A new WalletHub study reveals that Texans struggle with debt, ranking high in the number of collection accounts and their balances. Despite Texas being perceived as affordable, the study suggests financial mismanagement may be a factor. The high number of collection accounts can negatively impact credit scores and make large purchases more challenging.
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A collection account is what happens when a debt is sold to a collection agency by the original creditor, often resulting in endless phone calls. WalletHub ran the data based on four key measures, including the average number of collection accounts and their balances, and ranked all 50 states. “No matter what avenue you decide on, you should know your rights and protect yourself from harassment by debt collectors,” Lupo said.
Another study from WalletHub, which assessed credit score and bankruptcy filings, found that Texas had the most people in financial stress of any state.
CREDIT SCORES DEBT TEXAS FINANCIAL STRESS COLLECTION ACCOUNTS
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