According to an exclusive analysis conducted by CardRatings.com, credit conditions vary greatly from state to state, and the grim picture of the credit disaster that is the United States doesn’t necessarily represent current credit conditions in all 50 states. The recent CardRatings.com report examined credit profiles in each state and found that Oklahoma ranked 23rd in the list of states with the best credit conditions. While it’s true that some U.S. states are struggling to provide jobs and financial support for their residents, Oklahoma is proof that there are some states that continue to thrive in the face of the country’s economic downturn. As more and more Americans are facing debt, bankruptcy and foreclosure, the bankruptcy attorneys at Oklahoma Legal Center are encouraging Oklahomans to take heart in the fact that Oklahoma finished as the 23rd best state for personal credit conditions. If you are considering filing bankruptcy in Oklahoma though, our qualified bankruptcy lawyers at Oklahoma Legal Center can help you evaluate your financial situation and determine what course of action is best for you.
Analyzing Credit Profiles By State
“It’s very interesting to look at credit conditions at a state level,” said CardRatings.com founder, Curtis Arnold. “I think states in the lower credit tier could learn quite a bit from what states in the upper tier are doing right.” And in a time when many people are suffering the consequences of poor credit conditions, it’s important to note that relocating to another state could translate to extra income, better rates and superior employment opportunities. “While we’ve made significant progress as a nation since the credit crunch a few years back, there is still more progress that needs to be made,” said Arnold. “This survey underscores the fact that the need is greater in certain areas of the country.”
Residents in Struggling States May Relocate
The states included in the top ten – North Dakota, Vermont, South Dakota, Montana, Iowa, Nebraska, Wyoming, Hawaii, Minnesota and Alaska – could benefit greatly from the positive marks, as some of these states are having difficulty filling all the jobs they currently have available. And providing jobs for Americans living in areas with a poor credit profile who are willing to relocate would strengthen their economies even further. CardRatings.com used five different criteria to establish their rankings, including unemployment rates, average credit scores, personal bankruptcy rates, home foreclosure rates, and credit card delinquency rates. According to the rankings, Oklahoma was consistently in the middle of the pack with regards to each of these criteria.
Considering Unemployment, Foreclosure and Bankruptcy Rates
These state rankings are released every year, and are intended to provide Americans with some insight into the overall financial conditions in each of the 50 U.S. states. Considering the five criteria used in the analysis may be an important move for some Americans who are considering relocating to a state with a better credit profile, i.e. lower unemployment and fewer foreclosures. For example, North Dakota finished first in the list of the ten best states, due in large part to its 3% unemployment rate. Comparatively, Nevada was ranked last, noted as having the worst credit scores, bankruptcy and unemployment, and was also among the ten worst states for foreclosures and credit card delinquency.
Contact Our Bankruptcy Attorneys Today
While Oklahoma was ranked safety in the middle of the pack, with average rates of bankruptcy, foreclosure and unemployment, the state may see a sharp increase in its bankruptcy rate in the near future, as many Oklahomans are turning to bankruptcy in light of impending debt. According to federal statistics, more than 13,000 Oklahoma bankruptcy cases were filed during 2011, compared to 11,278 bankruptcy filings in Oklahoma in 2010. If you are struggling with overwhelming debt, and you are considering filing bankruptcy in Oklahoma, contact our experienced bankruptcy attorneys at Oklahoma Legal Center to discuss your legal options. Filing for bankruptcy can be complicated and confusing, but with the help of our team of knowledgeable bankruptcy lawyers at Oklahoma Legal Center, you can ensure that you make the right decision for your financial situation.