CreditCards.com: Rhode Islanders 26th best at money management

RHODE ISLAND RANKED right in the middle of the 50 states and Washington, D.C., at No. 26, for its citizens' ability to manage their money, according to a new survey by CreditCards.com. / COURTESY CREDITCARDS.COM
RHODE ISLAND RANKED right in the middle of the 50 states and Washington, D.C., at No. 26, for its citizens' ability to manage their money, according to a new survey by CreditCards.com. / COURTESY CREDITCARDS.COM

PROVIDENCE – Rhode Island falls in the middle of the pack when it comes to managing money, according to a new CreditCards.com analysis.
Rhode Island ranked 26th out of all 50 states and Washington, D.C., in the study, which compared each state’s average credit score with its median income.
The study found that Montana residents are the best at managing money, with $4,143 in average credit card debt, while Marylanders are the worst, with $4,861.
The Ocean State’s average credit score is 2 points better than expected (based upon the state’s median income of $57,346). Rhode Island has the nation’s 15th-best credit score at 682.4 and a median income that’s 11 percent above the national median of $51,849. Rhode Islanders have an average credit card debt of $4,468.
“Conventional wisdom is that people with more money have better credit scores, but we found this is not always the case,” Matt Schulz, CreditCards.com’s senior industry analyst, said in a statement.
In Montana, the average credit score is 32 points higher than one would expect based upon the state’s median income of $44,938 (which is 13 percent below the national median). Montanans posted the country’s 11th-best credit score at 686.5, leading CreditCards.com’s income-adjusted ranking, followed by South Dakota and North Dakota. Maine and Vermont came in fourth and fifth place, respectively.
Washington, D.C., fared second-worst on the list, followed by Alaska, Virginia and Texas.
“The main takeaway is that good financial habits like paying your bills on time and keeping your debts low are what build a solid credit score, not how much money you earn,” Schulz added.

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