Texans Are Some Of The Most Financially Stressed Out

Despite its strong economy, Texas is wrestling with financial distress, ranking as the 3rd most stressed state in the nation according to a recent WalletHub survey. 

SHOCKING STATISTICS SET TEXANS BACK

This revelation reveals the economic challenges many Texans are facing.

• The survey reveals alarming statistics, including a staggering 21% increase in non-business bankruptcy filings over the past year.
• Nearly 7% of Texans find themselves with accounts in forbearance or deferred payments. 

These indicators paint a picture of widespread economic hardship and financial strain among residents.

CREDIT SCORE INDICATES TEXANS NEED IMPROVEMENT

One key metric highlighted in the survey is the average credit score, which stands at 661 in Texas, placing it in the fair credit range. While this score may not signal a looming financial collapse, there remains considerable room for improvement, with Texans needing to boost their scores by almost 40 points to reach the coveted status of good credit.

METHODOLOGY

WalletHub's methodology for assessing financial distress encompassed nine key metrics across six categories, including: 

• Credit score
• Accounts in distress
• Bankruptcy filing 

By analyzing these factors, researchers were able to quantify the overall financial health of each state, with Texas emerging as one of the most stressed regions in the nation.

There are tons of different situations that land people in a negative financial situation. Things like inflation, fluctuating unemployment, public health crises, and natural disasters can create a chaotic situation that makes many feel like they are drowning in debt.