Costs are still rising faster than those annoying people who stand up as soon as the plane lands. 🙄🛬 Would it kill those people to just…relax? 🧖Due to sky-high prices on everyday items, many Americans continue to struggle.
However, citizens of some states are financially worse off than others. 📉 We don't want to name names, but we're going to anyway. Don't shoot the messenger! 🫣
Here’s Five Fast Facts on which states are doing the worst financially:
- 🕺This Ain't No Mardi Gras - Number one on the list is Louisiana. Around 11.6% of Louisiana residents can't make payments on a credit account due to financial hardship. That percentage is the highest in the nation. Louisiana tends to struggle due to exposure to natural disasters (hello, crazy hurricanes). The state also has the second-highest poverty rate in the U.S.
- 🎢 Rollin' on the River - Coming in at number two is Mississippi. This state has the highest poverty rate in the nation, above 19%. The average credit score in Mississippi is 634, the lowest in the country.
- 🤠 Everything's Bigger - In third place, we have Texas. This year, the state had a 21% surge in non-business bankruptcy filings. Additionally, almost 7% of Texans have an account in forbearance or with deferred payments, putting them in the nation's top 10.
- 👛 Coming Up Short - So how much of a dent have rising costs made in American household finances? Since May of 2021, the increased cost of food, gas, utilities and health care has resulted in an average deficit of $2,440 in family budgets.
- 👎 The Price Is Wrong - Even though inflation is dropping, the crazy cost of necessities has crippled many middle-income families. Many wrote off the economy's impact on their finances, not realizing it was going to lead to financial dilemmas, like relying on credit cards to make ends meet. Despite inflation cooling as we head into 2024, middle-income households continue to lose confidence in their financial positions.
🔥Bottom line: Regardless of which state you live in, it's never too late to get your finances in order. If you feel overwhelmed, remember Rome wasn't built in a day! Even the smallest steps count. Looking for a higher-paying job in the new year? Here's a list of the hottest wage growth jobs of 2023!
How's the financial vibe in your home state?
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