Data Point - Granite Stater's Less likely to Take Out Loans to Get By During 'Pandemic' - Granite Grok

Data Point – Granite Stater’s Less likely to Take Out Loans to Get By During ‘Pandemic’

I didn’t expect to see this but it does bolster the idea that some folks in the Live Free or Die State are taking the idea of “Rugged Individualism-Self-Sufficiency” – of which being prepared is part of that ethos – fairly seriously.

(reformatted, emphasis mine):

New Hampshire residents less likely to borrow amid pandemic than most states: Analysis

Americans may be looking to take out loans to get by during the coronavirus pandemic, but it looks like Granite Staters are less prone than most to turn to that option. That’s according to a new report from WalletHub, which published an analysis that looked at a set of metrics for each of the 50 states to rank them by how much their residents are seeking help from lenders. New Hampshire came in 43rd overall in the rankings, meaning its residents were seen as less likely to be eying loans.

“While all state economies are now at least partially reopened, some states have paused further reopening due to spikes in COVID-19,” WalletHub’s Adam McCann wrote. “It will take a long time to reverse the economic damage done by coronavirus, and consequently many Americans need to borrow money to stay afloat.”

WalletHub’s overall metric consisted of four broad categories, and New Hampshire’s was in good company in three of the four, as bigger numbers were better:

  • Loan Search Interest Index: 31st
  • Payday Loans Search Interest Index’ Rank: 14th
  • Home Equity Loan Search Interest Index’ Rank: 43rd
  • Change in Average Inquiry Count’ Rank: 45th

“Credit cards are best for short-term borrowing and continuous purchasing power, while personal loans provide a longer-term solution and often have lower APRs,” WalletHub analyst Jill Gonzalez wrote. “Home equity products provide the lowest interest rates and longest payoff timelines, but the borrower’s house serves as collateral. Ultimately, people should choose the option they are most comfortable with.”

New York was Number One on the list so those residents are looking for the money. Vermont was the last in the list – 50th.

(H/T: Washington Examiner)