Louisiana is Drowning in Outstanding Financial Stress

Inflation is a word that's been thrown around a lot this year, and everyone has felt it. However, some states have felt financial woes much harder than others. A new study shows just how stressed finances have the people of Louisiana.

• WalletHub's new study shows which states suffer the most financial stress
  • Analyzing data sets such as:
    • Average Credit Scores
    • Bankruptcy Filings
    • Bank Accounts in Distress

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What is Financial Distress?

Financial Distress is a term used to describe someone, or a company, that cannot make enough money to pay off debts or obligations. WalletHub determined which states are in the most financial distress by studying data on credit scores, accounts in distress, bankruptcy filings, and online search data for terms related to "debt" or "loans."

Alaska, Wyoming, and Hawaii had the least financial distress out of all 50 states, so how bad is it in Louisiana?

"Millions of Americans are having trouble making payments on their debts, which can lead to unsustainable interest, fees and credit score damage. The best strategies for getting current on your debt include strict budgeting that cuts your spending, transferring the balance to a new bank with a lower interest rate, and working out a debt management plan with your creditor." - Chip Lupo, WalletHub Analyst

 

Louisiana Has The 2nd Most Financial Distress in America

According to WalletHub's study, Louisiana landed just behind Texas as the state suffering from the second most financial distress. Louisiana was in the top ten states with the lowest credit scores, accounts in distress, bankruptcy filing, and online search terms related to financial distress.