Finance

States where people rely most on debt to get by

By Latest World Report 483 0


Debt Measures

Millions of Americans are suffering through the coronavirus pandemic and an economic recession, and government officials don’t seem to fully grasp just how desperate things have become: Congress has yet to approve a second round of stimulus support, and by all accounts, it’s not looking likely it will ever happen. Several months in, most Americans have received only $1,200 to help them get by. So of course they’re resorting to using credit cards to cover daily expenses, typically a big no-no in the personal finance world, as well as loans and help from friends or family. A study from LendingTree using U.S. Census Bureau data shows where we’re relying the most on debt to cover daily living costs.

Note: Percentages reflect use of credit cards and loans to meet everyday needs during a seven-day period in mid-July. States are ranked from those relying least on debt to those relying most on debt.

Related: 12 Retirement Dreams That Are Threatened by COVID-19

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51. North Dakota (relies the least on debt)

Credit cards or loans: 16.5%
Borrowing from friends or family: 7.3%

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50. Vermont

Credit cards or loans: 19.2%
Borrowing from friends or family: 6%

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48. Maine

Credit cards or loans: 21.5%
Borrowing from friends or family: 6.6%

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47. Minnesota

Credit cards or loans: 22.2%
Borrowing from friends or family: 6.4%

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45. Michigan

Credit cards or loans: 21.6%
Borrowing from friends or family: 8.7%

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44. Rhode Island

Credit cards or loans: 22.5%
Borrowing from friends or family: 8.4%

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