Home » Money Articles » Arizona Rates Poorly for Consumer Credit, Study Finds
Arizona Rates Poorly for Consumer Credit, Study Finds
According to CardRatings.com, Arizona is among the worst states in the country for consumer credit.
September 09, 2011 /Money PR News/ -- Thanks to a combination of personal consumer credit issues and larger community problems, Arizona was ranked among the worst states in the nation for consumer credit by CardRatings.com.
The organization, which educates the public on issues related to debt and credit, rated every state in the country based on consumer behavior like credit card delinquencies, foreclosures, bankruptcies and credit scores. In addition, the unemployment rate of each state was taken into account when calculating the rankings. After looking at these factors, CardRatings.com ranked Arizona right after Nevada, Georgia, California and Florida.
One of the main factors that caused Arizona to rate so poorly was the enormity of the housing bust in the state: Arizona ranked the second worst in the country for its number of foreclosures. In addition, Arizona was found to have a high number of credit card delinquencies and bankruptcies compared to other states.
How This Ranking Affects You
Although you may think that because you personally have good credit that the state's overall bad credit doesn't affect you. However, your community's credit may actually hit home more than you realize.
For one, the number of foreclosures in your community can actually drive down the value your own home, despite the amount of equity you may have. Other people's credit problems can also contribute to a slower economy, which may have an adverse effect on the community's unemployment rates -- a problem that ultimately begins the cycle of bad personal credit all over again as people lose their jobs.
Additionally, the state's credit rating may also cause relocating businesses and individuals to overlook a state if they believe that there is no growth potential in that location -- which can also impede that community's growth.
People struggling with debt who miss credit card payments, mortgage payments or other debt payments may have their credit adversely affected. While bankruptcy may initially affect your credit rating, getting your debt under control will allow you to begin rebuilding your credit. Speak to an experienced bankruptcy attorney if you are facing a mounting debt situation.
Article provided by Charles M. Sabo, P.C.
Visit us at http://www.charlessabo.com/
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