The journey of a thousand miles begins with a single step. It may seem sometimes like freedom from debt is a thousand miles away, but there are always options available to you. Here are some of the important facts when it comes to South Dakota debt help.
When it comes to debt, South Dakota is doing pretty well. The average borrower has only $4,236 in debt, which is one of the lowest amounts in the nation. The average credit score, on the other hand, is 718, much better than the national average of 696. The delinquency rate is also significantly lower than average, with only 0.37% of borrowers more than 90 days late on a payment. The average income in SD is $27,516 per person, and about 13.3% of residents are living below the poverty level—slightly higher than the national average of 12.7%.
For ordinary contracts and open accounts, the statute of limitations on debt collection in South Dakota is six years—i.e. that’s how long creditors have from the start of your delinquency to file suit against you. If there’s a judgment against you within South Dakota, the statute is 20 years—if it’s outside of SD, it’s 10 years. On fraud cases, the statute is six years, and for sealed instruments, it’s 20 years. All other actions have a statute of limitations of 10 years.
Knowing that South Dakota in general is doing well on the debt front is of little comfort if you yourself are struggling with debt. If you want help paying off what you owe, you need someone who understands South Dakota debt law and how best to navigate it to improve your particular financial situation. You need someone who can help you take that mountain of debt and consolidate it into a single monthly payment that won’t drain your paycheck and leave you struggling. And most importantly, you need someone who can put you on the path towards getting out of debt for good.
At Americor, we understand South Dakota debt law and how it differs from other states. And we can help you find a solution that meets your individual needs. Contact us today for a free consultation.