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Philadelphia Ranks in the Top 32% of Cities with the Worst Money-Management Skills
Buying a home obviously means a lot more than just finding the right neighborhood or number of bedrooms. It starts with your wallet and money management skills. Not only must you typically need liquid assets to close on a deal but also the credit to make a deal happen. So when a study was done to determine the cities with the worst money management skills, Philly didn’t do so hot.
With 43 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 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.
Money Management in Philadelphia (99th Percentile = Best)
- Median Credit Score (642)
- Credit-Card Debt-to-Income Ratio (4.97%) (75th Percentile)
- Mortgage Debt-to-Income Ratio (276.88%) (71st Percentile)
- Car-Loan Debt-to-Income Ratio (30.88%) (61st Percentile)
- Student-Loan Debt-to-Income Ratio (49.28%) (23rd Percentile)
- Avg. Number of Late Payments (5.75)
- Avg. % of Credit Used (40.6%)
- Foreclosure Rate (0.094%)
For the full report, please visit: