Do you live in a state where businesses are plagued by past-due accounts? Keep reading. We’ll give you the link at the end of this blog to find out.
In the meantime, let’s put the problem in perspective. Nationally, the past-due receivables rate is about 18.8 percent. But if you live in Arizona, it’s considerably higher with an industry average of 23.7 percent. That’s the highest in the United States, according to Cortera, a company that tracks past-due data. Florida came in a close second with a 23.6 percent past due rate.
So why do these states have such a high level of past-due accounts? A lot has to do with their economies. In fact, the 10 worst states have been battered by recession. Not only are they showing problems in past-due receivables, but also in commercial and residential mortgages and consumer credit cards.
The states with the lowest levels of past-due accounts, by comparison, have much stronger economies, less unemployment and more job growth. North Dakota, for example, has a booming economy. It’s a past-due level is just 13.4 percent, according to the report.
Want to see more data about past-due accounts? Check out these reports.