A recent study conducted by WalletHub has found that Georgia ranks as the sixth most financially distressed state in the United States. The study compared financial factors from March 2023 to March 2024, with Georgia ranking high in terms of people with accounts in distress, searches about debt, and negative changes to credit scores. The state also ranked 27th for changes in bankruptcy filings year-over-year.
The study highlighted the impact of the ongoing economic stress in the country, exacerbated by the COVID-19 pandemic. WalletHub emphasized the importance of looking at state-level economic trends to understand how residents are faring financially. As inflation remains a concern and affordability issues persist, more people are searching for solutions to their financial needs.
In addition to Georgia’s ranking, WalletHub also reported that Atlanta was the eighth most financially distressed city in the U.S. in a separate study conducted in February. By analyzing data related to delayed payments, bankruptcy filings, and credit score changes, the study aimed to provide a comprehensive overview of the economic challenges faced by residents in different states.
Overall, the study’s findings shed light on the financial struggles experienced by many Americans, highlighting the need for effective solutions to address economic distress at both the state and city levels.
Source
Photo credit www.wsbtv.com