The personal finance website WalletHub released its report on which cities ranked the best and worst at money management.
(CBS DETROIT) – The personal finance website WalletHub released its report on which cities ranked the best and worst at money management.
In the study, WalletHub officials explain that money management isn’t taught as much as it should be in schools, but it is something that people should want to learn more about as it can help establish credit and pay off debt.
To see which cities in the United States are best at keeping track of money, WalletHub compared 2,500 cities based on money-management indicators, such as median credit score, the average number of late payments, and mortgage debt-to-income ratio.
Data from the study shows that Lafayette, Indiana has the lowest mortgage debt-to-income ratio at 87.2%. This is 12.2 times lower than in Ewa Beach, Hawaii, the city with the highest at 1,061.26%.
The study also found that Darien, Connecticut, has the lowest student-loan debt-to-income ratio, 14.2 times lower than in Morrow, Georgia, the city with the highest.
So, where do cities in Michigan rank among this list?
Detroit ranked No. 62 among the list of large cities in the United States regarding money management skills.
Here are the midsize Michigan cities that ranked on the list:
Here are the small Michigan cities that ranked on the list:
When completing this study, WalletHub defined large cities as more than 300,000 people, midsize cities as 100,000 to 300,000 people, and small cities as fewer than 100,000 people.
To see which factors contributed to each city’s ranking and more information on the ranked cities, view the complete study here.
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