Nevada Debt Statistics


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

nevada

LLCBuddy editorial team did hours of research, collected all important statistics on Nevada 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 a Nevada 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 Nevada 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 Nevada Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 15 Nevada Debt Statistics on this page 🙂

Nevada Debt “Latest” Statistics

  • According to Experian, Nevada homeowners’ average mortgage debt increased by 5.6% between 2019 and 2020.[1]
  • From 2020 to 2021, total consumer debt balances climbed by 54%, or $772 billion, to reach $15.31 trillion, more than double the 27% growth that occurred from 2019 to 2020.[2]
  • According to Education Data Initiative, Nevada has a $33,743 average student loan debt with 349,700 student borrowers.[3]
  • 11.3% of state residents have student loan debt, according to Education Data Initiative, in Nevada.[3]
  • 47.5% of students with loan in Nevada are under the age of 35, according to EDI.[3]
  • According to data collected by Self, Nevada has the most credit card debt in the United States with credit card delinquency rate of 13.32%, and credit card debt balance per capita of $3,220.[4]
  • Nevada and Hawaii shared the title of state with the highest national median household debt-to income ratio in 2020, according to the Federal Reserve.[1]
  • According to InCharge, consumers in Nevada owe an average of $32,402 on their student loans.[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 cases from 2010 to 2019.[5]
  • According to Experian, the average amount of vehicle loan debt increased by merely 2% between 2018 and 2019.[1]
  • Over 90% of student loan debt is held by the federal government, with the remaining 10% controlled by private corporations that often offer students riskier, less flexible loans.[6]

Nevada Debt “Other” Statistics

  • In Nevada as of December 2020, according to Urban Institute data, 14% of all student loan holders were in default.[6]
  • According to the most current statistics released, 256 out of every 100,000 Nevada citizens were victims of identity theft.[1]
  • According to the University of Nevada, Reno, 54% of all students graduated with no debt.[7]
  • 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.[5]

Also Read

How Useful is Nevada Debt

The question of how useful Nevada’s debt is a multi-faceted one that can be approached from different angles. On one hand, debt can be seen as a means to investing in the state’s future by funding projects that can enhance the quality of life for its residents. For example, taking on debt to build and maintain roads, schools, and other public services can create a more vibrant and prosperous community. In this sense, debt can be a valuable tool for long-term growth and development.

However, too much debt can also be a cause for concern. Just like individuals who find themselves overwhelmed by credit card bills and loans, states that take on too much debt can face financial instability and negative consequences. High levels of debt can limit a state’s ability to respond to economic downturns, and the interest payments can eat up a significant portion of the budget that could have been used for other priorities. In this sense, debt can become a hindrance to Nevada’s overall financial health.

The key question then becomes: is Nevada using its debt wisely and responsibly? Are the projects being financed with debt serving the long-term interests of the state and its residents? Are there mechanisms in place to ensure that debt levels remain sustainable and manageable?

To answer these questions, it is essential to look at Nevada’s current debt levels and how they compare to other states. Understanding where Nevada stands in relation to its peers can provide valuable insights into whether the state’s debt is excessive or reasonable.

Another important factor to consider is the types of projects that are being financed with debt. Are these projects necessary and beneficial to the community, or are they serving narrow interests without broader benefits? Ensuring that debt is being used for investments that have a positive impact on Nevada’s future is crucial in evaluating its usefulness.

Lastly, it is important to assess the state’s plans for managing and paying off its debt. Having a clear and transparent debt management strategy can help mitigate risks and ensure that Nevada remains on solid financial footing. By prioritizing debt repayment and avoiding unnecessary borrowing, the state can safeguard its financial future and protect the well-being of its residents.

In conclusion, while debt is a tool that can be used strategically to drive growth and development, it is essential for Nevada to approach it with caution and careful consideration. By evaluating its debt levels, the projects being financed, and its debt management plans, Nevada can ensure that its debt remains a useful and sustainable resource for the state’s overall well-being.

Reference

  1. incharge – https://www.incharge.org/debt-relief/credit-counseling/nevada/
  2. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  3. educationdata – https://educationdata.org/student-loan-debt-by-state
  4. – #2
  5. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  6. nevadacurrent – https://www.nevadacurrent.com/2021/05/28/student-loan-measure-aims-to-tame-wild-west-of-consumer-finance/
  7. unr – https://www.unr.edu/degrees/minors/statistics

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