In recent years, Americans’ finances have faced challenges due to inflation, fluctuating unemployment, the public health crisis, and natural disasters.
As a result, many people have experienced financial difficulties, such as delays in credit account payments or the ability to temporarily defer them due to economic hardship.
Some states that, according to recent data, present a concerning outlook:
States with high prevalence of financial difficulties:
- Michigan: Leads the ranking with the highest number of accounts per person in financial distress and a significant increase in this issue over the past year.
- Texas: Has a high number of residents with accounts in distress and a considerable rise in bankruptcy rates.
- Nevada: Experiences a high proportion of people with credit delinquency issues and difficulties paying their bills.
- Tennessee: Ranks among the states with the highest percentage of accounts in distress and a concerning increase in bankruptcy filings.
- Rhode Island: Despite having one of the smallest economies in the country, it has a high concentration of people facing financial difficulties.
In contrast, these states show more favorable indicators:
46 Wisconsin: Stands out for having one of the lowest credit delinquency rates in the country and a low rate of financial difficulties.
47 Vermont: Has one of the lowest poverty rates in the country and high access to financial services.
48 Connecticut: Shows a low proportion of accounts in distress and a bankruptcy rate below the national average.
49 Iowa: Characterized by a low unemployment rate and a high per capita income level.
50 New Hampshire: Enjoys a stable economy with a low poverty rate and good access to financial services.
It’s important to remember that:
- Financial situations in a state can vary significantly between different regions and demographic groups.
- The data used to rank states may come from different sources and methodologies, which can affect the comparability of results.
- A state’s ranking at a given time does not necessarily reflect its long-term situation.
For a more complete picture of financial difficulties in the United States, we recommend consulting:
- WalletHub Report: https://wallethub.com/
- Government agency websites:
- Research organizations:
By analyzing these resources, you can gain a better understanding of the distribution of financial difficulties across the United States and the factors contributing to them.
The WalletHub report uses nine key metrics to compare states, including average credit score, change in bankruptcy filings, and the proportion of people with accounts in distress. This methodology helps assess general economic trends and financial difficulties in different parts of the country.
For those interested in more details about the study and its methodology, you can consult the WalletHub website directly.
Image: DiarioNY
