In this state, five out of 1,000 people have filed for bankruptcy. This ranks Colorado 44th highest in the nation, behind Tennessee, Alabama, Georgia, Illinois, Indiana, Nevada and Utah.
The national bankruptcy rate is 3.7 persons out of 1,000 who have filed for bankruptcy.
Median net worth is the sum of assets owned by anyone 15 years or older in a household, minus all liabilities. The source of this information is the U.S. Census Bureau.
In Colorado, the median net worth was reported to be $78,398, compared to the national median net worth of $70,359.
Those figures compare with the median net worth of persons in Virginia at $153,554, Delaware at $139,522 and New Hampshire at $135,359.
Median net worth represents the amount of financial cushion a household has to respond to unexpected events like a job loss or unforeseen medical expenses, the CFED said, adding that it is often used to indicate wealth and financial well-being for persons.
In a related measure, the CFED reported 39 percent of all Colorado households are liquid asset poor.
The definition of liquid asset poor is the percentage of households without sufficient liquid assets to live at the poverty level for three months in the absence of income. Liquid assets are those which can be liquidated quickly, such as bank accounts, stocks, retirement accounts and mutual funds. The figure excludes business equity, vehicles and real estate.
The CFED reported 12.6 percent of Colorado households live in income poverty. If a household’s income is below the poverty threshhold, they are considered poor. Official poverty estimates are calculated annually by the Census Bureau. Colorado ranked 20th in the nation in this category. This compares to a national rate of 14.7 percent.
In the category of borrowers 90 days or more overdue, Colorado ranked 13th in the nation; 2.8 percent of people in Colorado have accounts that are 90 days or more overdue. This compares with 3.63 percent of borrowers nationwide.
In Colorado, the average credit card debt is $10,600, compared with $10,221 in the nation.
The Corporation for Enterprise Development is a nonprofit based in Washington, D.C., dedicated to expanding economic opportunity for low-income people.