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

Debt can be a useful tool when used appropriately, as it can enable a government to invest in necessary infrastructure and public services without having to raise taxes significantly. In the case of North Dakota, debt has been used to finance various projects aimed at improving the quality of life for its residents, such as building new schools, roads, and hospitals. These investments can have long-term economic benefits, as they can stimulate economic growth and create job opportunities.

However, the key question is whether North Dakota debt is being used wisely and in a sustainable manner. While some debt can be beneficial, there is also the risk of accumulating too much debt, which can lead to financial instability and limit the government’s ability to respond to future challenges. It is important for North Dakota to carefully monitor its debt levels and ensure that it does not become over-leveraged.

Another concern is the purpose for which the debt is being incurred. While investing in infrastructure and public services can be beneficial, if debt is being used to finance recurring expenses or to cover budget shortfalls, it may not be as useful in the long run. North Dakota should be cautious about using debt to plug temporary budget gaps, as this can create a cycle of debt dependency that can be difficult to break.

Furthermore, North Dakota should also consider the impact of its debt on future generations. Accumulating too much debt can burden future taxpayers and limit their ability to fully enjoy the benefits of public services and infrastructure investments. It is important for North Dakota to strike a balance between investing in the present and ensuring a sustainable financial future for generations to come.

In conclusion, North Dakota debt can be a useful tool when used wisely and in moderation. Debt can enable governments to make necessary investments in infrastructure and public services, stimulating economic growth and improving quality of life for residents. However, it is important for North Dakota to carefully manage its debt levels and ensure that it does not become over-leveraged or used to finance recurring expenses. By using debt responsibly, North Dakota can ensure a bright future for all 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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