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

Proponents of Nevada debt argue that borrowing money allows the state to fund important projects that would otherwise be unattainable. By taking on debt, Nevada can invest in improving its roads, bridges, schools, and public services, ultimately benefiting the economy and residents in the long run. Debt can also be used strategically to take advantage of low-interest rates, allowing the state to finance projects at a lower cost over time.

However, critics of Nevada debt warn of the dangers of overborrowing and unsustainable debt levels. High debt can limit the state’s ability to respond to unexpected economic downturns or emergencies, as resources are tied up in debt payments. Excessive debt can also lead to credit downgrades, higher interest rates, and lower investor confidence, making it more expensive for the state to borrow in the future.

Furthermore, mounting debt can place a heavy burden on taxpayers, who ultimately foot the bill for debt repayment through increased taxes or reduced government spending on essential services. This can strain household budgets and hinder economic growth, as residents have less money to spend and businesses face higher costs of capital.

Ultimately, the usefulness of Nevada debt depends on how it is managed and utilized. Debt can be a powerful tool for investment and growth when used prudently and responsibly. It can help finance necessary projects that benefit residents and boost the economy, without placing an undue burden on future generations.

To ensure that Nevada debt remains useful and sustainable, policymakers must exercise caution and transparency in their borrowing decisions. They must carefully evaluate the risks and benefits of taking on debt, consider alternative funding options, and prioritize projects that provide the greatest return on investment for residents.

Additionally, policymakers must be vigilant in monitoring debt levels and ensuring that they remain within sustainable limits. Regular assessments of debt affordability, credit ratings, and repayment capacity are essential to prevent the accumulation of excessive debt that could harm the state’s finances and hurt residents in the long term.

In conclusion, while Nevada debt can be a valuable tool for financing important projects and driving economic growth, it must be managed effectively to avoid the pitfalls of overborrowing and financial instability. By exercising prudence, transparency, and strategic planning in their debt decisions, policymakers can ensure that Nevada debt remains a useful and sustainable resource for the benefit of all residents.

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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