Florida tops list of states where residents are struggling financially

It’s a feeling that many Americans carry in silence: the weight of mounting bills, the shrinking margin between paycheck and necessity, the uncertain “what if” of emergencies. In a country as wealthy as ours, it’s easy to assume that most Americans are getting by. Yet across towns, suburbs, and cities, countless people are one medical bill, car repair, or unexpected expense away from serious trouble. If you are struggling financially, keep reading for tips to improve financial health.

A recent survey shows that financial fragility is widespread. Whether it’s high credit card balances, delinquent loans, or a rising number of households seeking bankruptcy relief, the evidence points to a national condition of stress. And for some states, the pressure is especially acute.

Floridians top survey for financial hardship

A recent analysis by Visual Capitalist (citing data across multiple distress indicators) ranks Texas as the state with the highest level of financial distress in America, followed by Florida in second place. According to the study:

• Florida scores poorly in several key metrics of distress (e.g. number of accounts in distress, rate of bankruptcy filings).

• In fact, Florida “tops the list for the share of people with accounts in distress.”

• Southern states dominate the list of most-financially strained states, with Florida among those most often flagged.

Other data confirm that Floridians are feeling the squeeze in more direct ways. A U.S. Census Bureau “Household Pulse” survey showed that 41.8% of adults in Florida reported difficulty paying for everyday expenses—well above the national average of around 37%. This suggests the struggle isn’t just in credit score algorithms and aggregated metrics, but in daily life: food, rent, utilities, medical care.

Taken together, these findings make a clear, sobering point: Florida is not just a sunshine state in name. For many residents, it’s a state where people are struggling financially.

Why are Floridians struggling financially?

Life is complicated, and financial distress arises from the interaction of many forces. But in Florida’s case, several factors help explain why it ranks so high in struggle.

1. Population growth and demographic mix

Florida continues to attract retirees, seasonal residents, and people relocating from higher-cost states. While this boosts the economy in many ways, it also stretches infrastructure, housing supply, and social services, which pushes up costs for all. Moreover, a significant portion of the population lives on fixed incomes (e.g. retirees reliant on savings or Social Security), making them especially vulnerable to inflation.

2. Inflation and cost pressures in essentials

In Florida, as elsewhere, skyrocketing costs in housing, utilities, healthcare, and insurance hit hardest. Because many Floridians live in coastal or hurricane-prone zones, insurance premiums (especially homeowners and flood insurance) tend to be higher. When insurance, property taxes, and energy costs rise, they consume a large share of household budgets.

3. Income inequality and wage stagnation

Florida’s economy is large, among the top in the country by overall GDP, but that doesn’t always translate into equitable income growth. In many parts of Florida (especially rural or semi-rural counties), wages lag behind cost-of-living growth. The disparity between metropolitan/coastal wealth centers and inland or rural regions is stark.

4. High reliance on debt and credit

When income fails to keep pace with rising costs, many people lean on credit, including credit cards, personal loans, home equity lines, or buy-now-pay-later programs. But that “relief” is temporary: debt adds interest, penalties, and risk of default. As more accounts slip into distress, those financial burdens accumulate, and the state’s overall distress indicators worsen.

Tips to improve financial health from a Florida bankruptcy attorney

At Hoskins, Turco, Lloyd & Lloyd, our Florida bankruptcy attorneys have helped countless families across navigate stressful financial situations. To prevent hardship, early action is essential. While bankruptcy is sometimes necessary, it is not the only path. Here are practical steps to build resilience, regain control, and avoid more drastic measures whenever possible.

1. Know your full financial picture

• List everything: incomes, regular expenses, debts (with interest rates), assets.
• Prioritize your debts: not all debts are equal—mortgage, utilities, child support, and secured loans often come first.
• Watch “soft debts” (credit cards, medical bills) for early signs of trouble—missed payments, collection notices, or interest hikes.

2. Build or protect emergency reserves

Aim for a safety net. Even $500 or $1,000 can stop a small emergency from cascading into a crisis. Automate small transfers into a separate account labeled “Rainy Day.”

3. Cut where you can, without collapsing your sanity

• Review subscriptions (streaming, memberships) and eliminate those you don’t use.
• Reassess insurance policies annually; shop around.
• Try to reduce energy, waste, or other variable expenses.
• Consider simpler living options if housing is overly burdensome.

4. Negotiate and communicate

• Medical bills: many hospitals or providers will offer sliding scales, payment plans, or financial assistance if you ask.
• Creditors: call and explain when payments are late. Some will accept reduced payments, forbearance, or modified terms rather than default.
• Utilities / municipal services: many cities or utility companies offer hardship or assistance programs.

5. Watch the “debt trap”

• Avoid taking on new high-interest debt (payday loans, aggressive cash-advance cards).
• Consolidate cautiously: merging multiple debts into a lower-rate loan can help, but only if the interest rate and fees are favorable, and if future expenses are controlled.
• Use credit wisely: if you keep one card open for emergency use, don’t max it out.

6. Seek professional help early

You don’t have to wait until crisis hits. A qualified Florida bankruptcy attorney can help you:

• Understand your rights, options, and potential protections under bankruptcy law
• Evaluate whether Chapter 7 or Chapter 13 (or state alternatives) might make sense
• Negotiate with creditors
• Track deadlines and avoid pitfalls
• Help you build a plan for recovery after restructuring or discharge

Even if you never file, an attorney’s guidance can prevent mistakes that would make problems worse.

Struggling financially? We are here to help.

Call 866-930-6435 to speak with our bankruptcy attorneys—completely free and confidential!

If you’re feeling overwhelmed by debt, past-due bills, or constant financial stress, you don’t have to face it alone. The bankruptcy attorneys at Hoskins, Turco, Lloyd & Lloyd have helped thousands of Florida individuals and families find relief and reclaim peace of mind.

At our firm, we believe that financial hardship doesn’t define you—and that every person deserves a fresh start. Whether you’re struggling with credit card debt, medical expenses, foreclosure threats, or constant creditor calls, we can help you:

• Understand your legal and financial options — including whether Chapter 7 or Chapter 13 bankruptcy might be right for you.
• Protect your assets and stop creditor harassment — so you can focus on rebuilding, not worrying.
• Develop a personalized plan for recovery — built around your goals, income, and family needs.
• Receive compassionate, judgment-free guidance from a team that treats you with dignity and respect.

Your financial struggles don’t have to define your future. Take the first step toward stability and peace of mind today. Contact us today for a free and confidential consultation by calling 866-930-6435.