Over the last few years, Oregonians have been faced with a variety of challenges, including the pandemic and fires.
Uplift Legal Funding, based in Santa Monica, Calif., has released a new study that reveals another area where residents struggle: managing their personal finances.
According to an analysis of factors such as household debt-to income ratio and personal bankruptcy rate, the state is among the most financially challenged.
The group created an index that was based on the consumption of income as a percentage, the percentage saved and both debt and savings searches per 100,000 residents.
Montana, Utah and Arizona were also among the worst-performing western states. Oregon was only slightly better than Alabama in this report and was just behind Utah.
The group reported that despite having a lower average annual consumption of income, Oregon was ranked third in the ratio of household debt to income. It was also the fourth state that Googled ways to reduce debt with 476.6 searches for every 100,000 residents.
Uplift noted that the consumer debt level in the U.S. increased by 7% over the past year. Personal loans accounted for the highest percentage increase. The total balances of these loans rose by 18.3%, while the overall balances on credit cards increased by 16%.
The group stated that "it is expected in the current economic environment that Americans will turn to search engines such as Google to find out how to save money and reduce debt faster." The research highlights the importance of creating personal financial plans and living within your means, as consumer debt levels are rising along with inflation and cost of living.
Take a look at the ranking of Oregon.