Louisiana Residents Are Better Money Managers Than Expected
The results of a new survey seem to indicate that you and I are pretty good with our money. I wonder why we can't elect people with the same financial savvy that we have? Oh, but that's a topic for a different story isn't it. Let's talk about your money and how well you're taking care of it.
A new survey released by Creditcards.com indicates that while people in Louisiana have the second to lowest median income in the nation, we manage our money better than those who make far more than we do. Senior Analyst with Creditcards.com Matt Schultz explained that while Louisiana's credit score might be third worst in the nation, it's actually three points higher than where it should be based on average income.
We compared median income to their credit score and Louisiana fell right in the middle. Louisianans are performing about how we would anticipate.
Schultz's remarks to the Louisiana Radio Network suggests that even though our citizens don't make a lot of money. Our citizens do a pretty good job of managing the money they make.
Louisiana’s average balance on a credit card ranks 23rd in the country. Louisianans are generally doing a decent job of paying off those balances.
One of the reasons for our state's lower than average credit score is the median age of our population. Louisiana is a fairly young state. It's not unusual for younger people to have lower credit scores than those of older citizens. That age gap does figure into the results of this survey. Since it is much easier to have a better credit score if you have a longer history of credit.