2024 Election: Debt Woes in Swing States Nevada, Georgia, and Arizona
According to Newsweek , Swing states are crucial in every presidential election, as the Electoral College gives these battleground states greater influence due to their potential to swing either red or blue. Candidates often prioritize issues affecting these states to secure vital votes.
A recent study by MarketWatch Guides reveals that some swing states are grappling with severe debt issues, which could be influencing voters’ economic concerns. Nevada ranks as the state with the worst debt, scoring 8.10 on the debt index. Close behind is Georgia, with a score of 7.18, and Arizona ranks eighth at 6.35.
The top 10 states facing the most significant debt challenges are:
- Nevada
- Georgia
- Florida
- Texas
- Tennessee
- Delaware
- Maryland
- Arizona
- California
- Mississippi
Nevada’s high debt levels are partly due to its significant rates of business and personal bankruptcies, at 8 per 100,000 businesses and 221 per 100,000 individuals, respectively. Meanwhile, Georgia ranks among the top five states for worst credit scores, with an average FICO score of 695. The state also sees 249 personal bankruptcies per 100,000 residents and has the third-highest student loan debt per borrower, averaging $41,651.
Arizona struggles with debt in multiple areas, including a per capita debt of $115,963. The average Arizonan also carries 3.9 credit cards, further contributing to the state’s debt challenges.
These three swing states have been trending toward Trump in recent elections, and experts suggest that their economic pressures may play a role. Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, noted that many Americans associate Trump’s first term with lower interest rates. “Trump has repeatedly said on the campaign trail that he would work to return rates to where they were,” Beene told Newsweek. “That’s significant for people looking to refinance debt.”
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While the current trend of lowering interest rates may continue regardless of the election outcome, Beene emphasized that both candidates are likely to support measures that provide relief for debt-laden Americans.
Recent polling shows a tight race between Vice President Kamala Harris and former President Donald Trump. A Reuters/Ipsos poll on Monday showed Harris leading Trump by just 2 percentage points among likely voters (50% to 48%).
Ultimately, the results in swing states will play a pivotal role in determining the outcome of the 2024 election and shaping the path to the White House.
