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New Hampshire has the lowest, although Red states seem to have greater rates of personal financial distress
By J.D. Davidson, for The Center Square
More people in Tennessee face financial distress than in nearly every other state, according to a new report.
The study by the personal finance website WalletHub, a commercial finance website, compared the states across nine metrics. Included were the average credit score, change in number of bankruptcy filings between March 2023 and March 2024 and the share of people with accounts in distress.
“Measuring the share of residents in financial distress is a good way to take the pulse of a state and see whether people are generally thriving or having trouble making ends meet,” WalletHub analyst Cassandra Happe said. “When you combine data about people delaying payments with other metrics like bankruptcy filings and over credit score changes, it paints a good picture of the overall economic trends of a state.”
Those numbers are poor for Tennessee compared to the rest of the country.
Tennessee had the third-most people with accounts in distress, meaning they had been allowed to miss or put payments on hold. It also ranked third among states with an average number of accounts in distress.
The Volunteer State ranked 15th in the debt search interest index and 36th in credit score. It was also 45th in the change in bankruptcy filings from March 2023 to March 2024.
Michigan residents are the most financially distressed people in the country, according to the report. Texas ranked second, followed by Nevada, Tennessee and Rhode Island.
New Hampshire, Iowa, Connecticut, Vermont and Wisconsin were the least financially distressed states.
The report also showed states considered red or Republican are in more financial distress than blue or Democratic states.
States with the Most People in Financial Distress
| State | Total Score | Credit Score Rank | People with Accounts in Distress Rank | Average Number of Accounts in Distress Rank | Change in Bankruptcy Filings March 2024 vs. March 2023 Rank | “Debt” Search Interest Index Rank | “Loans” Search Interest Index Rank | |
|---|---|---|---|---|---|---|---|---|
| 1 | Michigan | 59.91 | 44 | 2 | 1 | 39 | 10 | 26 |
| 2 | Texas | 56.15 | 4 | 10 | 11 | 7 | 6 | 7 |
| 3 | Nevada | 55.15 | 5 | 5 | 8 | 3 | 29 | 11 |
| 4 | Tennessee | 52.25 | 36 | 3 | 3 | 45 | 15 | 7 |
| 5 | Rhode Island | 51.47 | 9 | 1 | 2 | 48 | 40 | 22 |
| 6 | Georgia | 51.31 | 7 | 9 | 10 | 27 | 4 | 6 |
| 7 | Louisiana | 50.47 | 20 | 4 | 5 | 30 | 45 | 3 |
| 8 | North Carolina | 49.66 | 16 | 15 | 14 | 11 | 4 | 15 |
| 9 | Mississippi | 49.33 | 11 | 16 | 18 | 46 | 21 | 1 |
| 10 | New York | 49.25 | 10 | 29 | 34 | 13 | 1 | 9 |
| 11 | South Carolina | 47.44 | 40 | 8 | 13 | 22 | 21 | 5 |
| 12 | Oklahoma | 44.85 | 35 | 18 | 20 | 31 | 32 | 2 |
| 13 | Florida | 44.64 | 3 | 13 | 15 | 9 | 29 | 27 |
| 14 | Kentucky | 44.46 | 39 | 6 | 9 | 21 | 26 | 13 |
| 15 | South Dakota | 43.19 | 42 | 28 | 26 | 8 | 6 | 17 |
| 16 | Delaware | 43.15 | 17 | 23 | 28 | 14 | 13 | 13 |
| 17 | Alabama | 42.24 | 25 | 7 | 12 | 44 | 37 | 4 |
| 18 | Arizona | 42.16 | 6 | 27 | 31 | 40 | 3 | 15 |
| 19 | West Virginia | 42.12 | 43 | 14 | 6 | 32 | 21 | 27 |
| 20 | Illinois | 41.78 | 34 | 11 | 7 | 36 | 21 | 31 |
| 21 | Missouri | 41.45 | 24 | 19 | 19 | 43 | 15 | 9 |
| 22 | Maryland | 40.60 | 15 | 41 | 45 | 6 | 15 | 34 |
| 23 | North Dakota | 39.71 | 49 | 48 | 36 | 16 | 2 | 22 |
| 24 | Washington | 39.22 | 18 | 24 | 17 | 2 | 42 | 36 |
| 25 | Idaho | 38.88 | 31 | 39 | 35 | 26 | 10 | 20 |
| 26 | California | 38.67 | 8 | 22 | 22 | 4 | 32 | 47 |
| 27 | Ohio | 38.17 | 47 | 45 | 46 | 25 | 10 | 12 |
| 28 | Indiana | 37.61 | 30 | 21 | 24 | 35 | 15 | 22 |
| 29 | Minnesota | 36.00 | 46 | 35 | 30 | 5 | 29 | 43 |
| 30 | Colorado | 35.90 | 23 | 42 | 43 | 18 | 13 | 40 |
