Uplift Legal Funding, a lawsuit loan company, released a report on the most financially challenged states in America and they ranked South Carolina as being the 10th most financially challenged in the country.
To come up with our ranking, the website analyzed six factors relating to the personal finances of each state and scored each one out of 10 to create an Index score for all 50 states. The factors included: consumption of annual income as a percentage alongside the percentage of income saved; household debt-to-income ratios; annual personal bankruptcy rates, and the number of saving and debt-related Google searches per state.
South Carolina had a score of 38 out of 100. It was the state with the least amount of Google searches for saving money – at 213.5 searches per 100,000 residents. At 92.2%, it ranked sixth for annual average consumption of income, leaving residents with 7.8% of disposable income to save.
