Wealthiest States Not The Best At Managing Money

A new study by CreditCards.com ranked each U.S. state by how well its residents manage money. The study compared the credit scores of residents to their income levels.

Surprisingly, the wealthiest states were not the best at managing money, and some of the states with the lowest income levels demonstrated the best money management.

“Credit scores reflect your ability to manage the debt you have, regardless of your assets,” Experian director of education Rod Griffin explains.
 

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The study found that Montana is the top-ranked money management state in the country. Even though Montana’s median household income of only $44,938 ranks 41st of all states, its average credit score of 686.5 ranks 11th overall. South Dakota and North Dakota, which round out the top three states in the money management rankings, demonstrate similar trends.



Conversely, Maryland, which has the second-highest median family income in the nation, ranks 31st in average credit score, putting it in last place on the money management list behind Washington, D.C. and Alaska.