Experian released its second annual State of Credit Report yesterday, which found that Midwesterners are most mindful of their money and Southerners continue to struggle. The report lists cities with the highest and lowest credit scores, and topping the list is Wausau, Wis., which unseated Minneapolis, Minn. from the number one spot after a four-year reign. Apparently the most fiscally responsible people in the U.S. live in Wisconsin, which has four of the top 10 ranking cities with credit score ratings in the upper 700 range.
Many cities have improved their credit scores compared to last year’s State of Credit report, but not by much. And the average debt nationally has decreased by only 1% to approximately $24,500. Michele Raneri, Experian’s vice president of analytics, says, “Experian’s State of Credit data shows that we still have a long way to go toward economic prosperity but that many consumers are taking small steps toward improving their credit and debt management.”
The complete State of Credit report, along with credit education tips and information for consumers, is available at LiveCreditSmart.com. There’s a nifty interactive map, which you can click on to see the findings of your city. I was stunned to learn that the average credit score in Los Angeles is 738 – that seems really high to me, and I wonder if the stats are skewed by the sheer volume of “rich” people who live in the city. (But I would think they’d be balanced out by the “poor” people so I don’t know . . . maybe overall we’re doing better than it seems.)
What’s your State of Credit?
This post is sponsored by Experian. All opinions are my own. Read the full CFO disclosure policy here.