Wyoming is the sixth-most 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 Wyoming
Wyoming shows signs of financial distress, with the highest online search interest nationally for both deb and loans, a sign that many residents are anxious about their finances.
However, people might be worrying more than they need to. Wyomingites actually improved their credit scores more than people in every other state over the past year, on average. Plus, they have the third-fewest distressed accounts per person.
How Wyoming Ranks in Key Categories
- 50th for Credit Standing
- 47th for People with Accounts in Distress
- 47th for Average Number of Accounts in Distress
- 29th for Change in Bankruptcy Filings
- First for Deb Search Interest Index
- First for Loans Search Interest Index
Overall, Wyoming ranks as the sixth-most financially distressed state, but that is due more to residents anxiety about finances than about their actual situation. Last year, the state ranked as the 16th-least distressed.
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.
