With 7 million Americans having at least one credit account where they are late on their payments (or have been allowed to delay them), WalletHub today released its 2024 rankings for the States with the Most People in Financial Distress to shed light on the financial troubles experienced by people across the U.S., and to show where those difficulties are most pronounced.
 

Key takeaways and WalletHub commentary are included below in text and video format. Feel free to use the provided content as is or edit the raw files as you see fit.

"Measuring the share of residents in financial distress is a good way to take the pulse of a state and see whether people are generally thriving or having trouble making ends meet. When you combine data about people delaying payments with other metrics like bankruptcy filings and credit score changes, it paints a good picture of the overall economic trends of a state." 
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"Michigan residents are the most financially distressed people in the country. In Q1 2024, Michigan had the most accounts per person in financial distress, meaning accounts where the account holder was temporarily allowed to not make payments due to financial difficulty. Michiganians also had the second-highest increase in the share of people with distressed accounts between Q1 2023 and Q1 2024, at over 70%."

- Cassandra Happe, WalletHub Analyst  

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