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.

south-dakota

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

One of the major considerations when evaluating the usefulness of South Dakota debt is determining how the borrowed funds are being used. If the borrowed money is being invested in projects that will generate long-term returns or improve the overall well-being of the state’s residents, then the debt can be seen as a practical and valuable tool.

For example, if the state takes on debt to fund infrastructure projects such as roads, bridges, or public transportation systems, these investments can have a positive impact on economic growth and quality of life for its citizens. In this case, the debt incurred can be viewed as an investment in the state’s future prosperity.

On the other hand, if South Dakota is accumulating debt to cover day-to-day operating expenses or to fund unsustainable spending habits, then it may be a cause for concern. If the state is consistently borrowing to fund its budget deficits, it could indicate a systematic issue with its financial management and could lead to long-term fiscal instability.

Another important consideration when evaluating the usefulness of South Dakota debt is how effectively the state is managing its debt load. If the state is able to maintain a manageable debt-to-income ratio and is able to make timely payments on its debt obligations, then the debt can be viewed as a manageable and responsible financial tool.

However, if South Dakota is unable to service its debt obligations, it could lead to credit downgrades, higher borrowing costs, and reduced investor confidence in the state’s financial stability. This could create a downward spiral of increasing debt and worsening financial health for the state.

Ultimately, the question of how useful South Dakota debt is comes down to how it is being used and managed. If the debt is being used to invest in the state’s future and is being managed responsibly, it can be a valuable tool for promoting economic growth and prosperity. However, if the debt is being used unsustainably or is poorly managed, it could have negative consequences for the state’s long-term financial health. It is crucial for South Dakota policymakers to carefully consider these factors when making decisions about incurring debt and ensuring that it is being used in a way that benefits the state as a whole.

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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