CreditCards.com recently ranked the nation’s cities in terms of money management by comparing credit scores and an index of U.S. Census Bureau data including: average income, education level, unemployment rate and the population ages of the 25 largest cities. According to the report, Miami ranked as one of the worst major cities in the country for managing their money. In fact, Miami came in 22nd. Tampa ranked 23rd on the list with Washington, D.C. at 24th and Baltimore at 25th. Los Angeles was ranked as the best city in the nation at money management, followed by Minneapolis as second and New York as third.
In order to rank the cities, the report focused on which city residents were paying their bills on time, keeping low credit card balances and not “over-applying” for credit, according to CreditCards.com senior industry analyst Matt Schulz. The original theory was that the older, richer and more educated residents would have higher credit scores, however, the data proved that factors such as cost of living, divorce rate and mobility level greatly impacted scores.
For example, although the Washington D.C. residents brought home a larger annual income than most cities, they also carried significantly higher credit card balances than other cities.
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