Wisconsin is the sixth-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 Wisconsin
Wisconsin is among the least financially distressed states in the country, though it does have some weaker spots. The average credit score in the state improved only modestly over the past year, posting the 31st-smallest gain nationally. In addition, the state has the 34th-highest online search interest for the word debt, which suggests a decent amount of people are worried about their finances.
On the plus side, Wisconsin's numbers also reflect resilience overall. The state had the fourth-smallest increase in non-business bankruptcy filings over the past year, at just 2.9%, and it has the 11th-highest average credit score, at 683.
How Wisconsin Ranks in Key Categories
- 43rd for Credit Standing
- 35th for People with Accounts in Distress
- 39th for Average Number of Accounts in Distress
- 47th for Change in Bankruptcy Filings
- 34th for Deb Search Interest Index
- 35th for Loans Search Interest Index
Overall, Wisconsin is the sixth-least financially distressed state. This is an improvement from last year, when it ranked as the 10th-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.
