Many South Carolina residents wrestle with credit card, student, medical, auto and other debt types. Even though The Palmetto State has a booming economy with 2.5% GDP growth, and a low unemployment rate of 2.6% (#2 of all states), 18.30% of residents live below the poverty line. Many have debt struggles.
The average South Carolinian has $3,022 in personal debt, plus $159,359 of mortgage debt per capita. On average, 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 . Each year approximately 6,756 South Carolinians declare bankruptcy If this is you, there are South Carolina debt consolidation options to help you get back on track financially.
No matter whether you live in Columbia, Greenville, Charleston, or somewhere else in the great state of South Carolina, take charge of your financial situation and consider consolidating your debt load.
Table of Contents
The Best Debt Consolidation Companies in South Carolina (updated 2020)
Finding a legit debt consolidation firm can be tough. We’ve done the research and picked the [n] best debt consolidation firms in the state of South Carolina. Our criteria includes online reputation, breadth of services offered, and demonstration of expertise. All have at least an A rating with the Better Business Bureau.
U.S. Fi-cial Services
PO Box 70283
North Charleston, SC, 29415
(843) 371-8244
–
Rating: 9.26/10
Integrity Partners, LLC
PO Box 71150
Myrtle Beach, SC, 29572-0038
(843) 504-4192
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Rating: 9.37/10
Homeowner Answers, LLC
4337-D Big Barn Dr.
North Myrtle Beach, SC, 29582
(843) 390-4357
http://www.homeowneranswers.com/
Rating: 9.48/10
Dolphin Fi-cial Services, Inc.
6371 ST. Andrews Rd Suite A
Columbia, SC, 29212
(803) 561-0100
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Rating: 9.6/10
South Carolina Debt Statistics
| Total Debt | $15,744,638 |
| Debt Per Capita | $3,022 |
| Debt Per Capita Rank | 27 |
Source: World Population Review
South Carolina Credit Card Debt Statistics
| Average Credit Card Balance | 687 |
| Average Credit Score | $6,375 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 18 |
| Avg Credit Score Rank (1=Highest Score) | 18 |
Source: Experian
Mortgage Debt in South Carolina
| Mortgage Debt Per Capita | $159,359 |
| Avg 30 yr Mortgage Rate | 4.00% |
| Avg 15 yr Mortgage Rate | 3.48% |
| Median Home Value | $170,700 |
| Avg Outstanding Mortgage Debt | $160,059 |
| Difference Between Value and Mortgage Debt | $10,641 |
| Avg Homeowner FICO Score | 681 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in South Carolina
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 550 |
| Max Payday Loan Term | 31 days |
| Max Payday Loan APR | 391% |
Source: South Carolina Government Website
Unemployment and the Economy of South Carolina
| Poverty Rate – Population | 18.30% |
| Poverty Rate – Population – Rank | 8 |
| Poverty Rate – Family | 13.90% |
| Poverty Rate – Family – Rank | 9 |
| Unemployment Rate (March 2020) | 2.6 |
| Unemployment Rank | 2 |
| GDP Growth | 2.5 |
| GDP Growth Rank | 9 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in South Carolina
| Percent of Population with Student Loans | 58% |
| Average Student Loan debt | $30,891 |
| Average Debt of New Graduates (2017-18) | $30,838 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 58% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 18 |
| Percent of Graduates at Schools with Usable Data | 85% |
| Nonfederal debt of graduates, as percent of total debt | 26% |
| Fall enrollment – Undergraduate total (IPEDS) | 223,060 |
| Tuition and Fees (in-district/in-state) | $12,473 |
| Total Cost of Attendance (on-campus) | $30,768 |
| Percent of Institutional Grants that are Need-Based | 59% |
Source: Value Penguin, TICAS
Cost of Living in South Carolina
| Annual Mean Wage (All Occupations) | $43,210 |
| Median Monthly Rent | $1,209 |
| Value of a Dollar | $1.11 |
| Cost of Living | 95.9 |
| Cost of Living Rank | 23 |
| Grocery Cost Index | 101.9 |
| Housing Cost Index | 85.1 |
| Utilities Cost Index | 107.6 |
| Transportation Cost Index | 88.0 |
| Miscellaneous Cost Index | 94.2 |
Source: World Population Review