South Dakota Debt Statistics


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South Dakota Debt Statistics 2023: Facts about Debt in South Dakota 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 South Dakota 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 Dakota 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 Dakota 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 Dakota Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 27 South Dakota Debt Statistics on this page 🙂

South Dakota Debt “Latest” Statistics

  • According to the Institute of College Access and Success, the South Dakota people has an average debt of $32,029 with a percentage of 73%.[1]
  • The overall amount of outstanding student loan debt has climbed by around 84% since 2011, according to data from the Federal Reserve.[2]
  • In 2018, 42% of adults and 33% of Gen Z said they were stressed out by personal debt, including college debts.[2]
  • According to Education Data Initiative, $3.6 billion in student loan debt belongs to South Dakota residents.[3]
  • $30,954 is the average student loan debt, and 59.2% of them are under the age of 35.[3]
  • South Dakotans’ average auto loan debt jumped 5%, to an average of $19,890, in 2020, putting them just about in the middle of the pack nationally.[4]
  • 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.[5]
  • According to Braga, 16% of customers had medical debt in collections last 2018.[6]
  • The greatest financial regret of 10% of Americans is taking on too much debt in the form of college loans.[2]
  • 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.[7]
  • According to Credit Summit, the average South Dakotan has $3,907 in personal debt, plus $150,913 of mortgage debt per capita.[8]
  • According to Experian, consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[5]
  • In the last ten years, courts have settled more than 70% of debt collection cases with default judgments in favor of the plaintiff.[7]
  • On average, residents have an open credit card balance of $6,157 and 74% of residents have a student loan, the average amount of which is $31,275.[8]
  • According to credit tracking company Experian, South Dakotans are rated 33rd in the country for having average mortgage debt of $173,005, which is around $56,200 less than the average.[4]
  • Debt-to-asset levels for the sector are forecast to improve from 13.56% in 2021 to 13.05% in 2022.[9]
  • Farm sector debt is forecast to increase by $27.8 billion (5.9%) in 2022 to $501.9 billion in nominal terms but it is forecast to fall by 0.4% when adjusted for inflation.[9]
  • 31% of people with credit bureau records had debt in collections last year, according to the 2018 figures, which were published by the Urban Institute.[6]

South Dakota Debt “Household” Statistics

  • According to figures on US household debt, the states had the greatest outstanding sums of any other states at $2.39 trillion.[10]
  • Several other major economies’ households have debts of over $1 trillion, according to statistics on Global Household debt.[10]
  • In the fourth quarter of 2019, around 2% of American household debt was really disparaging.[10]
  • According to household debt figures, Americans hit their income and spending peaks when they reach the 45–54 age range.[10]
  • Without taking into account mortgages, the average household debt in South Dakota is $52,400, or 96% of average family income.[4]

South Dakota Debt “Other” Statistics

  • According to the U.S. Census Bureau, South Dakota had a debt of $3,286,231,000 in fiscal year 2015.[11]
  • According to Ballot Pedia, South Dakota debt per capita was $3,830.[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.[7]
  • 17% of communities of color and 11% of white areas nationwide had student loan borrowers who were in default on their loans.[6]

Also Read

How Useful is South Dakota Debt

Proponents of South Dakota debt argue that borrowing money can provide the state with the capital needed to invest in critical infrastructure projects, such as roads, bridges, schools, and public buildings. By financing these projects through debt, the state can spread the cost over time and ensure that current residents are benefiting from improved infrastructure without bearing the full cost upfront. This can help support economic growth, create jobs, and enhance the quality of life for residents across the state.

Additionally, debt can be a valuable tool for navigating economic downturns or unexpected emergencies. By maintaining a level of debt capacity, South Dakota can access capital quickly when needed to respond to crises or fund essential services.

On the other hand, critics of South Dakota debt raise important concerns about the long-term consequences of borrowing. One significant risk is the potential impact on the state’s credit rating. If South Dakota takes on too much debt or struggles to make timely payments, its creditworthiness could be downgraded, leading to higher borrowing costs and limiting its ability to fund future projects.

Furthermore, accumulating debt can create financial strain for future generations. The interest payments on debt can grow over time, increasing the burden on taxpayers and limiting the state’s ability to invest in other priorities. Without a clear plan for managing debt and ensuring that it is used strategically, South Dakota could find itself in a difficult financial position down the road.

It is essential for policymakers to carefully consider the costs and benefits of taking on debt. They must weigh the potential benefits of investment against the risks of financial instability and a negative impact on the state’s credit rating. By developing a comprehensive debt management strategy that outlines clear goals, limits, and mechanisms for monitoring and evaluating debt levels, South Dakota can better navigate the complex financial landscape and ensure that debt is being used effectively and responsibly.

In conclusion, South Dakota’s debt can be a valuable tool for financing critical infrastructure projects and responding to emergencies. However, it is essential for policymakers to exercise caution and prudence when taking on debt and to carefully consider the long-term consequences. By developing a clear debt management strategy and monitoring debt levels closely, South Dakota can balance the need for investment with the importance of financial stability and protect the interests of current and future residents.

Reference

  1. ticas – https://ticas.org/interactive-map/
  2. bankrate – https://www.bankrate.com/loans/student-loans/student-loan-debt-statistics/
  3. educationdata – https://educationdata.org/student-loan-debt-by-state
  4. incharge – https://www.incharge.org/debt-relief/credit-counseling/south-dakota/
  5. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  6. route-fifty – https://www.route-fifty.com/finance/2019/12/delinquent-household-debt-percentage/161971/
  7. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  8. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/south-dakota/
  9. usda – https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
  10. balancingeverything – https://balancingeverything.com/household-debt-statistics/
  11. ballotpedia – https://ballotpedia.org/South_Dakota_state_debt,_2004-2017

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