For four years now, Experian has analyzed over 100 Metropolitan Statistical Areas (MSAs) to give an overview of how individual states and cities are faring when it comes to financial and credit health in the United States. The results are in for 2013, and some may shock you.
As the old saying goes, everything is bigger in Texas, and this holds true when it comes to average debt, but not average credit scores. Although their average debt range is not as high as Alaska or Wyoming, when it comes to major cities, the average debt in the Dallas/Ft. Worth area is $30,022, topped only by Washington D.C. with $30,044. This debt takes into account credit cards, auto loans, personal loans, and student loans, but no mortgages. Even the most financially “healthy” states have an average debt of $25,000-$25,999, so it seems they are only better off in comparison.
The highest average credit scores (701-713) are found in Massachusetts, Vermont, New Hampshire, Wisconsin, North Dakota, South Dakota, Nebraska, Minnesota, and Iowa. When it comes to major metropolitan cities, Boston leads the way with an average credit score of 705, with San Francisco close behind at 700. The lowest credit scores by state go to Nevada, Louisiana, Mississippi, and Georgia, while the lowest metro cities showing Dallas/Ft. Worth, Houston, and even lower, Miami/Ft. Lauderdale.
The graphic heatmaps below provide a complete look at this data, zeroing in on the largest metropolitan areas. Do any of these surprise you? Let us know in the comments.
Average U.S. Credit Health and Debt in 2013, by State (Infographic)
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