Minnesotans have a high average credit score, keep up on most bills, report says


Minnesota is the most "financially savvy" state in the U.S.

WalletHub, a finance research organization based in Washington D.C., ranked MInnesota No. 1 a report analyzing the budget capability of Americans.

Minnesotans have the highest average credit score in the country, according to the report. North Dakota, South Dakota, Hawaii and Vermont follow closely behind.

The state did rank near the bottom for high credit usage – but Minnesotans must be good at keeping up with their payments, because the state ranked third for lowest delinquency rate when it comes to paying off mortgages, auto loans, student debt and credit cards. (FYI: College students here have the fifth highest student loan debt in the country, averaging $31,580, according to the Star Tribune.)

Furthermore, the state has one of the lowest foreclosure rates in the country.

To analyze the data, WalletHub compiled 20 relevant metrics based on spending and debt, financial literacy score, credit, and saving.

Personal money management is a focus for some high schoolers.

Every April, which is deemed financial literacy month, the Reserve Bank of Minneapolis hosts a personal financial decathlon for high school students.

This year, 112 schools competed and just 12 went to the state competition. Mounds View High School won the championship for the second year in a row, according to the Minnesota Council on Economic Education.

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