Georgia ranked 6th most financially distressed state in the US

ATLANTA — A new study on economic stress across the United States named Georgia as the sixth most financially distressed state in the country.

The study by WalletHub said Georgia had the ninth most people with accounts in distress and the 10th highest average number of accounts in distress across the United States.

Georgia ranked fourth for most searches about debt, and sixth for most searches about getting a loan.

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For the study’s data, WalletHub compared financial factors from March 2023 to March 2024. In terms of what the study used to determine an account in distress, WalletHub said it was for accounts that are either in forbearance or had their payments deferred.

Georgia also ranked high on the list for negative changes to credit scores, taking home fifth out of all 50 states and 27th for changes in bankruptcy filings year-over-year.

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As far as why they did the study, WalletHub pegged it to a look at the country’s different economic trends at a state level.

Financial stress in the United States has remained a steady story in the news over several years in the wake of the COVID-19 pandemic. Channel 2 Action News reported that the latest inflation report for the Atlanta metro area showed prices were still elevated.

With inflation up and affordability a big concern for Americans, more people are starting to search for solutions to their financial needs.

WalletHub reported that Atlanta was the eighth most financially distressed city in the U.S. back in February, based on similar details to the Georgia study.

“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. When you combine data about people delaying payments with other metrics like bankruptcy filings and credit score changes, it paints a good picture of the overall economic trends of a state,” according to the study.

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