Is Your Financial Fitness Suffering? This Study Shows It's Likely
Financial fitness is one of the most popular resolutions of 2016, but it’s startling to see how many people don’t know where they stand in terms of financial stability. Knowing your credit score—and how it affects everything from what car you drive to what credit card you use and the rates that apply—is imperative to your financial success. The three-digit number tells you and creditors how well you manage your debts. In an effort to increase American’s financial IQ, WalletHub, a startup whose mission is to help people get financially fit, analyzed the credit score of residents in 2570 cities across the country. The findings are rather shocking, especially for us Southern California folk.
Los Angeles ranks 1933 out of 2570 cities, with a credit score of 649.7. This places Los Angeles in the 25th percentile, or the lowest quarter of financial stability in the United States. Compare this to San Francisco, which has a credit score of 702.77 and is in the 81st percentile, or New York, which has a credit score of 692.37 and is in the 71st percentile, and you can begin to see the large disparity between Los Angeles and the other bustling American cities on the list.
Curious to see where your city falls on the financial fitness map? Visit WalletHub's findings, and start on your path to financial excellence by figuring out your credit score.
Motivate yourself to stay on track with one of our favorite wallets below.
Did you make a commitment to financial health this year? Share how you’re making it happen in the comments.