt in order to expand their operations, purchase equipment, or invest in research and development. In these cases, debt can serve as a valuable tool for driving economic growth and creating opportunities for success.

Another way that debt can be useful is in providing a financial safety net in times of need. For example, individuals may use credit cards or personal loans to cover unexpected expenses or emergencies, helping to prevent financial hardship. Similarly, businesses may rely on credit lines or loans to weather economic downturns or capitalize on new opportunities. In these situations, debt can provide a valuable source of liquidity that can help individuals and businesses navigate difficult financial circumstances.

However, it is important to recognize that debt can also be detrimental if it is not used responsibly. Taking on too much debt, whether at the individual or state level, can lead to financial instability and place a heavy burden on future generations. Excessive debt can limit future opportunities, restrict economic growth, and leave residents vulnerable to economic shocks.

One way to ensure that debt is used effectively is to prioritize responsible borrowing and careful financial planning. Individuals and businesses should carefully consider the costs and benefits of taking on debt, and strive to only borrow what is truly necessary and can be repaid in a timely manner. Additionally, policymakers should be diligent in managing government debt, ensuring that it is used to fund investments that will benefit residents both now and in the future.

Ultimately, the usefulness of Indiana debt depends on how it is managed and utilized. By taking a strategic approach to borrowing and being mindful of the potential risks and rewards, debt can be a powerful tool for growth and prosperity. It is essential for individuals, businesses, and policymakers alike to carefully consider the implications of debt and strive to make informed decisions that will benefit the state and its residents in the long term.

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/

Leave a Comment