Wyoming Is One of the States with the Least Financial Distress

Here is some pretty good news for Wyoming residents. Compared to the rest of America, our financial distress rating is excellent.

A new study conducted by personal finance website, WalletHub, lists "States with the Most People in Financial Distress (2023)" and the Cowboy State scored very well on this one. The higher the ranked number, the better the state's ranking. Out of all fifty states and the District of Columbia, Wyoming ranked 46th overall (which means we are the state with the 6th Least Financial Distress in the entire country).

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WalletHub broke down the methodology of the study by stating:

In order to shed light on the financial troubles experienced by people across the U.S., and to show where those difficulties are most pronounced, WalletHub compared the 50 states and the District of Columbia across nine key metrics. Our data set includes factors like the average credit score, the change in the number of bankruptcy filings between September 2022 and September 2023, and the share of people with accounts in distress.

Here are some of the key metrics and Wyoming's rankings:

• Credit Score - 4th
• People With Accounts in Distress - 43rd
• Average Number of Accounts in Distress - 46th
• Change in Number of Bankruptcy Filings (Sept 2023 vs. Sept 2022) - 49th
• "Debt" Search Interest Index - 50th
• "Loans" Search Interest Index - 7th

WalletHub Analyst, Cassandra Happe, shared some interesting points, stating:

Financial distress can be a vicious cycle. People who can’t make payments on their accounts end up damaging their credit scores, which in turn makes it more difficult for them to qualify for the best solutions to their debt. If you are in financial distress, some of the best options to pursue are debt settlement, debt management and free credit counseling. If your credit score hasn't been damaged too much yet, you may be able to save a lot of money through debt consolidation.

That is great advice and something residents should get ahead of, the sooner the better.