North Carolina Debt Statistics 2024 – Everything You Need to Know

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

LLCBuddy editorial team did hours of research, collected all important statistics on North Carolina 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 North Carolina 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 North Carolina 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.

On this page, you’ll learn about the following:

Top North Carolina Debt Statistics 2023

Top North Carolina Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 60 North Carolina Debt Statistics on this page 🙂

North Carolina Debt “Latest” Statistics

According to data from the Federal Reserve, the Consumer Financial Protection Bureau and Experian, high school graduates only carry an average of $4,600.^[1]
68% of those who were behind on rent in May had lost employment income at some point during the pandemic, according to the May 12-24 Pulse survey.^[2]
According to the National Center for Education Studies, women are responsible for 58% of all student loan debt.^[1]
North Carolina had the 15th-highest median household debt-to income ratio in the US in 2020, according to the Federal Reserve.^[3]
According to a poll, 2.9% of families with full insurance and 8.5% of those without full insurance reported having substantial medical debt burdens.^[4]
One in five renters nationwide who have debt have submitted an application for rental assistance and are awaiting a response.^[2]
Households with members in fair or poor health were also more likely to suffer high medical debt burden (9.4%) than their healthier counterparts (2%), as the medical care costs of those in worse health may be higher.^[4]
Despite having a comparatively low overall debt load, North Carolina’s late payment rate is higher than the national average (6.4%).^[5]
In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.^[6]
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]
19% of families in both categories, including those above and below the poverty line, reported having medical debt^[4]
Blacks have an average $52,000 in student loan debt in 2021, according to studies compiled by Educationdata.org.^[1]
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.^[7]
According to Education Data Initiative, people in North Carolina are less likely to have educational debt, but the average amount each borrower owes is notably higher with a $49.2 billion student loan debt.^[8]
The average student loan debt in North Carolina is $37,721.^[8]
Borrowers who put up collateral pay 10 –12% for a debt consolidation loan instead of the 25% they are probably paying to credit card firms.^[9]
North Carolina consumers will pay only 50%-60% of what they owe and that is agreed upon at the start.^[9]
According to debt.org, North Carolina ranked 30th highest nationally with an average mortgage debt of $165,636 in 2021.^[9]
North Carolina’s average consumer auto loan balance was $20,121 in 2021, which ranked 23th nationally.^[9]
The biggest increases in debt were seen in student loans (12%), mortgages (7%) and personal loans (6%).^[1]
According to the SIPP, 19% of US families had medical debt in 2017—defined as medical expenses that individuals couldn’t afford to pay up front or at the time they got treatment.^[4]
Families with some college but no degree at the highest level of education had a 26.2% higher likelihood of having medical debt.^[4]
Compared to 30.8% of families without comprehensive insurance, 16.2% of those having full coverage for all members for the whole year incurred medical debt.^[4]
According to the Institute of College Access and Success, the North Carolina people has an average debt of $29,681 with a percentage of 55%.^[10]
According to the Department of Education, 34% of total debt was owed by those aged 18 to 29.^[1]
According to recent analysis from Wallet Hub, American consumers acquired $47.5 billion in consumer credit card debt in the second quarter of 2021.^[11]
North Carolinians owed approximately $36,293 in student debt on average in 2022.^[3]
In North Carolina, there are 13 million student loan debtors, or 12% of the 105 million population of the state.^[12]
The median amount of debt held by Americans in the top 10% of earners is $222,200 dollars, compared to less than $20,900 for those in the poorest 25%.^[1]
According to Wallet Hubs study, American consumers accumulated $34.5 billion in new credit card debt in the second quarter of 2019.^[11]
North Carolinians added nearly $1.5 billion in credit card debt in the second quarter, and the state now ranks 9th in total outstanding consumer credit card debt, with some $30.4 billion outstanding.^[11]
85% of families with debt have less than $50,000 in annual income, which is the demographic that government rental assistance programs typically target.^[2]
More than 60% of North Carolina graduates from private or public schools have student loan debt.^[13]
The average student loan borrower in North Carolina owes more than $25,000.^[13]
Credit card debt decreased by $73 billion, marking the first yearly decline in eight years and a 9% fall from 2019.^[1]
According to a Brookings Institution survey, 6% of borrowers have student loan debt over $100,000, with 2% having debt exceeding $200,000.^[1]
Households with a net worth of $250,000 to $499,999 and $500,000 or above were among the least likely to have a high medical debt burden (1.5% and 0.7%, respectively).^[4]
Black tenants with rent debt are more likely than White tenants to anticipate being evicted by October, with 58% of Black tenants saying this, compared to 45% of their White counterparts.^[2]
Families that had trouble paying their rent or mortgage also appeared to have trouble paying medical bills and were more likely to carry a high medical debt burden relative to other households (12.4% versus 3.5%).^[4]
People in the highest 10% of annual income had an average credit card debt of $12,600, according to a 2021 ValuePenguin analysis of Census and Federal Reserve reports.^[1]
In comparison to 22% of White college graduates, around 40% of Black grads have student loan debt from graduate school.^[1]
Approximately 31% of all renter families paid their rent using a credit card or another type of debt.^[2]
More than 99% of chapter 7 cases, with the exception of those that are dismissed or converted, result in a discharge for the individual debtor.^[14]

