Delaware Debt Statistics 2023: Facts about Debt in Delaware reflect the current socio-economic condition of the state.
LLCBuddy editorial team did hours of research, collected all important statistics on Delaware 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 Delaware 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 Delaware 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 Delaware Debt Statistics 2023
☰ Use “CTRL+F” to quickly find statistics. There are total 31 Delaware Debt Statistics on this page 🙂Delaware “Latest” Debt Statistics
- According to the SIPP in 2017, 19% of U.S. households carried medical debt, defined as medical costs people were unable to pay up front or when they received care.[1]
- According to Yahoo Finance, under normal circumstances, the fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in emerging markets corporate debt securities (80% policy).[2]
- The share of households with medical debt was almost double for those with any member experiencing a hospital stay (31.3%) than for those with no members with a hospital stay (15.8%).[1]
- In the fourth quarter of 2021, 4% of all auto debt balances in the country were over 90 days delinquent.[3]
- According to Stacker, since 2003, the nationwide total average auto loan balance per capita has increased from $2,960 to $5,210, an increase of around 76%.[3]
- Farm sector debt is forecast to increase by $27.8 billion (5.9%) in 2022 to $501.9 billion in nominal terms but it is forecast to fall by 0.4% when adjusted for inflation.[4]
- Families with a net worth of $250,000 to $499,999 and $500,000 or above were among the least likely to have a high medical debt burden (1.5% and 0.7%, respectively).[1]
- Families with members in fair or poor health were also more likely to suffer high medical debt burden (9.4%) than their healthier counterparts (2%), as the medical care costs of those in worse health may be higher.[1]
- Debt-to-asset levels for the farm sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.[4]
- 2.9% of families with full insurance and 8.5% of those without full insurance reported having substantial medical debt burdens.[1]
- Regarding student loans, data compiled in 2019 by Experian indicates that average student loan debt for Delaware borrowers is $36,098, 2.1% higher than the national average of $35,359, 6.2% higher than in 2018 and 27.1% higher than it was in 2014.[5]
- The average Delaware resident owes $5,462 on credit cards, 12th highest in the country.[6]
- According to InCharge, Delawareans owed an average of $190,846 on their mortgages in 2019, up 2.9% since 2010 and the 18th highest in the country.[6]
- Delaware has the fourth highest average student loan debt ($37,447).[6]
- The average household credit card debt carried by Delaware citizens is $7,158, which is 23% lower than the national average for indebted households of $9,333 and places them in 28th place nationwide.[5]
- Compared to 30.8% of families without comprehensive insurance, 16.2% of those having full coverage for all members for the whole year incurred medical debt.[1]
- Studies have indicated that default judgements are obtained in more than 70% of debt instances.[7]
Delaware “Family” Debt Statistics
- When any family member spent time in the hospital, the proportion of households with medical debt increased to 31.3% from 15.8% when there were no family members who spent time in the hospital.[1]
Delaware “Household” Debt Statistics
- 27.9% of households with a Black householder had medical debt compared to 17.2% of households with a White non-Hispanic householder and 9.7% of households with an Asian householder.[1]
- 25.4% of homes with the youngest child under the age of five had medical debt, little over a quarter of all households.[1]
- Households with children under 18 were 24.7% more likely to have medical debt than those without children, who were 16.5% more likely.[1]
- Nineteen of US households could not afford to pay for medical care up front or when they received care in 2017 according to new U.S. Census Bureau data on the burden of medical debt.[1]
Delaware “House” Debt Statistics
- Households that had trouble paying their rent or mortgage appeared to have trouble paying medical bills and were more likely to carry a high medical debt burden relative to other households 12.4% compared to 3.5%.[1]
- High medical debt load is defined as debt that represents more than 20% of a household’s yearly income.[1]
- 22.1% of south households reported having medical debt, compared to 15.2% of west households and 15.6% of northeast families.[1]
- Health and economic circumstances may also influence which families have a high burden of medical debt, even though just 4% of all households reported having a high burden of medical debt.[1]
Delaware “Other” Debt Statistics
- According to Credit Summit, residents have an open credit card balance of $6,963 and 62% of residents have a student loan, the average amount of which is $34,144[8]
- According to Pew, 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 17 million to nearly 4 million.[7]
- At University of Delaware, the median federal loan debt among borrowers who completed their undergraduate degree is $24,572.[9]
- The median monthly federal loan payment (if it were repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is $246.[9]
- According to US News, in terms of education in Delaware, after graduation, the average debt is $37,447.[9]
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 Delaware Debt
When it comes to Delaware debt, it is essential to evaluate its usefulness in the context of the state’s financial situation and economic goals. Delaware has incurred debt for various reasons, including funding infrastructure projects, improving public services, and managing budget shortfalls. Debt can serve as a crucial source of capital to address immediate needs and invest in long-term growth initiatives that can benefit the state and its residents.
One of the primary arguments in favor of Delaware debt is that it allows the state to finance essential projects and services without the need for immediate tax increases. By spreading the cost of these investments over time, debt can help alleviate financial strain on taxpayers and ensure that critical projects are completed in a timely manner. This can be particularly important for infrastructure projects that have long-term benefits but require significant upfront investment.
Moreover, debt can be a valuable tool for managing economic downturns or unexpected budget shortfalls. In times of crisis, borrowing can provide the necessary funds to maintain services and support the economy without drastic cuts or tax hikes. This flexibility can help Delaware navigate challenging economic conditions and support recovery efforts when needed.
However, it is crucial to recognize the potential risks associated with Delaware debt. Excessive borrowing can lead to high debt levels that may become unsustainable, resulting in increased debt servicing costs and limited fiscal flexibility. This can constrain future budgetary decisions and hinder the state’s ability to respond to changing economic conditions or emergencies effectively.
Furthermore, high levels of debt can also impact Delaware’s credit rating, making it more expensive for the state to borrow funds in the future. Lower credit ratings can result in higher interest rates on new debt issuances, ultimately costing the state and taxpayers more money in the long term. Therefore, prudent debt management is essential to ensure that debt remains a useful tool for financing investments without jeopardizing the state’s financial health.
In conclusion, Delaware debt can be a valuable resource when used appropriately to finance essential projects, respond to economic challenges, and support long-term growth initiatives. However, it is crucial for policymakers to carefully manage debt levels and prioritize responsible borrowing practices to avoid negative consequences and ensure sustainable fiscal health for the state. Overall, the usefulness of Delaware debt hinges on strategic planning, prudent decision-making, and a commitment to fiscal responsibility.
Reference
- census – https://www.census.gov/library/stories/2021/04/who-had-medical-debt-in-united-states.html
- yahoo – https://finance.yahoo.com/quote/DEDIX/profile/
- stacker – https://stacker.com/delaware/see-average-auto-loan-balance-capita-delaware
- usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
- unitedsettlement – https://unitedsettlement.com/delaware-debt-settlement/
- incharge – https://www.incharge.org/debt-relief/credit-counseling/delaware/
- pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
- mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/delaware/
- usnews – https://www.usnews.com/news/best-states/delaware