People in Florida are facing significant financial challenges, with a new study revealing the state has the highest number of distressed credit accounts in the nation.
According to research from WalletHub, Florida ranks as the second-most financially distressed state overall, trailing only Texas. The study examined nine different metrics across all 50 states.
What's particularly alarming is that Florida saw a 23% increase in the number of distressed accounts over the past year. These accounts are considered "in distress" when they're in forbearance or under deferred payment plans.
Multiple factors contribute to these concerning statistics, including inflation, fluctuating unemployment rates, public health crises and natural disasters.
The study also revealed a political divide in financial wellness, with residents in Republican-leaning states experiencing more financial distress compared to those in Democratic-leaning states. Hawaii and Vermont were identified as the two least financially distressed states.
Financial experts recommend taking a detailed look at your finances, including both income and expenses. Creating and adhering to a budget is also advised, with an emphasis on prioritizing necessities while limiting discretionary spending.
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