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
Debt can be a useful tool when used judiciously and strategically. It allows states like South Carolina to invest in projects that benefit their citizens and drive economic growth. Whether it’s building new roads and bridges, funding public schools, or providing healthcare services, debt can provide the necessary financial resources to undertake these crucial initiatives that may not be possible through regular budget allocations alone.
Furthermore, low interest rates in the current economic climate have made borrowing an attractive option for states looking to stimulate their economies. By taking on debt now to fund projects that will create jobs and generate revenue in the future, South Carolina has the opportunity to spur economic growth and improve the quality of life for its residents.
However, excessive debt can have serious consequences. High levels of debt can strain a state’s finances, leading to budget deficits, credit rating downgrades, and increased borrowing costs. If left unchecked, mounting debt can limit future policy options, tie the hands of lawmakers, and ultimately hinder a state’s ability to provide vital services to its citizens.
In addition, hefty debt burdens can saddle future generations with increased taxes, making it harder for them to achieve financial stability and prosperity. By accruing significant debt now, South Carolina risks burdening its children and grandchildren with the responsibility of paying off debts that they may not have had a say in incurring.
It is crucial for policymakers to strike a delicate balance between leveraging debt to finance essential projects and programs, and ensuring that debt levels remain sustainable and manageable. South Carolina must carefully evaluate the costs and benefits of taking on debt, considering factors such as economic conditions, interest rates, and the long-term impact on the state’s financial health.
Moving forward, it is essential for South Carolina to develop a comprehensive debt management strategy that prioritizes fiscal responsibility, accountability, and transparency. This strategy should outline clear guidelines for when and how debt should be utilized, establish limits on borrowing, and create mechanisms for monitoring and evaluating debt levels over time.
Ultimately, the usefulness of South Carolina debt depends on how it is managed and utilized. When used responsibly and in moderation, debt can be a valuable tool that enables states to invest in their future and improve the well-being of their residents. It is imperative that South Carolina approaches debt with caution, prudence, and foresight to ensure that its financial decisions benefit both current and future generations.
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