A new report from WalletHub has revealed that Texas is the most financially distressed state in the United States. The analysis, which examined factors like average credit scores, bankruptcy filings from September 2023 to 2024, and the percentage of people with distressed accounts, found that residents of the Lone Star State are facing significant financial struggles.
The report isn’t a huge surprise, considering the ongoing challenges Texas has faced, including natural disasters in cities like Houston and the continuing impact of inflation. Texas also saw one of the highest rates of bankruptcy filings in 2024 compared to 2023, as well as a high level of interest in loans from residents.
In contrast, Alaska was noted as the state with the least financial distress.
These findings are indicative of the general economic difficulties that many Texans are experiencing, particularly in a year that has been extremely stressful for households all over the nation.
