April 27, 2021

Financial rebound from the pandemic era

We have talked a lot in this column about the high taxes in New York…

We have talked a lot in this column about the high taxes in New York state, and other not always positive personal finance issues and statistics. So I was pleased to see this report: New York has the lowest share of residents paying only the minimum on their credit card(s), 27.57 percent, which is 1.7 times lower than in Mississippi, the state with the highest at 46.32 percent.

In prior columns we have noted how bankruptcy filings significantly declined in the second half of the pandemic. There were a number of reasons for the decline, including various moratoriums on things like federal student loans, evictions, and mortgage foreclosures. Also, the stimulus and increased unemployment payments bought many people with financial problems some time. In addition, for some people there was a lack of access to the courts and attorneys with the shutdowns. However, it was generally believed that, as things returned to “normal” and those moratoriums and payments ended, there would be an increase in bankruptcies.