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.
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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
http://mainsourcefunding.com
Rating: 9.47/10
Goldman & Martin
PO Box 90412
Sioux Falls, SD, 57109-0412
(952) 777-3930
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Rating: 9.58/10
AAA Collections, Inc.
3500 S 1st Ave Cir # 100
Sioux Falls, SD, 57105-5800
(605) 339-1333
https://www.aaa-coll.com
Rating: 9.7/10
South Dakota Debt Statistics
| Total Debt | $3,527,703 |
| Debt Per Capita | $3,907 |
| Debt Per Capita Rank | 16 |
Source: World Population Review
South Dakota Credit Card Debt Statistics
| Average Credit Card Balance | 657 |
| 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 Rate | 4.01% |
| Avg 15 yr Mortgage Rate | 3.50% |
| Median Home Value | $194,700 |
| Avg Outstanding Mortgage Debt | $151,489 |
| Difference Between Value and Mortgage Debt | $43,211 |
| Avg Homeowner FICO Score | 727 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in South Dakota
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | 500 |
| Max Payday Loan Term | Unspecified |
| Max Payday Loan APR | 36% |
Source: South Dakota Government Website
Unemployment and the Economy of South Dakota
| Poverty Rate – Population | 14.20% |
| Poverty Rate – Population – Rank | 29 |
| Poverty Rate – Family | 9.30% |
| Poverty Rate – Family – Rank | 33 |
| Unemployment Rate (March 2020) | 3.3 |
| Unemployment Rank | 13 |
| GDP Growth | 3.6 |
| GDP Growth Rank | 4 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in South Dakota
| Percent of Population with Student Loans | 74% |
| Average Student Loan debt | $31,275 |
| Average Debt of New Graduates (2017-18) | $31,895 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 72% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 5 |
| Percent of Graduates at Schools with Usable Data | 40% |
| Nonfederal debt of graduates, as percent of total debt | 19% |
| 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-Based | 61% |
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 Living | 99.8 |
| Cost of Living Rank | 29 |
| Grocery Cost Index | 107.0 |
| Housing Cost Index | 109.8 |
| Utilities Cost Index | 91.8 |
| Transportation Cost Index | 89.8 |
| Miscellaneous Cost Index | 103.0 |
Source: World Population Review