A recent WalletHub study placed Georgia as the 6th most financially distressed state in the U.S. for 2024.
💰 Why It Matters: This ranking highlights the financial challenges many Georgians are facing, potentially impacting their ability to meet basic needs, save for the future, or handle unexpected expenses.
📊 Key Findings:
According to WalletHub’s analysis:
- Georgia ranked 5th for its average credit score in March 2024.
- The state placed 26th in the change of share of people with accounts in distress from Q1 2023 to Q1 2024.
- Georgia ranked 21st in the change of average number of accounts in distress over the same period.
- The state was 27th in the change of bankruptcy filings from March 2023 to March 2024.
- Georgia ranked 6th in “Loans” search interest index.
🔍 Between the Lines: While Georgia’s overall ranking is concerning, the state shows mixed results across different metrics. The high ranking in average credit score (5th) suggests significant financial struggles for many residents, while the middling rankings in changes to distressed accounts and bankruptcy filings indicate some stability in these areas.
🌐 The Big Picture: Financial distress is a widespread issue across the United States, with WalletHub reporting that 7 million Americans have at least one credit account where they are late on payments or have been allowed to delay them. This study helps identify areas where financial education, support services, and policy interventions may be most needed to improve economic well-being.
