(NEXSTAR) — Everything’s bigger in Texas and currently, per new data, that includes the number of Texans experiencing financial hardships.
Financial resource outlet WalletHub recently compared all 50 states across six categories, including credit scores, people with accounts in distress, change in number of bankruptcy filings and more. States were then given scores out of 100, with 100 being the worst.
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And Texas, unfortunately, comes out on top.
As explained by WalletHub, Texas earned an overall score of 62.45, with its lowest scores coming from the numbers of accounts Texans have that are in distress (seventh nationally) and change in bankruptcy filings from March 2024 to March 2025 (sixth nationally).
Here’s how Texas stacked against the other high-scoring states.
Overall rankStateTotal “financial distress” score1.Texas62.452.Florida61.523.Louisiana61.504.Nevada58.115. South Carolina56.49
“Texas is the state experiencing the most financial distress, which might seem counterintuitive, given that Texas is the eighth largest economy in the world, with a bigger GDP than most countries,” WalletHub financial writer Adam McCann writes. He explains that despite these factors, Texans are dealing with several factors impacting their financial well-being.
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In addition to low average credit scores, Texas residents also saw a 22% increase in non-business bankruptcy filings in the past year, McCann says. This is the sixth-highest increase nationally.
WalletHub also found that states who supported Republicans in the 2024 presidential election are experiencing more financial distress than those who supported Democratic candidates. In terms of financial distress scores, WalletHub found that red states are experiencing more financial hardships than blue states by a 12-point margin. Of the states in WalletHub’s top five states with the most financial distress, all five states voted for Pres. Donald Trump in the 2024 presidential election.
To read the full report, visit WalletHub.
