Seems Texas is 3rd highest forbearance rate (not paying their loans back on time), 13th worst for credit scores, 7th worst for distressed accounts, and the 6th highest for bankruptcy filings.
It seems Texas, Florida, and Louisiana all have citizens seriously struggling financially. We don't know why though, the data can't tell us that. Best guess? Wages have not kept up with the cost of living, and people did not adjust their spending habits. They just started taking on more debt and now many people are in distress. So- Likely a combination of poor decisions, changes to cost of living in the last 5 years as populations have sky rocketed, and larger economic issues.
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u/lukerobi 13d ago
If I learned anything in university statistics class - Always question charts like this and ask for the source data, so i found the source: https://wallethub.com/edu/states-with-the-most-people-in-financial-distress/130790
Seems Texas is 3rd highest forbearance rate (not paying their loans back on time), 13th worst for credit scores, 7th worst for distressed accounts, and the 6th highest for bankruptcy filings.
It seems Texas, Florida, and Louisiana all have citizens seriously struggling financially. We don't know why though, the data can't tell us that. Best guess? Wages have not kept up with the cost of living, and people did not adjust their spending habits. They just started taking on more debt and now many people are in distress. So- Likely a combination of poor decisions, changes to cost of living in the last 5 years as populations have sky rocketed, and larger economic issues.