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How does New York rank in terms of personal finance distress? State ranks near top of US for change in bankruptcy filings

A recent WalletHub report sheds light on the varying degrees of financial distress across the United States, with a specific focus on New York, revealing a mixed financial picture for the state.


According to the report, New York ranks 13th overall in terms of financial distress among U.S. states, indicating a significant number of residents struggling with financial issues.

The report’s findings for New York are varied, showing the state’s position in several key financial metrics. With an overall rank of 13th, New York stands at 40th in average credit score as of October 2023, suggesting a lower-than-average creditworthiness among its residents. The state ranks 27th in the change in the share of people with accounts in distress compared to the previous year, and 22nd in the change in the average number of accounts in distress.

A notable area of concern is the state’s ranking at 3rd in the change in the number of bankruptcy filings between September 2022 and September 2023, indicating a significant rise in financial hardships leading to bankruptcy. Additionally, New York ranks 23rd in the “Loans” Search Interest Index, reflecting a moderate level of interest among residents in seeking financial assistance.

These findings come amidst challenging economic times marked by inflation, fluctuating unemployment rates, and the lingering impacts of the pandemic and natural disasters. While New York’s financial situation shows areas of concern, particularly in rising bankruptcy filings, the state’s overall position suggests a complex financial landscape. The WalletHub report underlines the importance of understanding regional financial trends and challenges as part of a broader analysis of economic well-being in the United States.



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