South Carolina Debt Statistics

South Carolina Debt Statistics 2023: Facts about Debt in South Carolina reflect the current socio-economic condition of the state.

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

☰ Use “CTRL+F” to quickly find statistics. There are total 25 South Carolina Debt Statistics on this page 🙂

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South Carolina Debt “Latest” Statistics

• According to Credit Summit, the average South Carolinian has $3,022 in personal debt, plus $159,359 of mortgage debt per capita.^[1]
• According to the annual Experian report, South Carolinians carry an above-average level of credit card debt with around $6,200 being owed by each taxpayer in the state.^[2]
• According to Education Data Initiative, $28.1 billion in student loan debt belongs to South Carolina residents.^[3]
• $38,414 is the average student loan debt, and 51.8% of loaners are under the age of 35.^[3]
• According to the report, Braga highlighted that 16% of customers had medical debt in collections last year.^[4]
• The average credit card debt in South Carolina is $5,389, which is 10% more than the national average.^[5]
• In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.^[6]
• 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.^[6]
• In 2018, 31% of people with credit bureau records had debt in collections, according to data provided by the Urban Institute for 2018.^[4]
• The states with the highest share of residents with debt in collections are Louisiana (46%), Texas (44%), South Carolina (43%), and West Virginia (42%).^[7]
• 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.^[8]
• In 2017, 71 million American individuals have debt at collections shown on their credit reports, putting their future financial stability in jeopardy.^[7]
• According to the Institute of College Access and Success, the South Carolina people has an average debt of $32,635 with a percentage of 60%.^[9]
• In South Carolina, the average student loan debt for graduates is $31,524, and 4% of South Carolinas population holds a bachelor of arts or higher college degree.^[5]
• The state of South Carolina itself carries over $15,000,000 in debt which equates to over $3,000 per capita.^[2]

South Carolina Debt “Other” Statistics

• According to the U.S. Census Bureau, South Carolina had a debt of $15,122,266,000 in fiscal year 2015.^[10]
• Federal Student Aid and the Biden-Harris Administration have announced loan forgiveness plans of up to $20,000 for prior Pell-Grant recipients and up to $10,000 for all other loan borrowers.^[10]
• According to the Federal Reserve System, the median household debt-to-income ratio in South Carolina during the second quarter of 2020 stood at 1.89 to 2.13, which is above the national average of 1.51.^[10]
• 17% of communities of color and 11% of white areas nationwide had student loan borrowers who were in default on their loans.^[4]
• According to FDIC, the share of households that had a personal loan or line of credit from a bank (i.e., a bank personal loan) decreased from 10.8% in 2019 to 8.0% in 2021.^[11]
• Among households with income between $50,000 and $75,000, 64.8% of Black households and 71.2% of Hispanic households had a credit card or bank personal loan, whereas 81.3% of White households did so.^[11]
• 62.4% of underbanked households had a credit card, compared with 76.6% of fully banked households.^[11]
• 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.^[6]
• According to the Consumer Financial Protection Agency, 28 million people, or 11%, lack a credit score from a major credit bureau, preventing them from using financial instruments like credit cards or getting a mortgage.^[7]
• On average, South Carolina residents have an open credit card balance of $6,375 and 58% of residents have a student loan, the average amount of which is $30,891.^[1]

Also Read

How Useful is South Carolina Debt

One of the primary reasons why South Carolina takes on debt is to finance infrastructure projects, such as building roads, bridges, and schools. These projects can be costly upfront but are crucial for the state’s economic development and growth in the long run. By leveraging debt to finance these projects, South Carolina can improve its infrastructure, attract businesses, and create jobs, which ultimately benefits its residents and strengthens the economy.

Furthermore, debt can be a strategic tool for managing cash flow and liquidity. By borrowing funds when needed, South Carolina can smooth out fluctuations in revenue and expenses and ensure that essential services are not disrupted due to temporary cash shortages. This flexibility can help the state navigate unforeseen circumstances, such as natural disasters or economic downturns, without sacrificing critical services or making drastic budget cuts.

Another key aspect of South Carolina’s debt is its role in funding education and healthcare programs. These sectors are vital for providing quality services to residents and are often underfunded due to the competing demands for limited resources. By taking on debt to invest in education and healthcare, South Carolina can ensure that its workforce is well-educated and healthy, setting the foundation for sustained economic growth and prosperity.

Additionally, debt can be a valuable tool for investing in innovation and technology. As the world becomes increasingly interconnected and digital, it is essential for South Carolina to stay ahead of the curve and embrace new technologies to remain competitive. By borrowing funds to support research and development initiatives, South Carolina can foster innovation, attract skilled workers, and drive economic progress in emerging industries.

Of course, there are risks associated with debt, such as interest costs, credit rating downgrades, and potential default. However, these risks can be mitigated through prudent fiscal management, budget discipline, and effective debt management strategies. South Carolina must carefully monitor its debt levels, ensure that borrowed funds are used wisely and efficiently, and prioritize debt repayment to maintain fiscal sustainability.

In conclusion, South Carolina’s debt can be a useful tool if used judiciously and strategically to invest in critical infrastructure, essential services, education, healthcare, and innovation. By leveraging debt effectively, South Carolina can build a strong foundation for long-term economic growth, enhance the quality of life for residents, and position itself as a competitive and prosperous state. It is imperative for South Carolina to strike a balance between leveraging debt for progress and ensuring fiscal responsibility to secure a bright future for itself and its residents.

Reference

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1. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/south-carolina/
2. neweradebtsolutions – https://neweradebtsolutions.com/debt-settlement-south-carolina/
3. educationdata – https://educationdata.org/student-loan-debt-by-state
4. route-fifty – https://www.route-fifty.com/finance/2019/12/delinquent-household-debt-percentage/161971/
5. incharge – https://www.incharge.org/debt-relief/credit-counseling/south-carolina/
6. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
7. urban – https://www.urban.org/urban-wire/71-million-us-adults-have-debt-collections
8. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
9. ticas – https://ticas.org/interactive-map/
10. ballotpedia – https://ballotpedia.org/South_Carolina_state_debt
11. fdic – https://www.fdic.gov/analysis/household-survey/index.html