Memphis ranks low in money management

Memphis ranks low in money management
(Source: Flickr)

MEMPHIS, TN (WMC) - With 43 percent of U.S. adults grading their knowledge of personal finance a C or lower, the free credit score website WalletHub has released its report on 2018's Best & Worst Cities at Money Management.

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.

Here's how Memphis ranked:

Money Management in Memphis (99th Percentile =Best)

  • Median Credit Score(586)
  • Credit-Card Debt-to-Income Ratio(6.14%) (34th Percentile)
  • Mortgage Debt-to-Income Ratio(232.92%)(88th Percentile)
  • Car-Loan Debt-to-Income Ratio(43.37%)(21st Percentile)
  • Student-Loan Debt-to-Income Ratio(64.32%)(3rd Percentile)
  • Avg. Number of Late Payments(5.41)
  • Avg. % of Credit Used(37.0%)
  • Foreclosure Rate(0.086%)

For the full report, and to see how other Mid-South cities fared, click here.