South Carolina Ranked As The 7th Financial Distressed State During COVID-19

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With the unemployment rate at 8.4% and Americans still waiting for another COVID-19 relief package, WalletHub today released its report on the States with the Most People in Financial Distress During COVID-19.

In order to shed light on the financial troubles experienced by people across the U.S., and to show where those difficulties are most pronounced, the site compared the 50 states and the District of Columbia across nine key metrics. Their data set includes factors like the average credit score, the change in the number of bankruptcy filings between July and January, and the share of people with accounts in distress. They define an account in distress as one which either is in forbearance or has its payments deferred.

South Carolina was ranked the 7th most financially distressed state and North Carolina was ranked 15th.

States with the Most Financially Distressed People during COVID-19

Overall Rank* State Total Score ‘Credit Score’ Rank ‘People with Accounts in Distress’ Rank ‘Average Number of Accounts in Distress’ Rank ‘Change in Number of Bankruptcy Filings – July vs. January’ Rank ‘“Debt” Search Interest Index’ Rank ‘WalletHub “States Where People Need Loans the Most Due to Coronavirus”’ Rank
1 Louisiana 52.65 12 2 3 36 5 17
2 Nevada 48.74 31 1 4 13 21 36
3 Indiana 47.70 5 15 21 7 34 23
4 Oklahoma 47.01 1 31 40 8 26 2
5 Florida 46.50 45 6 5 24 3 6
6 Texas 46.09 9 9 15 31 8 9
7 South Carolina 45.86 7 5 8 33 21 32
8 Kansas 45.36 19 19 7 9 13 26
9 District of Columbia 44.98 49 7 9 49 1 39
10 New York 44.90 28 26 28 43 2 1
11 Missouri 44.69 17 16 12 23 7 4
12 Utah 44.55 41 10 1 4 50 33
13 Idaho 43.32 24 12 14 3 48 38
14 Kentucky 43.20 3 23 36 29 8 15
15 North Carolina 43.18 11 13 11 32 20 12
16 Delaware 43.17 33 3 2 25 41 42
17 Alabama 43.07 6 14 20 40 13 19
18 Georgia 43.01 10 4 6 51 34 16
19 Tennessee 42.54 2 11 25 47 39 3
20 Wyoming 42.03 13 44 45 2 47 43
21 Arizona 41.22 21 22 23 5 26 40
22 Hawaii 40.97 48 8 18 10 8 18
23 South Dakota 40.47 20 24 24 1 43 50
24 Virginia 39.70 18 25 22 26 8 28
25 Arkansas 39.61 4 32 26 41 21 21
26 Iowa 39.36 37 17 19 11 21 27
27 Mississippi 37.17 8 33 13 46 17 41
28 Illinois 36.49 27 18 16 42 26 20
29 Ohio 36.22 23 28 29 28 26 10
30 Pennsylvania 35.85 14 38 30 37 34 14
31 New Mexico 35.64 22 20 10 15 48 47
32 Wisconsin 35.28 34 43 39 16 6 35
33 West Virginia 35.15 15 35 34 17 51 11
34 Maryland 34.97 38 21 17 50 16 5
35 Michigan 34.94 36 37 33 39 4 8
36 Washington 33.10 16 45 41 30 26 13
37 Colorado 32.64 32 46 43 14 26 29
38 California 32.20 25 41 47 27 26 30
39 Rhode Island 31.44 50 34 37 19 17 22
40 Maine 30.94 39 30 27 12 43 45
41 New Jersey 30.93 40 27 31 48 17 25
42 Nebraska 30.40 35 36 38 22 21 44
43 Connecticut 29.00 44 29 35 35 34 34
44 North Dakota 28.57 26 47 32 20 43 46
45 Minnesota 25.84 47 50 48 34 26 7
46 Oregon 24.97 29 48 49 38 41 37
47 New Hampshire 24.89 51 42 46 45 13 24
48 Alaska 24.86 42 51 51 6 8 49
49 Massachusetts 23.96 46 40 50 44 39 31
50 Montana 23.65 43 49 42 18 38 48
51 Vermont 21.81 30 39 44 21 43 51

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