5 States in the Worst Financial Shape
If you are thinking about moving to any of the following locations, I will advise you first to consider the following::
These states have the worst economic conditions.
This list was compiled based on determining factors including;
A. Average credit card debt per household
B. Average student loan debt for a college graduate
C. Unemployment rate
D. Poverty rate
E. Taxes
F. Income
G. Debt per capita
#5 ON THE LIST – Alabama
5th worst run state – ran by Governor Robert J. Bentley
> Average credit card debt per household: $5,548
> Average student loan debt for a college graduate: $29,425
> Debt per capita: $1,867 (8th lowest)
> Unemployment rate: 5.9% (9th highest)
> Poverty rate by household income: 19.3% (4th highest nationwide & 1/5 of state residents live below the poverty line)
> Tax on average income: $2,004.50
> Average household income: $40,890 (4th lowest)
On top of these statistics, it is worth notating that benefits for the state’s unemployed workers are the lowest in the nation. Learn about Alabama debt relief options by visiting this page next.
#4 ON THE LIST – Rhode Island
4th worst run state – ran by Governor Gina Raimondo
> Average credit card debt per household: $5,455
> Average student loan debt for a college graduate: $31,841
> Debt per capita: $9,068 (2nd highest)
> Unemployment rate: 5.3% (17th highest)
> Poverty rate by household income: 14.3% (24th lowest)
> State tax on average income: $1,858.88
> Average household income: $54,891 (19th highest)
It is worth notating that more people are moving out of Rhode Island than moving in, resulting in a drop in home prices. Take a look at the debt relief programs available for consumers who live in Rhode Island.
#3 ON THE LIST – Mississippi
3rd worst run state – ran by Governor Phil Bryant
> Average credit card debt per household: $5,198
> Average student loan debt for a college graduate: $26,177
> Debt per capita: $2,376 (15th lowest)
> Unemployment rate: 5.9% (9th highest)
> Poverty rate by household income: 21.5% (the highest!)>State tax on average income: $1,858.88
> Average household income: $39,680 (the lowest!)
On top of these statistics, it is worth notating that 25% of Mississippi residents live in poverty, which is the highest in the nation. Mississippi debt relief programs are available as of 2016.
#2 ON THE LIST – Illinois
2nd worst run state – ran by Governor Bruce Rauner
> Average credit card debt per household: $5,935
> Average student loan debt for a college graduate: $28,984
> Debt per capita: $4,942 (11th highest)
> Unemployment rate: 5.4% (16th highest)
> Poverty rate by household income: 14.4% (25th lowest)
>State tax on average income: $1,749.56
> Average household income: $57,444 (17th highest)
On top of these statistics, it is worth notating that the state’s total debt, is equal to 3/4th’s of the state’s annual revenue. (highest shares in the nation)
The good news is that in Illinois, debt relief programs are more effective than ever before.
#1 ON THE LIST – New Mexico
Finally, the Worst Run State is New Mexico, ran by Governor Susana Martinez
> Average credit card debt per household: $5,514
> Average student loan debt for a college graduate: $18,969
> Debt per capita: $3,468 (22nd highest)
> Unemployment rate: 6.8% (2nd highest)
> Poverty rate by household income: 21.3% (2nt highest)
>State tax on average income: $1,749.56
> Average household income: $44,803 (8th lowest)
One statistic that sets New Mexico apart from the rest of the country is that the state has the highest violent crime rates in that nation. (600 Per Year!)
Sources:
24/7 Wall ST, http://247wallst.com/special-report/2015/12/03/the-best-and-worst-run-states-in-america-a-survey-of-all-50-4/11/
Wikipedia, https://en.wikipedia.org/wiki/List_of_U.S._states_by_poverty_rate
VALUEPENGUIN, https://www.valuepenguin.com/average-credit-card-debt
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