According to the study, New York ranked 10th among states with the most people experiencing financial hardship, or “people with credit accounts in grace or with payments deferred — which allows account holders to temporarily not make payments due to financial hardship.”
New Yorkers are some of the most economically disadvantaged people in the nation. According to a survey published by WalletHub: last week.
“Measuring the percentage of residents who are experiencing financial hardship is a good way to gauge what’s going on in a state and whether people are generally thriving or struggling to make ends meet,” WalletHub analyst Cassandra Happe said in the study. “When you combine data on people who are late on their payments with other indicators like bankruptcy filings and changes in credit scores, it gives you a good idea of a state’s overall economic trends.”
Here’s the situation in New York:
Where does New York stand?
New York came in at number 10 with an overall score of 49.25. The study found that New York ranked highly for changes in credit scores and bankruptcy filings. The data also showed that New Yorkers showed a high interest in search terms like “debt” and “loans,” ranking first and ninth, respectively.
New York ranks behind Michigan, Texas, Nevada, Tennessee, Rhode Island, Georgia, Louisiana, North Carolina and Mississippi.
New York City and Buffalo also ranked in the top 100 cities with the most economically disadvantaged people, at No. 3 and No. 67, respectively. WalletHub survey released Earlier this year.
The study found that New York City is seeing a significant increase in non-business bankruptcy filings in 2023 compared to 2022, and New Yorkers are searching for debt- and loan-related terms on Google more than people in most other cities.
How WalletHub assessed its financial difficulties
WalletHub compared all 50 states across nine key metrics in six overall categories: average credit score, change in bankruptcy filings from March 2023 to March 2024, percentage of people with problem accounts, average number of problem accounts, and the search interest index for “debt” and “loans” (the percentage of people in the state who search for “debt” and “loans” on Google).
We then determined a weighted average of all the indicators to calculate an overall score for each state, and used the resulting score to rank states. Information was taken from WalletHub’s own data, as well as from sources such as the Administrative Office of the U.S. Courts, TransUnion, and Google Trends.
Emily Burns is a consumer advocacy reporter for the USA TODAY Network’s New York state team. Follow us on Twitter and Instagram Follow. inquiry inquiry.