| 31 | Arkansas | 35.49 | 50 | 12 | 16 | 28 | 32 | 31 |
| 32 | New Jersey | 35.48 | 27 | 34 | 37 | 23 | 15 | 36 |
| 33 | Virginia | 35.22 | 21 | 37 | 41 | 34 | 15 | 27 |
| 34 | Alaska | 35.18 | 1 | 46 | 48 | 47 | 6 | 20 |
| 35 | Utah | 34.90 | 12 | 36 | 25 | 12 | 32 | 39 |
| 36 | Montana | 33.74 | 45 | 32 | 27 | 20 | 26 | 34 |
| 37 | New Mexico | 32.82 | 33 | 25 | 39 | 15 | 46 | 17 |
| 38 | Pennsylvania | 32.53 | 22 | 43 | 42 | 33 | 26 | 36 |
| 39 | Hawaii | 32.25 | 2 | 20 | 23 | 10 | 46 | 49 |
| 40 | Massachusetts | 32.11 | 13 | 44 | 44 | 19 | 37 | 31 |
| 41 | Wyoming | 31.96 | 28 | 30 | 40 | 50 | 6 | 17 |
| 42 | Oregon | 31.93 | 19 | 33 | 32 | 1 | 50 | 44 |
| 43 | Kansas | 31.21 | 26 | 31 | 21 | 42 | 37 | 22 |
| 44 | Maine | 29.91 | 32 | 17 | 4 | 49 | 49 | 40 |
| 45 | Nebraska | 29.63 | 37 | 47 | 47 | 37 | 21 | 40 |
| 46 | Wisconsin | 27.11 | 48 | 40 | 33 | 38 | 42 | 27 |
| 47 | Vermont | 26.87 | 41 | 26 | 29 | 29 | 40 | 48 |
| 48 | Connecticut | 25.67 | 14 | 38 | 38 | 24 | 46 | 50 |
| 49 | Iowa | 23.83 | 29 | 50 | 49 | 17 | 42 | 46 |
| 50 | New Hampshire | 21.71 | 38 | 49 | 50 | 41 | 32 | 44 |
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Categories: Business, National News, News Analysis
i am now distressed/// just paid a 11 percent increase in my property taxes in searsburg vermont/// that is the town that has a 50,000.00 dollar past due late tax payments//// there was about the same increase in st. albans town along with our increase for our police contract with the city of st. albans/// another social security check down the drain/// i have become a federal money transfer agent to the state of vermont from the federal government//// just another day at the vermont zoo////
This cannot be accurate. It’s apparently only representative of agencies or institutions that report these numbers. Afterall, you have to have financial accounts for them to be in distress. It is taking limited data and applying it in a way, statistically, that makes it seem positive.
It doesn’t take long to figure out this ‘wallet hub’ article is contrived with selected data, weighted to give the desired result. Great talking points here for the D/P marxists this election season- maybe that is the purpose of the ‘report’.
This isn’t much different than a election poll, just a different subject.
This is just communist fodder and bs… trying to justify government control and leftist policies…
Sadly, it works for all the useful idiots and lay abouts who don’t have bank accounts. It also works for the welfare state recipients who in some cases have other workers living with them but are not on their tax return. I stated earlier in another article that most people can’t be bothered with politics, they would rather get screwed by their government than actually vote one day out of the year. Liberals love politics because it makes them feel good while they are getting screwed, and I don’t mean in the romantic way. The death of any state can be attributed to the voters. In Vermont’s case, we are now on the death bed. Thank a liberal voter!
this is the second day of the trial of the franklin county sheriff//// the video has been played many times on tel./// lie./// vision./// to inflame the public and form public opinion/// question/// was the audio portion of this video played at the trial//// i believe i heard part of it in the beginning of this investigation//// inquiring mind need to know//// note, the city of st. albans got the new contract for policing the town after this investigation started///
Keep in mind that this is a report on the financial standing of the State’s residents.
If, on the other hand, one considers the fiscal health of the State government itself, Tennessee ranks 5th best of all States (2nd best in long-term stability and 21st in short-term stability). The State of Vermont ranks 35th (37th in long-term stability and 29th in short-term stability).
