Chance of Bankruptcy Higher in These States
The credit agencies have developed a new tool to determine the likelyhood a consumer having a bankruptcy in the future. They have been using this tool for the past few years without informing the consumers of it. Now it is starting to come out in public.
A July study by Experian is giving consumers some insight . The study ranked the states with the highest propensity to have consumers file for bankruptcy within the next year. The top five are:
- Texas
- Nevada
- New Mexico
- Louisiana
- Arizona
Economist Mark Lauritano of Global Insight in Massachusetts says from a broad economic view you can see the reasons why Texas would be at the top of the list.
“Based on studies we’ve done: It’s a relatively young state, people are moving to Texas, there’s a lot of immigration from south of the border, it has a below average income and it has a relatively low homeownership rate,” says Lauritano. Bank Rate .
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