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What Is the Legal Rate of Interest in South Carolina in 2024?
On January 4, 2024, the Supreme Court of South Carolina issued an order regarding interest rates on money decrees and judgments for the next twelve months. The legal rate of interest for money decrees and judgments is 12.50% compounded annually for the period between January 15, 2024 and January 14, 2025. (Read the original order in PDF format.)
The rate “is equal to the prime rate as listed in the first edition of the Wall Street Journal published for each calendar year for which the damages are awarded, plus four percentage points, compounded annually,” according to South Carolina Code § 34-31-20 (B). The law also provides that the SC Supreme Court updates the interest rate every year, no later than January 15th, for the upcoming year.