Utah Debt Statistics 2023: Facts about Debt in Utah reflect the current socio-economic condition of the state.
LLCBuddy editorial team did hours of research, collected all important statistics on Utah 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 an Utah 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 Utah 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 Utah Debt Statistics 2023
☰ Use “CTRL+F” to quickly find statistics. There are total 27 Utah Debt Statistics on this page 🙂Utah Debt “Latest” Statistics
- According to the Institute for College Access and Success, the average student debt at graduation in 2020 ranged from $18,350 in Utah.[1]
- New graduates’ likelihood of having debt varied from 39% in Utah to 73% in South Dakota.[1]
- According to Consolidated Credit, the average credit card debt per household is $11,222.[1]
- With 43%, Utah is also the state with the lowest proportion of graduates who have student debt, one of just five that are under 50%.[2]
- Typical American pays less than 9% of their monthly salary toward debt.[3]
- Utah has the lowest percentage of graduates who have school debt. Only 39% of Utah students take out student loans to help pay for college compared to 59% nationally.[4]
- In 2013, Utah students took out an average of $22,418 in student loans; in 2014, $18,921; and in 2015, $18,873.[4]
- Utah ranks 10th in the nation for highest debt, according to the Federal Reserve Bank of New York.[5]
- 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.[6]
- State averages for debt at graduation ranged from a low of $19,975 (Utah) to a high of $36,350 (New Hampshire), and new graduates’ likelihood of having debt varied from 43% (Utah) to 77% (West Virginia).[2]
- According to Experian, consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[6]
- According to Education Data Initiative, $10.1 billion in student loan debt belongs to Utah residents.[7]
- The average student loan debt in Utah is $32,835, and 55.6% of them are under the age of 35.[7]
- 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.[8]
- In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiffs.[8]
- According to the Federal Reserve Bank of New York, Utah households are racking-up debt faster than the national average with the state now ranking tenth in the nation for highest debt.[9]
Utah Debt “House” Statistics
- In 2018, total household debt in Utah reached $128.8 billion, according to KSL TV.[9]
- In the first quarter of 2017, just 34.4% of Americans under the age of 35 owned houses, compared to 60.3% of Americans between the ages of 35 and 44.[10]
- The New York Fed’s quarterly Household Debt and Credit Survey (HHDC) shows that total consumer debt stands at $16.5 trillion as of the second quarter of 2022.[3]
- According to InCharge, Utah ranks 10th in the nation for household debt, at $59,320 for each adult resident.[11]
- Utahans began borrowing once again in 2015, and by 2018, household debt had increased by 9%.[9]
- According to KSL, in 2018, total household debt in Utah reached $128.8 billion.[5]
Utah Debt “Other” Statistics
- According to Experian, average total consumer debt in 2021 was $96,371. That’s up nearly 4% from 2020, when average total consumer debt was $92,727.[3]
- Utah residents debt from credit cards was $11,222 in 2018, the third highest average in the United States.[11]
- According to USN, in Utah, the national debt at graduation is $28,996.[12]
- 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.[8]
- The state of Utah has the lowest debt per borrower amount in U.S., and the average student loan debt nationwide is $37,000 per borrower.[8]
Also Read
- Alabama Debt Statistics
- Alaska Debt Statistics
- Arizona Debt Statistics
- Arkansas Debt Statistics
- California Debt Statistics
- Colorado Debt Statistics
- Connecticut Debt Statistics
- Delaware Debt Statistics
- Florida Debt Statistics
- Georgia Debt Statistics
- Hawaii Debt Statistics
- Idaho Debt Statistics
- Illinois Debt Statistics
- Indiana Debt Statistics
- Iowa Debt Statistics
- Kansas Debt Statistics
- Kentucky Debt Statistics
- Louisiana Debt Statistics
- Maine Debt Statistics
- Maryland Debt Statistics
- Massachusetts Debt Statistics
- Michigan Debt Statistics
- Minnesota Debt Statistics
- Mississippi Debt Statistics
- Missouri Debt Statistics
- Montana Debt Statistics
- Nebraska Debt Statistics
- Nevada Debt Statistics
- New Hampshire Debt Statistics
- New Jersey Debt Statistics
- New Mexico Debt Statistics
- New York Debt Statistics
- North Carolina Debt Statistics
- North Dakota Debt Statistics
- Ohio Debt Statistics
- Oklahoma Debt Statistics
- Oregon Debt Statistics
- Pennsylvania Debt Statistics
- South Carolina Debt Statistics
- South Dakota Debt Statistics
- Tennessee Debt Statistics
- Texas Debt Statistics
- Utah Debt Statistics
- Vermont Debt Statistics
- Virginia Debt Statistics
- Washington Debt Statistics
- West Virginia Debt Statistics
- Wisconsin Debt Statistics
- Wyoming Debt Statistics
- District of Columbia Debt Statistics
How Useful is Utah Debt
One of the primary arguments in favor of Utah debt is its role in funding important infrastructure projects. Infrastructure improvements, such as roads, bridges, and public transportation systems, are vital for the state’s economy to function efficiently. By borrowing money to finance these projects, the state can address critical infrastructure needs and enhance its competitiveness. Additionally, investing in infrastructure can create jobs and stimulate economic growth, benefiting residents and businesses across the state.
Debt is also used to support education in Utah, with funding going towards schools, colleges, and universities. Education is crucial for the state’s future prosperity, and borrowing can help ensure that students have access to high-quality educational opportunities. By investing in education, Utah can develop a skilled workforce, attract businesses to the state, and improve the overall quality of life for its residents.
Moreover, debt is often necessary to provide essential services to Utah residents. Programs such as healthcare, social services, and public safety require funding to operate effectively. By using debt to support these services, the state can meet the needs of its population and promote the well-being of its citizens.
However, concerns have been raised about the potential risks of Utah debt. Excessive borrowing can lead to financial instability, as debt payments consume a larger portion of the state budget. This can restrict the state’s ability to fund essential services, hamper economic growth, and limit flexibility in responding to emergencies or unforeseen circumstances.
Furthermore, taking on too much debt can burden future generations with repayment obligations. Mounting debt levels can lead to increased interest costs and reduce the resources available for future investments. This could ultimately hinder the state’s ability to provide for its residents and address pressing challenges.
In conclusion, the usefulness of Utah debt depends on how it is managed and allocated. While debt can play a crucial role in funding infrastructure, education, and essential services, policymakers must exercise caution to ensure that borrowing is sustainable and does not put undue strain on future generations. By balancing the benefits of debt with its potential risks, Utah can make informed decisions that support long-term prosperity and well-being for all residents.
Reference
- ticas – https://ticas.org/our-work/student-debt/
- ushe – https://ushe.edu/new-report-utah-student-debt-still-lowest-in-the-nation/
- fool – https://www.fool.com/the-ascent/research/average-american-household-debt/
- ushe – https://ushe.edu/average-student-debt-in-utah-continues-to-be-lowest-in-nation/
- ksl – https://www.ksl.com/article/46527812/unaffordable-utah-beehive-state-ranks-no-10-for-most-household-debt
- experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
- educationdata – https://educationdata.org/student-loan-debt-by-state
- pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
- ksltv – https://ksltv.com/411432/unaffordable-utah-beehbive-state-ranks-10-household-debt/
- businessinsider – https://www.businessinsider.com/personal-finance/average-american-debt
- incharge – https://www.incharge.org/debt-relief/credit-counseling/utah/
- usnews – https://www.usnews.com/news/best-states/utah