Iowa Debt Statistics


Steve Goldstein
Steve Goldstein
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Iowa Debt Statistics 2023: Facts about Debt in Iowa 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 Iowa 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 Iowa 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 Iowa 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 Iowa Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 14 Iowa Debt Statistics on this page 🙂

Iowa Debt “Latest” Statistics

  • According to Experian, 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.[1]
  • Consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[1]
  • 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.[2]
  • Farm real estate debt is expected to reach $347.8 billion in 2022, a 7.3% increase in nominal terms and a 1.0% increase in inflation-adjusted dollars.[3]
  • Farm non-real estate debt is expected to increase to $154.1 billion in 2022, a 2.8% increase in nominal terms but a 3.2% decline when adjusted for inflation.[3]
  • According to Education Data Initiative, Iowans owe significantly less on average with$13.2 billion student loan debt and has an average student loan debt of $30,848.[4]
  • Female principal landlords tend to bear much more debt than their male landowner counterparts by accounting for 89% of total debt on only 40% of land rented out.[5]
  • Iowa has consistently been among the top 15 states in the country for the last ten years in terms of its debt-over-household-income ratio, according to state figures from the federal reserve.[6]

Iowa Debt “Household” Statistics

  • The total household debt increased by $351, or 2.2% in the third quarter of 2022 to reach $16.51 trillion.[7]
  • Iowans have a debt-over-household-income ratio of 77%, which is another data that demonstrates how ready Americans are to incur significant debt.[6]

Iowa Debt “House” Statistics

  • According to statistics from The Fed, Iowa ranks 30th among households with mortgages in terms of median family income, with $88,085.[6]

Iowa Debt “Other” Statistics

  • 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.[2]
  • As of 2013, debt collection lawsuits which most often involve unpaid medical, auto loan, or credit card bills have become the single most common type of civil litigation, representing 24% of civil cases compared with less than 12% two decades earlier.[2]
  • 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.[2]

Also Read

How Useful is Iowa Debt

Proponents of Iowa debt argue that it is necessary to finance infrastructure projects, education initiatives, and other critical services that benefit the citizens of the state. Without debt, many of these projects would not be possible, leading to a decline in quality of life and overall economic wellbeing. Debt is seen as a way to bridge the gap between current needs and budgetary constraints, allowing the state to address pressing issues while spreading the cost over time.

However, critics of Iowa debt raise valid concerns about the long-term consequences of accumulating too much debt. High levels of debt can lead to increased interest payments, crowding out other important expenditures and limiting the state’s ability to respond to future challenges. Excessive debt can also jeopardize the state’s credit rating, making it more expensive to borrow money in the future and casting doubt on its financial stability.

It is important for policymakers in Iowa to strike a balance between the benefits of debt financing and the risks associated with taking on too much debt. They must carefully consider the costs and benefits of each debt issuance, ensuring that borrowed funds are used wisely and efficiently. Transparency and accountability are key in this regard, as the public deserves to know how their tax dollars are being spent and how debt will impact future generations.

One question that often arises in discussions about Iowa debt is whether the state is borrowing responsibly. Are the funds being used to finance projects that will generate economic growth and long-term benefits for the state? Is the debt being managed effectively, with a clear plan for repayment and risk mitigation? These are important questions that must be addressed to ensure that Iowa debt remains a useful tool for supporting the state’s development.

Ultimately, the usefulness of Iowa debt depends on how it is utilized and managed. Debt can be a valuable resource for funding essential services and investments, but it must be approached with caution and prudence. By carefully weighing the costs and benefits of borrowing, Iowa can ensure that its debt remains a sustainable and effective tool for advancing the state’s goals and priorities.

Reference

  1. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  2. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  3. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/assets-debt-and-wealth/
  4. educationdata – https://educationdata.org/student-loan-debt-by-state
  5. iastate – https://www.extension.iastate.edu/agdm/wholefarm/html/c2-78.html
  6. incharge – https://www.incharge.org/debt-relief/credit-counseling/iowa/
  7. newyorkfed – https://www.newyorkfed.org/microeconomics/hhdc/background.html

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