Iowa Debt Statistics


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

☰ Use “CTRL+F” to quickly find statistics. There are total 14 Iowa Debt Statistics on this page 🙂

Iowa Debt “Latest” Statistics

  • According to Experian, 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.[1]
  • Consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[1]
  • 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 the cases from 2010 to 2019.[2]
  • Farm real estate debt is expected to reach $347.8 billion in 2022, a 7.3% increase in nominal terms and a 1.0% increase in inflation-adjusted dollars.[3]
  • Farm non-real estate debt is expected to increase to $154.1 billion in 2022, a 2.8% increase in nominal terms but a 3.2% decline when adjusted for inflation.[3]
  • According to Education Data Initiative, Iowans owe significantly less on average with$13.2 billion student loan debt and has an average student loan debt of $30,848.[4]
  • Female principal landlords tend to bear much more debt than their male landowner counterparts by accounting for 89% of total debt on only 40% of land rented out.[5]
  • Iowa has consistently been among the top 15 states in the country for the last ten years in terms of its debt-over-household-income ratio, according to state figures from the federal reserve.[6]

Iowa Debt “Household” Statistics

  • The total household debt increased by $351, or 2.2% in the third quarter of 2022 to reach $16.51 trillion.[7]
  • Iowans have a debt-over-household-income ratio of 77%, which is another data that demonstrates how ready Americans are to incur significant debt.[6]

Iowa Debt “House” Statistics

  • According to statistics from The Fed, Iowa ranks 30th among households with mortgages in terms of median family income, with $88,085.[6]

Iowa Debt “Other” Statistics

  • 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.[2]
  • As of 2013, debt collection lawsuits which most often involve unpaid medical, auto loan, or credit card bills have become the single most common type of civil litigation, representing 24% of civil cases compared with less than 12% two decades earlier.[2]
  • 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.[2]

Also Read

How Useful is Iowa Debt

There is no doubt that debt can be a powerful tool when used strategically. In the case of infrastructure projects, for example, issuing bonds allows the state to finance improvements that will benefit citizens for years to come. By spreading the cost of these projects over time, debt can make ambitious investments feasible without burdening taxpayers with an immediate financial hit.

Furthermore, borrowing can provide a cushion during economic downturns. When revenues dip, as they inevitably do during recessions, debt can help bridge the gap and ensure that essential services can be maintained. This is particularly crucial for states like Iowa, where fluctuations in commodity prices and other market conditions can impact revenues significantly.

However, it is essential to approach debt with caution. Just as households must balance their borrowing with their ability to repay, so too must states be mindful of their debt levels relative to their fiscal capacity. Too much debt can strain budgets, lead to higher interest payments, and ultimately jeopardize a state’s financial health.

Moreover, debt can limit a state’s flexibility in the long run. By committing resources to servicing existing debt, policymakers may find themselves with fewer options to respond to emerging challenges or opportunities. This can constrain their ability to invest in priorities such as education, healthcare, or economic development.

In light of these considerations, it is critical that Iowa policymakers take a balanced approach to debt management. This means carefully evaluating the costs and benefits of new borrowing, prioritizing investments that will yield long-term returns, and setting realistic targets for debt levels.

At the same time, it is essential to monitor debt carefully and adjust strategies as needed. This includes assessing current debt obligations, evaluating potential risks and vulnerabilities, and identifying opportunities to optimize debt terms and structures.

Ultimately, the usefulness of Iowa debt will depend on how effectively it is managed. When used judiciously and transparently, debt can be a valuable tool for financing vital public investments and stabilizing finances during economic downturns. But when mishandled or allowed to spiral out of control, debt can become a burden that hampers growth and prosperity.

As Iowa continues to grapple with fiscal challenges and opportunities, policymakers must tread carefully to ensure that debt remains a manageable and useful tool for advancing the state’s interests. By staying vigilant, proactive, and responsible, they can ensure that Iowa’s debt serves as a means to an end rather than an end in itself.

Reference

  1. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  2. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  3. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/assets-debt-and-wealth/
  4. educationdata – https://educationdata.org/student-loan-debt-by-state
  5. iastate – https://www.extension.iastate.edu/agdm/wholefarm/html/c2-78.html
  6. incharge – https://www.incharge.org/debt-relief/credit-counseling/iowa/
  7. newyorkfed – https://www.newyorkfed.org/microeconomics/hhdc/background.html

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