A CreditCards.com ranks Missouri residents as the 23rd best at money management.
The study examines credit scores via credit bureau Experian and median household income via the U.S. Census Bureau. According to a news release, the top states for money management had much higher credit score ranks than that of their median income.
The Show-Me State’s average credit score was 669.2, while its income level was 3 percent below the national median of $51,849. Missouri’s credit score rank on the list was 30th, which tied its income rank. Residents’ average credit card balance was $4,189.
Top-ranking Montana had an average credit score of 686, ranking it 11th, and an income rank of 41st.
CreditCards.com officials say the top states have a mostly rural demographic profile with a lack of major cities in common. The study also found eight of the 10 states with the best credit scores also were among those with the lowest unemployment rates in the nation.
The lowest-ranking state in terms of money management was Maryland. While it had the second-highest household income in the nation at $69,071, its credit score was 31st in the nation. The study pointed to high costs of living in the state, but in others like California, New Jersey and New York, those costs are mitigated by better credit card utilization, according to CreditCards.com.
“Conventional wisdom is that people with more money have better credit scores, but we found this is not always the case,” said Matt Schulz, CreditCards.com’s senior industry analyst, in the release. “The main takeaway is that good financial habits like paying your bills on time and keeping your debts low are what build a solid credit score, not how much money you earn.”
CreditCards.com is a marketplace for lending partners of the Bankrate Online Network.
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