North Dakota Debt Statistics


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North Dakota Debt Statistics 2023: Facts about Debt in North Dakota 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 North Dakota 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 Dakota 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 Dakota 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 North Dakota Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 17 North Dakota Debt Statistics on this page 🙂

North Dakota Debt “Latest” Statistics

  • According to Consolidated Credit, the average credit card debt per household is $8,450.[1]
  • The average available credit limit in North Dakota is $15,365.[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.[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 the cases from 2010 to 2019.[3]
  • According to the Institute of College Access and Success, the North Dakota people has an average debt of $31,939 with a percentage of 66%.[4]
  • According to Experian, consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[2]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[3]
  • Net farm income, a broad measure of profits, is forecast at $160.5 billion in calendar year 2022, an increase of $19.5 billion (13.8%) in 2022 relative to 2021.[5]
  • According to Education Data Initiative, North Dakota’s average federal student loan debt is $28,604, making it the only state where the average debt is less than $30,000.[6]
  • In North Dakota, the student loan debt is $2.5 billion and the average student loan debt is $28,604.[6]
  • Debt-to-asset levels for the sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.[5]

North Dakota Debt “Other” Statistics

  • According to the US Census Bureau, North Dakota had a debt of $2,063,788,000 in 2015.[7]
  • The state debt per capita in North Dakota was $2,727. This ranked North Dakota 48th among the states in debt and 33rd in per capita debt.[7]
  • According to AFDC, the total value of loan guarantees under the Agriculturally-Derived Fuel Production Facility Loan program may not exceed $8 million at any one time.[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.[3]
  • The Bank of North Dakota offers loan guarantees of up to $400,000 per borrower for eligible entities constructing facilities using biomass for agriculturally-derived fuel production.[8]
  • By law, a vehicle that is damaged in excess of 75% of the vehicle’s retail value must be reported to the Department of Transportation and a salvage certificate of title is issued.[9]

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How Useful is North Dakota Debt

Proponents of North Dakota debt often point to the fact that it can be a crucial source of financing for essential government services and infrastructure projects. When faced with limited resources, borrowing money can allow governments to invest in important public works, such as roads, schools, and hospitals, without raising taxes on their constituents. In this way, debt can function as a means of distributing the costs of these projects over time, making them more feasible and sustainable in the face of budget constraints.

Furthermore, proponents argue that taking on debt can be an effective way to stimulate economic growth in the short term. By borrowing money to fund projects and programs, governments can inject capital into the economy, create jobs, and boost overall consumer spending. This can have a positive impact on economic activity, leading to increased tax revenues and higher overall economic output.

On the other hand, opponents of North Dakota debt raise concerns about the potential risks and drawbacks associated with borrowing money. Excessive debt levels can lead to higher interest payments, making it more difficult for governments to balance their budgets and maintain fiscal stability. In extreme cases, rising debt levels can spark a debt crisis, as seen in countries like Greece and Argentina, leading to severe economic downturns and financial turmoil.

Moreover, opponents argue that high levels of debt can crowd out private investment and hinder long-term economic growth. When governments are burdened with high levels of debt, they may be less inclined to invest in crucial areas like education, healthcare, and infrastructure, which are all essential for fostering innovation, productivity, and competitiveness in the global economy. This can ultimately hinder a country’s ability to grow and prosper in the long term.

Given these competing arguments, it is clear that the question of how useful North Dakota debt really is remains complex and multifaceted. While debt can be a valuable tool for funding essential projects and stimulating short-term economic growth, it also comes with significant risks and challenges that must be carefully considered. As policymakers navigate the delicate balance between borrowing money and maintaining fiscal responsibility, it is crucial that they weigh the potential benefits and drawbacks of debt in order to make informed decisions that will benefit their constituents and the broader economy as a whole.

Reference

  1. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/north-dakota/
  2. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  3. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  4. ticas – https://ticas.org/interactive-map/
  5. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
  6. educationdata – https://educationdata.org/student-loan-debt-by-state
  7. ballotpedia – https://ballotpedia.org/North_Dakota_state_debt,_2004-2017
  8. energy – https://afdc.energy.gov/laws/all?state=ND
  9. nd – https://www.insurance.nd.gov/consumers/insurance/auto

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