Arizona Debt Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

Arizona Debt Statistics 2023: Facts about Debt in Arizona reflect the current socio-economic condition of the state.

arizona

LLCBuddy editorial team did hours of research, collected all important statistics on Arizona 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 Arizona 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 Arizona 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 Arizona Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 26 Arizona Debt Statistics on this page 🙂

Arizona “Latest” Debt Statistics

  • According to debt.org, Americans in the top 10% by income have a median of $222,200 in debt, whereas those in the bottom 25% have less than $20,900.[1]
  • According to the Department of Education, 34% of total debt was owed by those aged 18 to 29.[1]
  • According to a 2019 study by the Motley Fool, Arizona ranked fourth among the top 15 states whose residents owe more than they make.[2]
  • According to statistics gathered by Educationdata.org, Blacks had an average student loan debt of $52,000 in 2021.[1]
  • The average debt for Arizona’s 3.8 million adults in 2019 was $54,290, according to the New York Federal Reserve.[3]
  • People in the highest 10% of annual income had an average credit card debt of $12,600, according to a 2021 ValuePenguin analysis of Census and Federal Reserve reports.[1]
  • Arizona is ranked 11th out of the states with the highest vehicle loan debt from 2018 to 2019.[2]
  • 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.[4]
  • According to the Federal Reserve, American household debt reached a record high of $14.6 trillion in the spring of 2021.[1]
  • 57% of homeowners cited a medical debt or another medical issue as the reason for their foreclosure, and 54% had incurred additional debt to cover medical expenses.[5]
  • About 40% of Black graduates have student loan debt from graduate school, while 22% of white college graduates have graduate school debt.[1]
  • According to a Brookings Institution survey, 6% of borrowers have student loan debt over $100,000, with 2% having debt exceeding $200,000.[1]
  • Arizona’s default rate has risen one over the national average from 10.8% to 11.45% in 2016, while the state’s student debt was somewhat lower than the norm.[2]
  • According to the National Center for Education Studies, women are responsible for 58% of all student loan debt.[1]
  • People put up collateral and pay around 10%-12% for a debt consolidation loan, compared to the 25% they likely are paying to credit card companies.[6]
  • Arizona’s average debt is also on par with the rest of the country with $35,396 average student loan debt.[7]
  • Credit card debt decreased by $73 billion, marking the first yearly decline in eight years and a 9% fall from 2019.[1]
  • High school graduates only carry an average of $4,600 credit card debt, according to data from the Federal Reserve, the Consumer Financial Protection Bureau and Experian.[1]

Arizona “Household” Debt Statistics

  • According to the Economic Policy Institute, from 2000 to 2019, the median household income of Blacks went from $45,442 to $46,073.[1]
  • The National Institute for Retirement Security’s 2020 study found that their median household retirement income was $47,244.[1]
  • People of color make up 63% of the households that are in rent debt, and 78% are low-income households making less than $50,000.[8]

Arizona “House” Debt Statistics

  • According to the U.S. Department of Housing and Urban Development, the median household income hit $79,900 in the first quarter of 2021.[1]
  • According to the Federal Reserve, American household debt reached a record high of $14.6 trillion in the spring of 2021.[1]

Arizona “Other” Debt Statistics

  • In 2022, the average interest rate on credit cards was 16.7%, but if you miss a payment, the rate can jump to 20%-25%.[6]
  • The US Census Bureau estimates that in the five years between 2014 and 2018, little over 260,000 individuals each year relocated to Arizona.[3]
  • According to a poll conducted by Experian in November 2020, 66% of customers spent the same amount or less during the pandemic as they did in 2019.[1]

Also Read

How Useful is Arizona Debt

Debt can be a useful tool when used wisely. For individuals, taking out a loan to buy a home or pay for education can help build wealth and improve quality of life. For businesses, debt can finance growth and investment, leading to increased profits and job creation. And for governments, borrowing money can fund essential services and infrastructure projects, stimulating economic growth and improving the lives of citizens.

However, debt can also become a burden when it is not managed properly. High levels of debt can lead to financial instability, uncertainty, and vulnerability. Individuals may struggle to make payments, leading to stress and negative effects on mental and physical health. Businesses may face bankruptcy and closure if they are unable to repay their debts. And governments may be forced to make painful cuts to services or raise taxes to repay borrowed funds, potentially harming the economy and decreasing public support.

The key to making debt useful lies in responsible management. Individuals should borrow only what they can afford to repay, and prioritize paying off high-interest debt first. Businesses should carefully evaluate the costs and benefits of taking on debt, ensuring that loans are used to generate value and sustainable growth. And governments should adopt prudent fiscal policies, balancing the need for investment with the risk of overburdening future generations with debt.

In the case of Arizona, the state has seen its debt levels rise in recent years. While some argue that this debt is necessary to finance essential services and investment in infrastructure, others are concerned about the long-term implications for taxpayers and the economy. It is crucial for state leaders to carefully assess the costs and benefits of taking on debt, considering the impact on current and future generations.

Ultimately, the usefulness of Arizona debt depends on how it is managed and invested. If debt is used to finance projects that generate value and economic growth, it can be a powerful tool for promoting prosperity and improving quality of life. However, if debt is used irresponsibly or without careful consideration of its consequences, it can become a burden that weighs heavily on individuals, businesses, and governments.

As Arizona grapples with the challenge of managing its debt, it is important for policymakers and citizens to engage in thoughtful and informed discussions about the role of debt in the state’s economy. By working together to promote transparency, accountability, and responsible decision-making, Arizona can ensure that its debt remains a useful tool for improving the lives of its residents and building a brighter future for generations to come.

Reference

  1. debt – https://www.debt.org/faqs/americans-in-debt/demographics/
  2. self – https://www.self.inc/info/average-credit-score-and-debt-arizona/
  3. incharge – https://www.incharge.org/debt-relief/credit-counseling/arizona/
  4. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  5. nih – https://pubmed.ncbi.nlm.nih.gov/26536913/
  6. debt – https://www.debt.org/faqs/americans-in-debt/consumer-arizona/
  7. educationdata – https://educationdata.org/student-loan-debt-by-state
  8. usnews – https://www.usnews.com/news/best-states/articles/2021-05-17/data-shows-us-households-are-nearly-20-billion-in-debt-on-rent

Leave a Comment