Utah Debt Statistics


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Steve Goldstein
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Utah Debt Statistics 2023: Facts about Debt in Utah 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 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.

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

How Useful is Utah Debt

Debt can be a useful tool when used judiciously and responsibly. For Utah, taking on debt can fund much-needed infrastructure projects, educational initiatives, and important government programs. Infrastructure projects such as roads, bridges, and public transportation systems are critical to the state’s continued growth and development. Without debt, these projects may be delayed or abandoned altogether, stunting the state’s progress and potentially hindering its economic competitiveness.

Debt can also be essential for investing in education. Utah’s public schools, colleges, and universities require funding to ensure students receive a high-quality education that prepares them for success in the workforce. Debt can help bridge the gap between what the state can afford to invest in education and what is necessary to provide students with the resources and opportunities they need to thrive.

Furthermore, debt can support important government programs that provide essential services to residents. From healthcare to social services to public safety, these programs rely on adequate funding to deliver the assistance and protection that residents need and deserve. Without debt, these programs may be underfunded, jeopardizing the well-being and safety of Utah’s population.

However, it is crucial to recognize that debt can also be a double-edged sword. When used excessively or frivolously, debt can burden future generations with unnecessary financial obligations and restrict the state’s ability to invest in critical areas. High debt levels can lead to increased interest payments, reducing the amount of funds available for essential services and hindering the state’s ability to respond to unforeseen emergencies or economic challenges.

It is essential for Utah policymakers to carefully consider the implications of taking on debt and to ensure that it is used wisely to benefit the state and its residents. Proper oversight and accountability are crucial to ensuring that debt is managed effectively and that resources are allocated efficiently to maximize their impact.

In conclusion, the usefulness of Utah debt lies in its ability to finance essential projects, programs, and initiatives that drive the state’s growth and development. Debt, when utilized responsibly and prudently, can be a valuable tool for investing in the future and ensuring that Utah remains a vibrant, thriving state. However, it is imperative that policymakers exercise caution and diligence in managing debt to safeguard the state’s financial health and well-being.

Reference

  1. ticas – https://ticas.org/our-work/student-debt/
  2. ushe – https://ushe.edu/new-report-utah-student-debt-still-lowest-in-the-nation/
  3. fool – https://www.fool.com/the-ascent/research/average-american-household-debt/
  4. ushe – https://ushe.edu/average-student-debt-in-utah-continues-to-be-lowest-in-nation/
  5. ksl – https://www.ksl.com/article/46527812/unaffordable-utah-beehive-state-ranks-no-10-for-most-household-debt
  6. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  7. educationdata – https://educationdata.org/student-loan-debt-by-state
  8. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  9. ksltv – https://ksltv.com/411432/unaffordable-utah-beehbive-state-ranks-10-household-debt/
  10. businessinsider – https://www.businessinsider.com/personal-finance/average-american-debt
  11. incharge – https://www.incharge.org/debt-relief/credit-counseling/utah/
  12. usnews – https://www.usnews.com/news/best-states/utah

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