A recent study by the personal financial website WalletHub shows Georgia is in the top ten states when it comes to the number of residents in financial distress.
Chip Lupo is a writer and analyst for the organization. He explains what it means to be in financial distress.
“Financial distress means that a person has at least one credit account that is either in forbearance or has its payments deferred,” according to Lupo. “Now, financial distress doesn’t necessarily mean having debt. You could have a massive amount of debt but not experience financial distress. Financial distress is essentially having difficulty meeting your financial obligations and having requested and received temporary relief of the credit.”
Analysts recommend sticking to strict budgets, debt consolidation, and putting any extra money toward debt to improve financial woes.