North Carolina Debt “Household” Statistics

American household debt hit a record $14.6 trillion in the spring of 2021, according to the Federal Reserve.^[1]
High medical debt load is defined as debt that represents more than 20% of a household’s yearly income.^[4]
According to the Pulse survey, among households behind on rent, 43% borrowed from friends or family to pay for expenses including rent, compared with 16% of households current on rent.^[2]
Nineteen percent of U.S. households could not afford to pay for medical care up front or when they received care in 2017, according to new U.S. Census Bureau data on the burden of medical debt.^[4]
When any family member spent time in the hospital, the proportion of households with medical debt increased to 31.3% from 15.8% when there were no family members who spent time in the hospital.^[4]
According to the Value Penguin study, the average credit card balance for white families was $6,940 in 2021.^[1]

North Carolina Debt “House” Statistics

According to the Economic Policy Institute, from 2000 to 2019, the median household income of Blacks went from $45,442 to $46,073.^[1]
Health and economic circumstances may also influence which families have a high burden of medical debt, even though just 4% of all households reported having a high burden of medical debt.^[4]
25.4% of homes with the youngest child under the age of five had medical debt, little over a quarter of all households.^[4]
About 17% of NC renters and 28% of NC adults who are adults indicated that their household had difficulty occasionally or frequently affording regular costs in the previous week.^[15]
Households with children under 18 were 24.7% more likely to have medical debt than those without children, who were 16.5% more likely.^[4]

North Carolina Debt “Other” Statistics

According to InCharge, the average debt per North Carolina household with mortgages being $188,520.^[3]
According to Experian, North Carolinians have an average auto loan debt of $19,944.^[3]
According to statistics from the May 12-24 Pulse poll, 73% of low income families that lost work income at some point during the pandemic had their rent paid up to date.^[2]
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]
Refinancing their federal and private student loans might assist students in North Carolina who owe $100,000 or more or more in student loans save money.^[12]
According to statistics from the Wall Street Journal, parents who have children attending high point university take out a median of 97.3 in loans.^[12]

How Useful is North Carolina Debt

Proponents of North Carolina debt argue that it is a valuable tool that allows the state to invest in infrastructure, education, healthcare, and other essential public services. By borrowing funds, the state can make strategic investments that have the potential to boost the economy, create jobs, and improve the quality of life for its residents. This is especially important in a rapidly growing state like North Carolina, where the demand for new infrastructure and services is constantly increasing.

Furthermore, proponents also argue that North Carolina debt can be a cost-effective way of spreading the burden of major projects over time. By using debt to finance these projects, the state can avoid the need for drastic tax increases or deep cuts to essential services that would otherwise be necessary to pay for them upfront. In this way, debt can help to ensure that the cost of these projects is distributed more equitably across current and future generations.

Critics of North Carolina debt, on the other hand, raise valid concerns about the potential risks and drawbacks associated with borrowing money. Incurring high levels of debt can make the state more vulnerable to economic downturns or unexpected financial shocks, as servicing this debt requires a significant portion of the state’s budget each year. This can limit the state’s flexibility in responding to emerging needs or emergencies, as resources are already committed to making debt payments.

Additionally, critics argue that excessive debt can lead to higher interest rates, which in turn can have negative implications for the state’s credit rating and overall financial health. This can further constrain the state’s ability to borrow funds in the future, potentially limiting its ability to respond to pressing needs or take advantage of investment opportunities.

Ultimately, the usefulness of North Carolina debt depends on how it is managed and what it is used for. When used strategically and responsibly, debt can be a valuable tool for funding essential infrastructure and services that benefit the public good. However, excessive or poorly managed debt can pose significant risks and burdens for the state and its residents.

As North Carolina continues to grapple with the challenges of a growing population and changing economic landscape, it is crucial for policymakers to carefully consider the impact of borrowing on the state’s financial health and long-term sustainability. By weighing the potential benefits and drawbacks of debt, the state can make informed decisions that strike a balance between meeting current needs and safeguarding the future prosperity of North Carolina and its residents.

Reference

debt – https://www.debt.org/faqs/americans-in-debt/demographics/
nationalequityatlas – https://nationalequityatlas.org/rent-debt-in-america
incharge – https://www.incharge.org/debt-relief/credit-counseling/north-carolina/
census – https://www.census.gov/library/stories/2021/04/who-had-medical-debt-in-united-states.html
lendingtree – https://www.lendingtree.com/credit-cards/study/north-carolina-credit-card-debt-statistics/
pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
educationdata – https://educationdata.org/student-loan-debt-by-state
debt – https://www.debt.org/faqs/americans-in-debt/consumer-north-carolina/
ticas – https://ticas.org/interactive-map/
wraltechwire – https://wraltechwire.com/2021/09/17/report-consumer-debt-soars-in-north-carolina-is-that-good-or-bad-news/
studentloanhero – https://studentloanhero.com/featured/north-carolina-student-loans-refinance/
ncdoj – https://ncdoj.gov/protecting-consumers/college-consumers/paying-for-college/
uscourts – https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-7-bankruptcy-basics
ncjustice – https://www.ncjustice.org/publications/data-shows-too-many-in-nc-still-struggle-to-pay-for-food-rent-and-basic-expenses/