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How did Arkansas do in a financial habits survey?

| Oct 14, 2015 | Firm News, Personal Bankruptcy

It often seems as if every time you log onto the Internet, there is yet another survey ranking the individual states. Indeed, a quick query on a search engine will turn up state rankings for everything from driving skills and population health to education access and divorce rates.

While these surveys are often interesting and informative, it’s sometimes easy to lose track of them given the frequency with which they are released. As true as this may be, residents of Arkansas will nevertheless want to spend some time examining a recently released survey by the financial website GoBankingRates.com ranking the 50 states on their financial habits.

Here, the website arrived at its rankings after examining the rates at which people in each state utilized alternative loans (i.e., payday loans), made regular debt payments, took advantage of access to banking accounts, educated young people about finances and saved for emergencies.

The states where residents were found to have the best financial habits included:

  • North Dakota (1)
  • New Hampshire (2)
  • Utah (3)
  • Minnesota (4)
  • Virginia (5)

Conversely, the states where residents were found to have the worst financial habits included:

  • Mississippi (50)
  • Arkansas (49)
  • Nevada (48)
  • Kentucky (47)
  • Oklahoma (46)

Why did Arkansas come in so low on the list?

According to the survey authors, Arkansas’ poor performance can be largely attributed to its high number of unbanked and underbanked households, and the lack of sound saving and investing habits among residents.           

While these types of surveys must always be taken with a grain of salt, it’s important for those who do find themselves in dire financial circumstances to know that they do have viable options here in Arkansas. Indeed, personal bankruptcy can help erase otherwise unmanageable debts, stop creditor harassment and provide a fresh financial start

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