In the last quarter of 2020, household debt in the United States increased by $206 billion. While that represents a seemingly modest increase of 1.4 percent, it drove the national household debt up to $14.56 trillion by the end of 2020, according to the Quarterly Report on Household Debt and Credit from the Federal Reserve Bank of New York.
The COVID-19 pandemic certainly didn’t help matters, but debt is a persistent problem across the U.S. and throughout Illinois. How much debt do Illinois residents actually face? We have compiled some key Illinois debt statistics to answer that question.
General Illinois Debt Statistics
What Is the Average Credit Score in Illinois?
Your credit score determines your eligibility for loans and other lines of credit — and, importantly, your interest rates. While the average FICO score doesn’t directly assess debt in Illinois, it does give an indication of where our state stands financially.
In 2020, the average credit score in Illinois was 716. That’s a few points higher than the national average of 710.
What Is the Average Amount of Credit Card Debt in Illinois?
Credit card debt plagues many Americans on a monthly basis, making it feel impossible to dig out of the financial hole they are in. In 2019, the average amount of credit card debt per person in Illinois was $6,253 — slightly higher than the U.S. average of $6,194.
This puts Illinois firmly in the middle of the pack with other states, as Iowa rings in lowest at $4,774 in credit card debt per person and Alaska comes in dead last with $8,026 in average credit card debt.
What Is the Average Amount of Student Loan Debt in Illinois?
Student loan debt is a huge financial problem everywhere, but it’s particularly bad in Illinois. Here, the average person has $36,531 in student loan debt. That’s the sixth highest amount of student loan debt among U.S. states. Still, Illinois floats just below the national average of $36,689.
What Is the Average Amount of Mortgage Debt for Illinois Residents?
Mortgage debt is one of the largest contributing factors to total debt in Illinois. In 2019, residents of the Prairie State owed $179,683 on their homes on average. This may sound bad, but the national average mortgage debt stands at $208,185 as of 2021, making Illinois look somewhat better by comparison.
General Illinois Bankruptcy Statistics
How Many Bankruptcy Filings Occur in a Year in Illinois?
The total number of bankruptcy filings in Illinois can give you a good picture of the state’s overall financial health, although the bankruptcy numbers can vary widely from one year to the next. In 2020, Illinois saw 31,037 total bankruptcy filings. This was 34 percent higher than the average for all U.S. states.
How Many Chapter 7 Filings Are There in Illinois?
With 22,386 Chapter 7 filings in Illinois in 2020, this type of bankruptcy is far and away the most common type.
How Many Chapter 11 Filings Are There in Illinois?
The state of Illinois saw 112 Chapter 11 bankruptcy filings in 2020. This number is down sharply from recent years, which tended to average closer to 150 or 200 Chapter 11 filings annually.
How Many Chapter 12 Filings Are There in Illinois?
Chapter 12 bankruptcies — reserved for family farmers and fishermen — hit their highest numbers in a decade in Illinois in 2019. Sixteen people filed for Chapter 12 bankruptcy in Illinois that year. Chapter 12 bankruptcies went up across the country in 2019, with several other Midwest states hitting decade highs.
How Many Chapter 13 Filings Are There in Illinois?
In 2020, 8,526 people filed for Chapter 13 bankruptcy in Illinois. While it doesn’t come close to Chapter 7 filings for the same year, this type of bankruptcy was solidly in second place for the most common type of bankruptcy in Illinois.
Here to Help Illinoisans in Debt
Illinois debt statistics can be alarming, but to so many residents, they are no surprise. At A Bankruptcy Law Firm, LLC, we work hard every day to help Illinois residents who are filing for bankruptcy. If you are feeling shackled by debt, we can help you get your finances back on track.