Illinois Debt Statistics


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

illinois

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

☰ Use “CTRL+F” to quickly find statistics. There are total 18 Illinois Debt Statistics on this page 🙂

Illinois Debt “Latest” Statistics

  • According to the Benson Law Firms, the average amount of credit card debt per person in Illinois was $6,253, slightly higher than the U.S. average of $6,194 in 2019.[1]
  • The average person in Illinois has $36,531 in student loan debt. That’s the sixth highest amount of student loan debt among U.S. states.[1]
  • According to Forbes, over 45 million people have student loan debt with an average balance of $37,691 including both federal and private education debt.[1]
  • In Illinois, the average total debt for both undergrad and graduate education for a professional degree in 2015/2016 was over $140,000.[1]
  • As of 2019, 43% of those who have attended college, incurred at least some debt for their education (including those that did not finish a degree or went to technical or trade schools).[1]
  • The total amount of student loan debt in the US surpassed $1.7 trillion in December 2020 according to estimates from the Federal Reserve.[1]
  • Illinois residents are slightly less likely to have student loan debt. However, Illinois has an average student loan debt of $37,757.[1]
  • According to debt.org, Illinois residents do a little better than the rest of the country at accumulating debt, with an average debt balance of $50,450 for residents with credit reports.[2]
  • According to InCharge, Illinois residents ranked 35th in the nation in auto debt in 2020 at $19,036.[1]
  • American households hold a lot of debt for over $15 trillion in 2018.[2]
  • According to the Institute of College Access and Success, the Illinois people has an average debt of $28,552 with a percentage of 57%.[3]
  • Illinois also spent 1.3 percentage points more of its revenues on general debt interest than the average state.[4]
  • In 2020, the Illinois average consumer debt is $83,968 while in 2021, the average consumer debt is $85,991.[5]
  • 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.[5]
  • According to Nerd Wallet, 41% of Americans who currently have debt feel anxious about it, and 35% feel overwhelmed.[6]
  • Illinois residents have, on average, $5,265 in credit card debt, the 15th largest amount in the US.[1]
  • Illinois ranks seventh in the nation in terms of the most collective student loan debt at $59 billion.[1]
  • According to Pew, the 2013 data show that 75% of civil case judgments were for less than $5,200, which means that in most states, debt claims are typically filed in a limited or small claims court.[1]

Also Read

How Useful is Illinois Debt

Debt, generally speaking, can be a useful tool for governments when utilized effectively. It allows states like Illinois to finance large infrastructure projects, provide essential services, and make investments in areas that will yield long-term benefits for its residents. In this sense, debt can be a means to stimulate economic growth and improve quality of life.

However, the effectiveness of Illinois debt has come into question as the state continues to struggle with its financial obligations. High levels of debt can restrict a government’s ability to act freely and make decisions in the best interests of its citizens. In the case of Illinois, mounting debt has led to budgetary constraints, reduced spending on critical services, and increased pressure on taxpayers.

Moreover, relying too heavily on debt as a means of funding can have long-term consequences that may outweigh the short-term benefits. Excessive debt can lead to diminished credit ratings, higher borrowing costs, and a cycle of borrowing to cover existing debt obligations. This can create a downward spiral that ultimately undermines the state’s financial stability and hampers its ability to recover.

The management of Illinois debt is another critical factor in assessing its usefulness. How effectively the state manages and services its debt can greatly impact its overall financial health. A lack of transparency, accountability, or responsible fiscal policies can exacerbate the challenges posed by debt and further strain the state’s resources.

Furthermore, the perception of Illinois debt can also have far-reaching implications beyond the state’s borders. Investors, businesses, and potential residents may be deterred from engaging with Illinois if its debt situation is perceived as unsustainable or risky. This can have detrimental effects on the state’s economy, competitiveness, and overall attractiveness as a place to live and do business.

In conclusion, the usefulness of Illinois debt is a complex and multifaceted issue that requires a careful balance of risk and reward. While debt can be a valuable tool for financing growth and development, its effectiveness must be weighed against the potential drawbacks and challenges it can present. Illinois must address its debt burden in a holistic and sustainable manner if it hopes to secure a prosperous future for its residents and regain financial stability.

Reference

  1. incharge – https://www.incharge.org/debt-relief/credit-counseling/illinois/
  2. brookings – https://www.brookings.edu/blog/up-front/2019/06/25/six-facts-about-wealth-in-the-united-states/
  3. ticas – https://ticas.org/interactive-map/
  4. chicagofed – https://www.chicagofed.org/publications/chicago-fed-letter/2016/365
  5. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  6. nerdwallet – https://www.nerdwallet.com/blog/average-credit-card-debt-household/

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