SC worst in US for people in need of loans in coronavirus crisis

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The coronavirus the pandemic is dismantling economies across the country, but is it worst in south carolina?

A recent WalletHub study analyzing research and credit scores related to loans suggests that the financial impact of COVID-19[female[feminineis worse in Palmetto State.

The study classified South Carolina No. 1 in the nation for “the states where people are most in need of loans due to the COVID-19 pandemic.”

The analysis includes a breakdown of how each state scored in each category. South Carolina ranked:

  • No. 13 for loan research interest
  • # 8 For Payday Loan Research Interest
  • # 1 for home equity loan research interest
  • N ° 4 for the variation in the average number of requests

“Greater interest in getting a loan indicates that more and more people in the state are struggling to make ends meet,” the WalletHub press release said. “It also implies that the state’s public aid programs may be in greater demand in the near future and that the state may experience a deeper recession than others.

Washington DC ranked No. 2, with Virginia, Alabama and New York in the top 5.

Rural states with fewer than 500 confirmed coronavirus cases each – Montana, Wyoming and North Dakota – rank low on the list, appearing to be less affected economically by the public health crisis. Montana and Wyoming are two of the remaining eight states that have not issued home stay warrants, according to the New York Times.

On Monday, South Carolina became the last state east of the Mississippi River to issue a stay-at-home order.

South Carolina had 2,552 COVID-19 cases as of Wednesday, ranking 29th in the country for cases per capita. New York, New Jersey, Louisiana, Massachusetts, Connecticut and DC were in the top 5 cases per capita.

This isn’t the only data we’ve seen that shows the coronavirus pandemic could be more devastating to South Carolina’s economy compared to most other states.

Since three weeks ago, unemployment claims in South Carolina beat national average, founding editor-in-chief of FITSNews Will people reported today.

According to the latest data from the Ministry of Employment and Manpower SC (SCDEW), 85,018 South Carolina residents applied for unemployment benefits during the week ending April 4.

“The agency processed 180 928 (unemployment) claims over the past three weeks, as opposed to the previous three weeks where the agency processed a total of 5,862 initial claims, ”the SCDEW statement said.

“South Carolina is particularly vulnerable to the looming economic downturn,” Will Folks wrote this morning. “Prior to the seismic economic impact of the coronavirus pandemic, Palmetto state had long had one of the most anemic employment economies in the country.”

People pointed out The data from the United States Bureau of Labor Statistics (BLS) which showed South Carolina’s labor force participation rate was the fifth lowest in the country – in February – before the coronavirus crushed the economy. Only 2.4 million of the state’s 4.1 million. million people of working age were working.

South Carolina’s median income of 51,396 places Palmetto state 41st in the country, according to 2018 data (most recent).

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