Way To Go Utah! We’re (Mostly) Not Deadbeats!

I recognize that I'm of the older generations and I see things through the lenses of my experience. And, of course, those experiences cause me to evaluate and re-evaluate how I see things.

There was a time when I had no problem using credit and carrying an amount of debt. Now, going in to debt is something to be avoided like the plague as far as I am concerned. While you are under its auspice, debt never takes a break, nor does it ever stop accumulating interest that added to your financial burden.

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And if financial difficulties come in to a persons life, that can lead to delinquency which brings an additional set of consequences. I can tell you that from experience having been in delinquency when we hit a rough spot where I was without work for a period of time. It took over a decade to recover from the financial hole I dug for myself.

Yes, for a period of my life, the banking and credit institutions would have been able to properly label me as a deadbeat. Thankfully, those days are well behind me, but some of the scars remain, which might be why I eschew debt.

While there has been much written about the amount of personal debt we carry here in the Utah, our friends at Wallet Hub have published a report that says while we may have debt here in the state, we pay it off as we should.

According to the Wallet Hub rankings, Utah was the sixth state with the least amount of delinquency. Iowa was the least delinquent.

Put another way, we're not a state of deadbeats. And that's healthy for us and not strictly in a financial sense.

Financial delinquency can weigh heavily on individuals, families, and society at large. It encompasses the inability or failure to meet financial obligations such as loan repayments, bills, or taxes, often leading to a cascade of detrimental consequences.

On a personal level, financial delinquency can result in stress, anxiety, and a sense of helplessness. It strains relationships and can lead to a cycle of debt that is hard to break. Individuals may face the loss of assets, damage to credit scores, and legal repercussions, affecting their future financial prospects.

And families bear the brunt as well. Financial problems can disrupt family life, causing tension, arguments, and even breakdowns in relationships. Children may suffer due to reduced opportunities and stress within the household.

From my experience I can tell you addressing financial delinquency requires both individual responsibility and family support. Financial education and planning can empower individuals to manage their finances better.

But by in large, we can give ourselves a pat on the back here in Utah for meeting our financial obligations.