Despite the financial pressures arising from the pandemic, fewer Delawareans fell behind on credit card bills.
QuoteWizard found that the loan delinquency rate in Delaware fell by 38% during the first year of the pandemic.
That finding was part of a report on debt during the pandemic that includes a state-by-state breakdown of how debts and credit scores changed.
Overall, Delaware ranked seventh when it came to an improved debt picture. Its ranking would have been higher if the reduction in collections activity had been greater.
QuoteWizard is the insurance quote system of LendingTree, a loan interest rate information site.
QuoteWizard indicated that a number of factors were at work that reduced debt issues. Many stayed home during the early months of the pandemic and did not travel. Stimulus checks also helped.
(See chart below)
STATES WITH THE LARGEST CHANGE IN DEBT DURING THE PANDEMIC
| State | Overall rank | Change in credit score rank | Change in debt collection rank | Change in median debt rank | Change in student loan delinquency rank | Change in credit delinquency rank |
|---|---|---|---|---|---|---|
| Minnesota | 1 | -15% | -5% | $27 | -36% | -30% |
| Wisconsin | 2 | -15% | -11% | -$148 | -38% | -31% |
| Idaho | 3 | -11% | -6% | -$45 | -36% | -25% |
| Connecticut | 4 | -12% | -4% | -$79 | -38% | -30% |
| Arizona | 5 | -13% | -5% | $1 | -33% | -32% |
| Michigan | 6 | -12% | -4% | -$51 | -29% | -39% |
| Delaware | 7 | -10% | -2% | –$44 | -38% | -38% |
| Maine | 8 | -11% | -2% | -$3 | -38% | -33% |
| Iowa | 9 | -13% | -5% | $30 | -36% | -33% |
| Colorado | 10 | -12% | -4% | -$45 | -36% | -27% |
| Montana | 11 | -13% | -3% | -$38 | -27% | -26% |
Click on the link below for the full report:
https://quotewizard.com/news/posts/debt-by-state#credit-cards
