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]

Also Read

How Useful is North Dakota Debt

Proponents of North Dakota debt argue that taking on debt can be a strategic move to invest in infrastructure, education, healthcare, and other essential services. By borrowing money, the state can fund projects that have long-term benefits and improve the overall well-being of its citizens. For example, building new schools, hospitals, roads, and bridges can stimulate economic growth, create jobs, and enhance the quality of life for residents.

Furthermore, debt can be a valuable tool for states to address immediate financial needs or emergencies. When faced with a crisis or unexpected expenses, borrowing money can provide the necessary funds to respond quickly and effectively. This can prevent the state from experiencing financial instability or severe repercussions that would harm its economy and residents.

On the other hand, critics of North Dakota debt argue that excessive borrowing can lead to financial strain and burdens for future generations. Accumulating debt means that the state will have to pay interest on the borrowed amount, which can add up to significant costs over time. This could result in taxpayers bearing the brunt of the debt through increased taxes or reduced government services.

Moreover, taking on too much debt can also limit the state’s ability to invest in vital programs and services in the future. Debt repayment obligations can tie up government revenues, making it challenging to allocate funds towards essential areas such as education, healthcare, public safety, and social services. This could hinder the state’s overall growth and development and limit its ability to respond to future challenges effectively.

It is essential for policymakers to carefully consider the implications of accumulating debt and weigh the potential benefits against the risks. Balancing the need for investment with fiscal responsibility is crucial to ensure that debt is used effectively and does not become a significant burden for future generations.

In conclusion, the usefulness of North Dakota debt depends on how it is managed, utilized, and monitored. While debt can be a valuable tool for states to finance essential projects and address immediate needs, it is essential to be cautious and strategic in its application. By striking a balance between prudent borrowing and financial responsibility, North Dakota can utilize debt effectively to promote growth and prosperity for its residents.

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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