Idaho is the 10th-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 Idaho
Idaho ranks among the least financially distressed states in the country, but it's not entirely in the clear. Its credit scores dipped slightly over the past year, the 14th-biggest decline nationally. The state also has the 16th-highest online search interest for the word loans, indicating that many people may need to borrow money.
Idaho stands out for its resilience elsewhere, though, posting the sixth-fewest distressed accounts per resident and the sixth-lowest search interest for the word deb in the country.
How Idaho Ranks in Key Categories
- 16th for Credit Standings
- 43rd for People with Accounts in Distresss
- 40th for Average Number of Accounts in Distresss
- 19th for Change in Bankruptcy Filingss
- 45th for Deb Search Interest Indexs
- 16th for Loans Search Interest Indexs
Overall, Idaho is the 10th-least financially distressed state. This is a dramatic improvement from last year, when it was the 23rd-most distressed state.
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.
