The Best South Dakota Debt Consolidation Companies of 2020

If you’re one of the many South Dakotans struggling with credit card, auto, student, payday or other types of debt, you’re not alone. Despite South Dakota having a growing economy with 3.6% GDP growth, and a reasonably low unemployment rate of 3.3%, 14.20% of residents live in poverty. Many struggle with debt.

The average South Dakotan has $3,907 in personal debt, plus $150,913 of mortgage debt per capita. 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 . Each year approximately 966 South Dakotans declare bankruptcy If this is you, there are South Dakota debt consolidation options to help you reach your financial goals.

No matter whether you live in Sioux Falls, Rapid City, Aberdeen, or somewhere else in the great state of South Dakota, take charge of your financial situation and consider consolidating your debt load.

The Best Debt Consolidation Companies in South Dakota (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 Dakota. 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.

Main Source Funding

101 S Reid St # 307
Sioux Falls, SD, 57103-7045
(877) 380-5760

Rating: 9.47/10

Goldman & Martin

PO Box 90412
Sioux Falls, SD, 57109-0412
(952) 777-3930

Rating: 9.58/10

AAA Collections, Inc.

3500 S 1st Ave Cir # 100
Sioux Falls, SD, 57105-5800
(605) 339-1333

Rating: 9.7/10

South Dakota Debt Statistics

Total Debt$3,527,703
Debt Per Capita$3,907
Debt Per Capita Rank16

Source: World Population Review

South Dakota Credit Card Debt Statistics

Average Credit Card Balance657
Average Credit Score$6,157
Avg Credit Card Balance Rank (1 = Highest Balance)24
Avg Credit Score Rank (1=Highest Score)43

Source: Experian

Mortgage Debt in South Dakota

Mortgage Debt Per Capita$150,913
Avg 30 yr Mortgage Rate4.01%
Avg 15 yr Mortgage Rate3.50%
Median Home Value$194,700
Avg Outstanding Mortgage Debt$151,489
Difference Between Value and Mortgage Debt$43,211
Avg Homeowner FICO Score727

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in South Dakota

Payday Loan Legal StatusLegal
Max Payday Loan Amount500
Max Payday Loan TermUnspecified
Max Payday Loan APR36%

Source: South Dakota Government Website

Unemployment and the Economy of South Dakota

Poverty Rate – Population14.20%
Poverty Rate – Population – Rank29
Poverty Rate – Family9.30%
Poverty Rate – Family – Rank33
Unemployment Rate (March 2020)3.3
Unemployment Rank13
GDP Growth3.6
GDP Growth Rank4

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in South Dakota

Percent of Population with Student Loans74%
Average Student Loan debt$31,275
Average Debt of New Graduates (2017-18)$31,895
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)72%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)5
Percent of Graduates at Schools with Usable Data40%
Nonfederal debt of graduates, as percent of total debt19%
Fall enrollment – Undergraduate total (IPEDS)47,148
Tuition and Fees (in-district/in-state)$10,947
Total Cost of Attendance (on-campus)$25,395
Percent of Institutional Grants that are Need-Based61%

Source: Value Penguin, TICAS

Cost of Living in South Dakota

Annual Mean Wage (All Occupations)$41,800
Median Monthly Rent$1,213
Value of a Dollar$1.13
Cost of Living99.8
Cost of Living Rank29
Grocery Cost Index107.0
Housing Cost Index109.8
Utilities Cost Index91.8
Transportation Cost Index89.8
Miscellaneous Cost Index103.0

Source: World Population Review

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