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Ohio ranks 32nd in nation for consumer credit

Recent analysis by a credit card website ranks Ohio 32nd in the nation in credit card habits. Ohio is the seventh most populous state in the nation, according to the U.S. Census Bureau. The actual analysis was an attempt to determine the "10 Best and Worst States for Consumer Credit." The website conducted the analysis.

In conducting its analysis of the best and worst states for consumer finance analysts looked to five separate indicators of good credit and bad credit habits by residents of each state. The criteria included the average credit scores of residents in each state. The analysts looked to each state's foreclosure rate, credit card delinquency rate, unemployment rate and bankruptcy rates for each state.

The researchers concluded that what had the greatest overall effect in an individual state's ultimate rank were high foreclosure rates in the state, or high rates of individual consumer bankruptcy filings. Not surprisingly, the states that ranked the highest for best consumer credit were the states with the lowest unemployment rates. Any Cincinnati bankruptcy attorney would know that unemployment affecting one or two wage-earners in any household can often lead to financial distress.

The analysts cite the rates of foreclosure and bankruptcy in Ohio as being the two main influences in Ohio's ranking of 32nd in the nation for consumer credit. The analysts say an individual state's ranking can affect its resident's access to credit. Curtis Arnold, founder of the website, says I think the implications for everyone in the states listed [in the bottom tier] is significant, regardless of whether you personally have good or bad credit."

Banks and other local lenders in a state can see distress when residents in the state are financially distressed, which can affect the overall availability of credit in the state. That may mean that attempting to buy your way out of financial distress with more credit can be costly.

Ohio residents suffering under heavy debt loads may benefit from consulting with an experienced bankruptcy and credit restoration attorney to learn what options may be available to find meaningful debt relief.

Source: Daily Finance, "Can't Get a Loan? Check Your Address: The Best and Worst States for Credit," Sheryl Nance-Nash 25 Jul 2011

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