Pennsylvania is the 16th-least financially distressed state in the country, according to a new WalletHub report. The analysis examined factors such as average credit scores, changes in bankruptcy filings, and the share of residents with accounts in distress – those in forbearance or with payments deferred due to financial hardship.
Across the country, inflation, shifting unemployment levels, public health emergencies and natural disasters have made it harder for many people to stay on top of their bills, leading a growing share of Americans to fall behind on payments or seek relief on their accounts. People in some states are struggling more than others, though.
“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,” said WalletHub analyst Chip Lupo. “States with fewer people in financial distress are likely to have better economies, which makes them more attractive places to live.”
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In-Depth Look at Pennsylvania
Pennsylvania is among the less financially distressed states in the country, but it isn't entirely in the clear. The average credit score in the state is just 665, the 20th-lowest nationally. In addition, the state ties for the ninth-highest online search interest for the word debt, which suggests that a lot of people have anxiety about money theyve borrowed.
There is plenty of reason for optimism, though. For example, Pennsylvania ranked 15th for the average credit score increase over the past year. It also has the 14th-lowest search interest for the word loans.
How Pennsylvania Ranks in Key Categories
- 35th for Credit Standing
- 28th for People with Accounts in Distress
- 33rd for Average Number of Accounts in Distress
- 31st for Change in Bankruptcy Filings
- Ninth for Deb Search Interest Index
- 37th for Loans Search Interest Index
Overall, Pennsylvania is the 16th-least financially distressed state. This is a three-spot improvement from last year.
States With the Most People in Financial Distress
Overall Rank* | State | Total Score | Credit Score Rank | Distressed People Rank | Distressed Accounts Rank | Bankruptcy Rank | “Debt” Search Interest Rank | “Loans” Search Interest Rank |
|---|---|---|---|---|---|---|---|---|
1 | Kansas | 55.04 | 25 | 23 | 18 | 27 | 2 | 4 |
2 | Louisiana | 53.94 | 22 | 4 | 1 | 36 | 5 | 2 |
3 | Florida | 52.02 | 9 | 1 | 2 | 3 | 18 | 34 |
4 | Texas | 49.94 | 12 | 8 | 5 | 4 | 13 | 8 |
5 | South Carolina | 49.22 | 30 | 2 | 4 | 13 | 29 | 7 |
6 | Wyoming | 48.22 | 50 | 47 | 47 | 29 | 1 | 1 |
7 | Georgia | 46.85 | 14 | 7 | 9 | 17 | 15 | 9 |
8 | California | 46.8 | 33 | 3 | 7 | 15 | 5 | 28 |
9 | North Carolina | 46.31 | 31 | 5 | 6 | 11 | 29 | 13 |
10 | Kentucky | 44.18 | 39 | 6 | 3 | 33 | 29 | 13 |
The methodology can be found on the full version of the article on WalletHub.