Perhaps this is because Vermont’s social welfare net is so broad and inclusive. The average welfare and housing benefits available to a Vermont household was over $40K per year… ten years ago. Is it any wonder then that relatively few people in Vermont are financially distressed?
And again, according to U.S. Bureau of Labor Statistics, approximately 40% of the Vermont workforce is employed by the government, healthcare, and education sectors. They are the highest paid and fastest growing employment sectors in Vermont and they account for the largest voting bloc in the State.
Is it any wonder then why the long-term stability of Vermont’s government is so tenuous?
Wallethub is a subsidiary of Evolution Finance Inc. It is in their best interest to spin the stats for profit. The economy is based on consumer debt and blind consumption afterall. The problem with this fairytale is it smacks into a wall of reality when other astute economists and those who can do simple math, don’t see prosperity of any sort coming anytime soon. Those with expendable cash and assets are defrauding it from average citizens and taxpayers. Watch who is making money and how. It’s a giant ponzi scheme that is near implosion…they all know it and lie about it every day.
I’m guessing this is spun to support the Communist agenda here in Vermont. I just received a 14% property tax increase, an increase in my water and sewer tax and the new tax on my income for child care. Add into this the growing costs of food, utilities, the fuel tax from last session and that I am taking care of two mentally challenged people in my house and a disabled, diabetic wife, the stress keeps building. Oh yes, I’m a disabled combat vet myself who is getting no help. Thank you for nothing, Montpelier.
A house of cards with no foundation…one day a strong gust of wind will come along and blow it down.
The sooner the better. Chances of a rebuild with the current crop of liberals living and voting here is a long way off. They will have to lose everything before it sinks in. I don’t wish to see anyone hurt financially or otherwise but continuing to vote for the destruction of the state and its regular people is insanity. When you stop feeding a stray animal, they go somewhere else. Vermont should require work to go with the handouts and a residency requirement of one year before any welfare payments.
Evidently this report ignored the Vermont senior population in living on fixed incomes along with other under served populations like veterans. Totally unbelievable statistics. Just remember that numbers are easily manipulated to give the desired result. What’s the real motive here? One wonders because this data is complete misinformation.
I agree with earlier comments: many people I know do not have bank accounts, let alone loans, and the numbers provided appear fishy. The numbers are all over the place. The numbers provided are more indicators of the government run socialist and banking programs than they are indicators of healthy economies.
Better indicators would be: Food shelf use (both Chittenden County and Washington County food banks are reporting record high distribution to qualified people/families); Homelessness (the State has been buying up hotels to house the record number of homeless people, which not only eats away at the general fund but removes those hotels from generating revenue from tourists/business people); Number of business startups and total ongoing number of businesses (I’ve been meaning to take a look at the State’s Corporate/DBA business listings as I have some from 5 to 10 years ago. Not all businesses go out filing a bankruptcy); Job data (how many people are working part-time/multiple part-time/low pay jobs compared to 5 or 10 years ago…I don’t have this data, and I wonder if the state would even be willing to provide that information); Housing market (There seems to be a very low number of houses for sale in the state, not to mention low numbers of rental units, not to mention the abysmal cost-to-income ratios…none of these things are healthy)
Excellent example of present day Marxist propaganda!
Ed Wheeler
Of course the average credit score and bank account in VT looks good. With all the 1%’er liberal academic elites, wealthy second home owners, and trust fund babies moving here to fulfill their climate change dreams there’s plenty of cash floating around. And they don’t care that VT is in the top 3 states for total tax rate. They can afford it. Move over Epstein Island, Vermont is taking your place as the premier destination for the perverted wealthy elite.
the franklin county sheriff drama will go on now with a mistrial//// the sheriff may need to crowd fund to keep paying his lawyer///// another trial coming in the future//// stay tuned for the next trial//// more work for the lawyers////
This is another flawed report, from what I see within Vermont and its tax system with all the frivolous spending agendas, Vermonters are under severe ” financial distress !!
Just wait until the progressive our ” Stupid Majority ” gets their wish on the ” Vermont Clean Heat” boondoggle hits, you vote these fools in, but don’t worry according to this article Vermont has 4th lowest rate of financial distress…… now that’s some BS.
Wake up people
What a crock! Anyone who writes or believes that Vermonters are among the least financially stressed in the nation is guilty of horrific gaslighting. The arrogant oligarchic Vermont legislators eat up this kind of dangerous rhetoric, as do all the socialist and Marxist leaning Woker Jokers who continue to overwhelm us with more and more taxation and completely wasteful and costly programs we never wanted and are unable to pay for…