Michigan Ranks No. 1 For Most Citizens Living in Financial Distress

It's tough out here. No matter where you go, people are struggling to make ends meet. Unfortunately, here in Michigan, too many people are struggling even to find the slightest bit of financial comfort.

According to a study from WalletHub, Michigan ranked as the No. 1 city with the most citizens living in financial distress. Effectively, this means a large amount of Michiganders are in insurmountable debt.

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Depending on your own situation, it may come as a bit of a surprise. After all, Michigan does have a below-average cost of living and relatively cheap housing. Beyond that, cities like Detroit are starting to turn things around, albeit slowly.

Nonetheless, there are many people across the state who are struggling to get out of the proverbial financial hole.

Across the categories that made up the study's findings, Michigan had the highest total number of accounts in distress amongst the population. Only Rhode Island (a very densely populated state, mind you) has more people with accounts in distress.

Conversely, Michigan ranked 10th in the nation for search interests including the word "debt". It was to the point that the search interest in "loans" was slightly below average at No. 26 in the nation. If you have too much debt, it's hard to get a loan, let alone even expect to be able to pay one.

Naturally, as was the case with many of the top 10 states (excluding Texas and Nevada at No. 2 and No. 3 overall, respectively) Michigan doesn't have many people filing for bankruptcy. Bankruptcy usually requires assets and such, which isn't as prevalent when it's hard to get on your feet in the first place.