2020’s Best & Worst Cities at Money Management – WalletHub Study

With 45 percent of U.S. adults grading their knowledge of personal finance a C or lower, the free credit score website WalletHub today released its report on 2020’s Best & Worst Cities at Money Management as well as accompanying videos.

In order to determine where Americans are best at handling their finances, WalletHub compared more than 2,500 cities based on 10 key indicators of money-management skills. The data set ranges from median credit score to average number of late payments to mortgage debt-to-income ratio.

Best vs. Worst

• Cupertino, California, has the lowest credit-card debt-to-income ratio, 1.80 percent, which is 6.6 times lower than in Park City, Utah, the city with the highest at 11.86 percent.
• Saddle Butte, Montana, has the lowest mortgage debt-to-income ratio, 137.61 percent, which is 7.6 times lower than in Bell Gardens, California, the city with the highest at 1,041.35 percent.
• Westport, Connecticut, has the lowest student-loan debt-to-income ratio, 12.63 percent, which is 8.1 times lower than in Orangeburg, South Carolina, the city with the highest at 101.76 percent.
• Laguna Woods, California, has the lowest average percentage of credit used, 21.00 percent, which is three times lower than in Herriman, Utah, the city with the highest at 64.00 percent.

To view the full report and your city’s rank, please visit:
https://wallethub.com/edu/best-cities-at-money-management/19256/

Readers who are curious to know how their money-management skills compare with those of the average person in their city can view an analysis of their free credit score through WalletHub.

More from WalletHub

• Most & Least Financially Literate States
• Best & Worst Cities for Wallet Fitness
• Most & Least Financially Savvy States