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.
On this page, you’ll learn about the following:
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
- Alabama Debt Statistics
- Alaska Debt Statistics
- Arizona Debt Statistics
- Arkansas Debt Statistics
- California Debt Statistics
- Colorado Debt Statistics
- Connecticut Debt Statistics
- Delaware Debt Statistics
- Florida Debt Statistics
- Georgia Debt Statistics
- Hawaii Debt Statistics
- Idaho Debt Statistics
- Illinois Debt Statistics
- Indiana Debt Statistics
- Iowa Debt Statistics
- Kansas Debt Statistics
- Kentucky Debt Statistics
- Louisiana Debt Statistics
- Maine Debt Statistics
- Maryland Debt Statistics
- Massachusetts Debt Statistics
- Michigan Debt Statistics
- Minnesota Debt Statistics
- Mississippi Debt Statistics
- Missouri Debt Statistics
- Montana Debt Statistics
- Nebraska Debt Statistics
- Nevada Debt Statistics
- New Hampshire Debt Statistics
- New Jersey Debt Statistics
- New Mexico Debt Statistics
- New York Debt Statistics
- North Carolina Debt Statistics
- North Dakota Debt Statistics
- Ohio Debt Statistics
- Oklahoma Debt Statistics
- Oregon Debt Statistics
- Pennsylvania Debt Statistics
- South Carolina Debt Statistics
- South Dakota Debt Statistics
- Tennessee Debt Statistics
- Texas Debt Statistics
- Utah Debt Statistics
- Vermont Debt Statistics
- Virginia Debt Statistics
- Washington Debt Statistics
- West Virginia Debt Statistics
- Wisconsin Debt Statistics
- Wyoming Debt Statistics
- District of Columbia Debt Statistics
How Useful is South Carolina Debt
One of the most significant benefits of South Carolina debt is its ability to finance important projects that might otherwise be delayed or cancelled due to lack of funding. This can include investments in transportation infrastructure, education, healthcare, and other public services that are essential for maintaining a high quality of life for residents. By borrowing funds through the issuance of debt, the state can raise money to pay for these projects upfront and then repay the debt over time using future tax revenues or other sources of income.
Additionally, South Carolina debt can help stimulate economic growth by creating jobs and attracting private sector investment. When the state invests in infrastructure projects or other initiatives that improve the overall economy, it can generate a positive multiplier effect that benefits businesses, workers, and consumers alike. This can lead to increased economic activity, higher incomes, and improved living standards for residents of the state.
However, it is important to recognize the potential risks associated with South Carolina debt. High levels of debt can limit the state’s ability to respond to unforeseen financial challenges, such as economic downturns or natural disasters. This can lead to budget deficits, spending cuts, and other austerity measures that can harm the most vulnerable members of society. Furthermore, excessive debt can increase borrowing costs for the state, making it more expensive to finance future projects and reducing the effectiveness of debt as a tool for raising funds.
In addition, South Carolina debt can have a negative impact on the state’s credit rating, which can in turn affect the cost of borrowing and the state’s ability to attract investors. A lower credit rating can signal to investors that South Carolina is a risky borrower, leading them to demand higher interest rates on the state’s debt. This can result in increased borrowing costs for the state, putting additional strain on the budget and limiting the funds available for other priorities.
Ultimately, the usefulness of South Carolina debt depends on how it is managed and used. When utilized responsibly to finance necessary investments that will benefit the state in the long run, debt can be a valuable tool for improving the economy and enhancing the well-being of residents. However, when taken on without careful consideration of the risks and potential consequences, debt can become a burden that undermines the state’s financial stability and hampers its ability to achieve its goals. It is therefore essential for policymakers to carefully weigh the costs and benefits of debt when making decisions about borrowing and to prioritize investments that will generate long-term value for the state and its residents.
Reference
- mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/south-carolina/
- neweradebtsolutions – https://neweradebtsolutions.com/debt-settlement-south-carolina/
- educationdata – https://educationdata.org/student-loan-debt-by-state
- route-fifty – https://www.route-fifty.com/finance/2019/12/delinquent-household-debt-percentage/161971/
- incharge – https://www.incharge.org/debt-relief/credit-counseling/south-carolina/
- pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
- urban – https://www.urban.org/urban-wire/71-million-us-adults-have-debt-collections
- experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
- ticas – https://ticas.org/interactive-map/
- ballotpedia – https://ballotpedia.org/South_Carolina_state_debt
- fdic – https://www.fdic.gov/analysis/household-survey/index.html