Every day, millions of Americans find themselves struggling with personal debt; state by state, city by city, financial woes associated with debt can be found virtually everywhere across the country.
But in the grand scheme of things, residents in Connecticut seem to be managing their debt very well. The Nutmeg State ranks among the lowest 10 states that are affected by personal debt, according to a new report conducted by the Urban Institute.
According to the report, 26.2 percent of households in Connecticut have their debt in collection – almost a full 9 percent lower than the national average, which sits at 35.1 percent.
Connecticut’s percentage is also a whopping 21 percent lower than Nevada, the nation’s leader in households with debt in collection, at 47 percent, the report says.
The lowest 10 include:
- North Dakota, at 19.3 percent
- Minnesota, at 19.8 percent
- South Dakota, at 20.8 percent
- Hawaii, at 22.7 percent
- Massachusetts, at 23 percent
- Vermont, at 23.7 percent
- Connecticut, at 26.2 percent
- Iowa, at 26.3 percent
In fact, New England as a whole faired very well in the Urban Institute’s debt research, with the entire region holding a debt-in-collection of 25.3 percent, nearly 10 percent below the national average, the report concludes.
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