North Carolina Among Top States with the Most People in Financial Distress

Photo byTown Talks

It's not just you—North Carolina is facing significant financial challenges, and you're not alone in feeling the strain.

According to a recent report from WalletHub, North Carolina ranks 8th among the states with the most financial distress in 2024.

This study aimed to shed light on the economic difficulties Americans are experiencing, and it appears that many North Carolinians are feeling the pinch.

The report highlights that at least 7 million Americans are late on payments for at least one credit account, with some allowed to delay payments without penalty.

This widespread financial distress is not unique to North Carolina, but the state’s high ranking indicates that many residents are struggling more than most.

In comparison to other states, North Carolina's financial distress is surpassed only by seven others: Michigan, Texas, Nevada, Tennessee, Rhode Island, Georgia, and Mississippi. South Carolina, just to the south, isn't faring much better, ranking 11th on the list.

Here are some key points about North Carolina's financial situation:

• Overall rank for financial distress: 8th
• Average credit score: 15th (as of March 2024)
• Change in the average number of accounts in distress: 27th (comparing Q1 2024 to Q1 2023)
• Change in the number of bankruptcy filings: 11th (comparing March 2024 to March 2023)
• "Loans" search interest index: 15th

For those looking to avoid financial stress, WalletHub suggests considering states like New Hampshire, Iowa, or Connecticut, which are faring better in these challenging times.

Share your thoughts

How are you managing financial challenges in North Carolina? Have you noticed a shift in financial stability around you? Let's discuss.