South Carolina Debt Statistics


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

south-carolina

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 🙂

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

When used wisely, debt can be a valuable tool for investment and infrastructure development. South Carolina, like many other states, relies on borrowing to fund crucial projects such as road construction, school facilities, and healthcare services. By leveraging debt, the state can make strategic investments that improve the quality of life for its residents and stimulate economic growth.

In recent years, South Carolina has seen significant population growth and increased demand for public services. To keep up with these changing needs, the state must make strategic investments in its infrastructure, education, and healthcare systems. Debt can provide the necessary funding to support these critical areas and ensure that South Carolina remains competitive and thriving.

Furthermore, low-interest rates and favorable borrowing conditions make debt a cost-effective method for financing projects that yield long-term benefits. By taking advantage of these favorable market conditions, South Carolina can fund essential projects at a lower cost and maximize the return on investment for its residents.

However, it is essential to exercise caution and discipline when taking on debt. While debt can be a useful tool for financing development, excessive borrowing can lead to financial instability and restrict future fiscal flexibility. South Carolina must carefully balance its debt levels to ensure that it can meet its financial obligations without compromising its long-term sustainability.

Moreover, South Carolina must prioritize responsible debt management and implement strategies to monitor and control its debt levels effectively. By establishing clear debt management policies and procedures, the state can mitigate the risks associated with borrowing and ensure that debt remains a useful tool for investment.

Ultimately, the usefulness of South Carolina debt depends on how it is managed and utilized. When used strategically and responsibly, debt can facilitate growth and development, support critical infrastructure projects, and improve the overall quality of life for residents. However, excessive borrowing or mismanagement of debt could lead to financial instability and long-term consequences for the state.

As South Carolina continues to navigate the challenges of a rapidly growing population and evolving economy, it must carefully consider the role of debt in its financial planning. By leveraging debt as a tool for investment and development while prioritizing responsible management, South Carolina can maximize the benefits of borrowing and secure a prosperous future for generations to come.

Reference


  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

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