South Dakota Debt Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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 argument in favor of South Dakota debt is that it allows the state to invest in critical infrastructure projects that benefit its residents. Roads, bridges, and water systems are essential for the state’s economic development and quality of life. By borrowing money, the state can fund these projects without burdening taxpayers with the full cost upfront. This keeps taxes low while still addressing the state’s infrastructure needs.

Furthermore, South Dakota debt can be a useful tool for funding education initiatives. Investing in education is crucial for the state’s future workforce and economic competitiveness. By taking on debt, the state can make long-term investments in K-12 schools, higher education institutions, and workforce training programs. This can lead to a more educated and skilled workforce, which benefits both individuals and the state as a whole.

In addition to infrastructure and education, South Dakota debt can also be used to fund social services that benefit the state’s most vulnerable populations. Programs such as Medicaid, food assistance, and housing subsidies are essential for helping those in need and improving overall quality of life. By borrowing money to fund these programs, the state can ensure that essential services are provided to those who need them, even during times of economic uncertainty or budget constraints.

However, there are also arguments against South Dakota debt. Some critics argue that taking on debt can lead to financial instability and long-term budget challenges. Too much debt can strain the state’s finances, leading to higher interest payments, lower credit ratings, and reduced flexibility in times of economic downturns. This can ultimately harm taxpayers and limit the state’s ability to invest in critical projects.

Furthermore, relying on debt to fund ongoing expenses, such as day-to-day operations or recurring programs, can create a cycle of dependency on borrowing. This can lead to a dangerous pattern of increasing debt levels without corresponding increases in revenue or economic growth. Over time, this can create a debt burden that is unsustainable and puts the state at risk of financial crisis.

In conclusion, South Dakota debt can be a useful tool for funding critical projects and initiatives that benefit the state and its residents. However, it is essential that debt is managed responsibly and used strategically to achieve long-term goals. By balancing the benefits of debt financing with the risks of overextension, the state can continue to invest in its future while maintaining fiscal sustainability.

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

Leave a Comment