Hawaii Debt Statistics


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

hawaii

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

☰ Use “CTRL+F” to quickly find statistics. There are total 17 Hawaii Debt Statistics on this page 🙂

Hawaii Debt “Latest” Statistics

  • According to Experian, the total consumer debt balances increased 5.4% from 2020 to 2021 to $15.31 trillion, a $772 billion increase, and more than double the 2.7% increase from 2019 through 2020.[1]
  • In 2020, the Hawaii average consumer debt is $133,903 while in 2021, the average consumer debt is $138,274.[1]
  • According to the Institute of College Access and Success, the Hawaiian people has an average debt of $24,926 with a percentage of 45.[2]
  • According to Shift, compared to 77.8% of families in the west, just 75.4% of families in the northeast are on a typical basis in debt.[3]
  • 37% of couples postpone having children and establishing households until they establish their finances and pay off the majority of their debt.[3]
  • According to Education Data, Hawaiians are the least likely to have student loans outstanding, with 8.4% of residents in debt.[4]
  • Hawaii has a smaller proportion of indebted student borrowers, but the average remaining student loan balance is high compared to the rest of the United States with $4.5 billion in student loan debt.[4]
  • According to Consolidated Credit, the average Hawaiian household owes over $8,000 to creditors.[5]
  • In Hawaii, the average credit score is near the national average at 693, the average cardholder uses over 30% of their available credit limit.[5]

Hawaii Debt “Other” Statistics

  • As of December 31, 2021 the Hawaiian Airline company had an outstanding debt and finance lease obligations of $1.9 billion.[6]
  • According to Consumer Finance, the mortgage delinquency in Hawaii is 0.5%.[7]
  • 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]
  • Hawaii residents have an open credit card balance of $6,675 and 49% of residents have a student loan, the average amount of which is $25,125.[9]
  • According to InCharge, the average Hawaiian had a $238 average monthly credit card bill, the second highest in the nation.[9]
  • According to Lending Tree, card debt resulted in overall growth until the financial collapse in 2008, when balances fell from $866 billion in the fourth quarter of 2008 to $660 billion in the first quarter of 2013.[9]
  • A study of monthly debt to income ratios nationally put Hawaii’s at 36.15% in 2019, the highest in the nation.[9]
  • Consumer debt reached $14.56 trillion after the fourth quarter of 2020, according to the New York Federal Reserve.[10]

Also Read

How Useful is Hawaii Debt

One argument against Hawaii’s debt is that it burdens future generations with financial obligations. It’s true that excessive debt can place a strain on a state’s economy and limit its ability to invest in essential services and infrastructure. However, debt can also be a strategic investment in the future. By leveraging debt for long-term projects such as building roads, schools, and hospitals, Hawaii can stimulate economic growth and improve the quality of life for its residents.

Another concern often raised about Hawaii’s debt is the risk of default and the impact on the state’s credit rating. A poor credit rating can translate into higher borrowing costs for the state, making it more expensive to finance essential programs and services. However, Hawaii has a strong credit rating and a relatively low debt burden compared to other states. This indicates that investors have confidence in Hawaii’s ability to manage its debt responsibly.

Moreover, debt can be a valuable tool for liquidity management. By issuing bonds and other forms of debt, Hawaii can access capital quickly to fund projects without having to rely solely on volatile tax revenues. This flexibility allows the state to address urgent needs and take advantage of strategic opportunities without disrupting the overall budget.

Critics of Hawaii’s debt argue that paying off debt should be a priority to free up resources for other uses. While reducing debt is certainly a commendable goal, prioritizing debt repayment over essential services and investments can be counterproductive. A balanced approach that considers both short-term financial obligations and long-term economic growth is crucial for ensuring Hawaii’s fiscal sustainability.

Ultimately, the usefulness of Hawaii’s debt depends on how it is managed and allocated. Debt can be a double-edged sword, with the potential to fuel economic growth or lead to financial instability. By using debt wisely and in moderation, Hawaii can leverage its resources to build a more prosperous and resilient future for its residents.

In conclusion, Hawaii’s debt is a complex and nuanced issue that requires careful consideration and evaluation. While debt can be a valuable tool for financing essential projects and stimulating economic growth, it must be managed responsibly to avoid adverse consequences. By striking a careful balance between debt management and fiscal prudence, Hawaii can continue to thrive and prosper in the years to come.

Reference

  1. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  2. ticas – https://ticas.org/interactive-map/
  3. shiftprocessing – https://shiftprocessing.com/american-debt/
  4. educationdata – https://educationdata.org/student-loan-debt-by-state
  5. consolidatedcredit – https://www.consolidatedcredit.org/debt-relief/hawaii/
  6. hawaiianairlines – https://newsroom.hawaiianairlines.com/releases/hawaiian-holdings-reports-2021-fourth-quarter-and-full-year-financial-results
  7. consumerfinance – https://www.consumerfinance.gov/data-research/mortgage-performance-trends/mortgages-90-or-more-days-delinquent/
  8. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  9. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/hawaii/
  10. debt – https://www.debt.org/faqs/americans-in-debt/

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