CHARLOTTE, N.C.—Roughly 4.1 million Americans, or 2.9% of the workforce, were getting unemployment insurance as of the end of February. But those who apply for unemployment insurance and are denied have to find other ways to make ends meet, a new study shows.
When denied unemployment benefits, 29% of people are going into credit card or loan debt to cover expenses, according to LendingTree researchers.
Maine (52.4%), New Hampshire (47.7%) and Missouri (46.2%) are the states most likely to have residents rely on credit cards or loans to meet spending needs, reported Kake in its analysis.
Among the states least likely to use credit cards or loans to meet spending needs are Wyoming (6%), Indiana (10%) and Idaho (11.3%), which round out the bottom three.
When paying household expenses becomes very difficult, 35% of people swipe their credit cards or take out loans to cover the costs, the study shows.