Consumers Taking Slightly Better Care of Their Finances
Economic growth and job growth are in a painfully slow recovery, but a new study shows that consumers are taking slightly better care of their finances.
Experian’s third annual State of Credit Report shows the average VantageScore across the nation increased from 749 to 750 in 2012. In addition, the average number of late payments dropped by 2 percent. One negative sign was that the average debt increased 1.4 percent to $24,890 from $24,542 in 2011.
Experian analyzed nationwide data and ranked the average credit scores of American cities. As a region, the Midwest continues to have the highest credit scores while the South still has the lowest.
Eight of the top ten cities with the highest average VantageScores were in the Midwest, including Minneapolis, MN (787), Madison, WI (786), Wausau, WI (785), Sioux Falls, SD (784) and Cedar Rapids, IA (783).
All ten of the cities with the lowest average VantageScores were in the South, including Harlingen, TX (688), Jackson, MS (707), Corpus Christi, TX (706), Shreveport, LA (708) and Monroe, LA (709).
About Bill Hardekopf
Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.