What's worse than a bad credit score?
Having bad credit and living in a state where bad credit makes life even more difficult.
Tennessee – The Volunteer State combines a high maximum allowable usury rate and poor rankings in all other categories to earn the status of second-worst state for residents with poor credit.
Georgia – Georgia has 267 debt collection agencies and 866 complaints per capita reported to the Consumer Financial Protection Bureau (CFPB) – third only to Delaware (895) and Washington, DC (1210).
With high maximum usury rates and one of the lowest average credit scores in the nation, Georgia's debt collectors are likely to stay busy.
High housing costs, high delinquency rates, and poor protection for consumers make Florida a difficult place for the credit-challenged.
New York – New York's high maximum usury interest rate (16%) and high cost of living pose a major hurdle for consumers with bad credit.
Oregon – Oregon has a high cost of living and some disturbing trends – more debt collectors, rising housing costs, and a high number of CFPB complaints.
If you live in one of these states, what should you do?
You could try moving to one of the ten best states for bad credit – or you could address your bad credit score head on.