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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