A new survey puts Florida in the doghouse. The state is one of the top-ranked states for accounts in collections.
According to WalletHub, a high number of delinquent accounts could signal that people are having a hard time paying off their debt.
Florida ranks No. 7 among states with the most accounts in collections.
The study found the average balance landing Floridians in collections is slightly over $1,500. By the last half of last year, Floridians had an average of at least three delinquent accounts.
Experts say it's important for borrowers to know collections accounts stay on their credit report for seven years, even once they're fully repaid.
It's recommended that consumers stay in touch with their lender and inquire about hardship programs or flexible repayment options to keep their accounts from falling into collections.
States with the most collection accounts:
- Wyoming
- Alaska
- Montana
- Nevada
- Arizona
State with the fewest collection accounts:
- Illinois
- Massachusetts
- New York
- North Carolina
- Mississippi
Click here to see how other states rank and learn about recommended strategies to deal with debt in collections.
