Not all cities are alike when it comes to personal finance acumen among their residents, and personal finance site WalletHub recently concluded Lancaster, Texas and Indiana, Pa. “have the worst money-management skills” in the U.S.
WalletHub measured the best and worst American cities at personal finance skills, using a set of metrics to rank cities based on key money issues like credit score, average number of late bill payments, and mortgage debt-to-income ratio, among other criteria.
“Cities that ranked highly for money management skills have low debt to income ratios, whether it’s credit card debt, mortgage debt, car loan debt or student loan debt,” says Jill Gonzalez, an analyst at WalletHub. “These cities also have high credit scores, reflecting that residents successfully manage their debt and pay their bills on time, usually paying in beyond the minimum to be free of debt more quickly.”
Using that formula, California comes out looking good in the WalletHub rankings.
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