New CardRatings.com Research Names the Best and Worst States for Credit Conditions
September 17 2019 - 8:00AM
CardRatings.com, a leader in credit card ratings, today released
new research ranking the best and worst states for credit
conditions. Highlighted by stark differences in credit
circumstances across the U.S., the analysis helps shed light on
which states residents are best-positioned to weather the next
recession - and which may be at the most risk.
When it comes to having the best credit conditions in the
country, North Dakota was the clear winner in this year’s rankings,
followed by Vermont and New Hampshire. On the opposite end of the
spectrum, credit conditions were found to be the worst in Nevada,
with Georgia and Louisiana tied for second-worst.
To determine credit conditions in all 50 states plus the
District of Columbia, CardRatings.com’s experts looked at five
bellwether factors:
- Credit scores: Average credit scores from Experian
- Foreclosures: Foreclosure rates based on figures from
Attom Data and the Census Bureau
- Credit card debt: As a percentage of wages based on data
from Experian and the Bureau of Labor Statistics
- Unemployment: Joblessness rates from the Bureau of Labor
Statistics
- Bankruptcy rates: Based on data from the Justice
Department and the Census Bureau
This year marks North Dakota's third consecutive top ranking in
the study. North Dakota has the lowest foreclosure rate in the
nation and ranks among the 10 best states in all five categories
used in this analysis. Along with North Dakota, this 2019’s best
states for credit conditions include:
1. North Dakota
2. Vermont
3. New Hampshire
4. Minnesota
5. Massachusetts (tie)
5. South Dakota (tie)
7. Iowa
8. Colorado
9. Hawaii
10. Nebraska
While the country as a whole has experienced a decade of
economic expansion, there are still several states that show red
flags in terms of credit conditions. For Nevada, this is the second
year in a row the state showed the worst credit conditions in the
nation. Nevada’s bottom ranking was due to being below the median
in all five categories and among the ten worst for everything
except unemployment rate. Along with Nevada, this year’s worst
states for credit conditions include:
1. Nevada
2. Georgia (tie)
2. Louisiana (tie)
4. Mississippi
5. Alabama
6. New Mexico
7. Tennessee
8. Oklahoma
9. Arizona
10. Illinois
"For states with unfavorable credit conditions, things may soon
reach a boiling point if the economy starts to show any cracks or
signs of a cool down,” observes Richard Barrington, a 30+ year
veteran of the financial industry and author the report. “The sharp
contrasts in the best and worst states means that the credit
conditions of your neighbors matter to the long-term prosperity of
the area where you live, with the differences between states being
magnified even further if the economy were to slip into a
recession.”
An article overview of the research and methodology can also be
found here:
http://cardratings.com/best-and-worst-states-for-credit-conditions-2019.html
About CardRatings.com
CardRatings.com is owned and operated by QuinStreet, Inc.
(Nasdaq: QNST), a pioneer in delivering online marketplace
solutions to match searchers with brands in digital media.
QuinStreet is committed to providing consumers and businesses with
the information and tools they need to research, find and select
the products and brands that meet their needs. Cardratings.com is a
member of the company’s expert research and publishing
division.
CardRatings.com innovated online credit card ratings and has
been offering independent ratings and reviews of credit card offers
since 1998. The website collects and maintains data on more than
700 credit card offers and carefully compiles objective lists of
the top credit cards by card type, making it easy for consumers to
find the right card to fit their needs.
Website: https://www.cardratings.com
Twitter: @CardRatings
Facebook: https://www.facebook.com/CardRatings
Rick Judge
Liberty communications for QuinStreet
415-429-5652
QuinStreet@libertycomms.com
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