Tennesseans living in Appalachia are more likely to have medical debt in collections and carry high-interest, subprime loans while earning significantly less than the state and national average, a report by the U.S. Consumer Financial Protection Bureau found.
More than half of Tennessee’s 95 counties lie within Appalachia, a region that encompasses 13 states and 26 million people.
The report, Consumer Finances in Rural Appalachia, found that residents in these Tennessee counties have a median annual income of $41,120, compared to $50,490 in Tennessee and $61,833 in the nation.
The report also found that 28% of Tennesseans living in Appalachia have medical debt in collections, compared to 24% in Tennessee overall, and 17% across the nation.
Appalachian residents in Tennessee are also more likely to be steered into subprime or deep subprime loans that carry high interest rates: 6% have deep subprime debt and 27% carry subprime debt — higher rates compared to state and national averages.