Skip to main content

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

  • Author:
  • Updated:
    Original:

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.

Next Up

unsplash roller rink skates CROP

Former roller rink, tennis courts will become new sports hub

The Wooddale Fun Zone has been closed since spring of 2020.

hibachi daruma

Popular hibachi food truck opens second Twin Cities restaurant

The much-anticipated Daruma opens for takeout Thursday evening.

20211128_Vikings_49ers_REG12_0144 (1)

What changes are coming to the Vikings' offensive line?

Once again, Minnesota has work to do to figure out its interior spots

Kris Ehresmann

One of Minnesota's key COVID-19 leaders is retiring

Kris Ehresmann has given more than 30 years of her life to public health in Minnesota.

summit beach park orono

Plan to develop Orono park on hold after Daytons object

The Dayton family donated the land to the city for the park in the 1970s.

covid nurse doctor hospital wikimedia commons

Child from Twin Cities, school staff member die from COVID

Both deaths were reported by the Minnesota Department of Health Thursday.

snow

3 clippers will deliver snow to Minnesota through Tuesday

Clippers move through Friday night, Saturday night and again Monday.

Screen Shot 2022-01-20 at 10.45.51 AM

Video: Inebriated Sheriff Dave Hutchinson after high-speed crash

Hutchinson was unaware of his location and repeatedly said he wasn't driving.

covid

Minnesota's COVID-19 update for Thursday, January 20

A Mayo Clinic data scientists believes omicron may have already peaked in parts of Minnesota, though that reality won't show up in the reported cases until at least next week.

hospital, emergency room

2 dead, 1 critical after being found unconscious in garage

The men were believed to have been drinking together and possibly using drugs.

Flickr - police lights squad siren - Edward Kimmel

2 teens suspected in 20 robberies arrested after police chase

They are suspects in 23 cases in three Twin Cities counties.

Dave Hutchinson

Hennepin Co. Sheriff was driving 125 mph before DWI crash, files reveal

Taken together, the files provide a clearer picture of what exactly happened the morning of Dec. 8.

Related

Report: Minneapolis residents have nation's best average credit scores

A conservative, Midwestern approach to debt may be the reason why Minneapolis residents have the best average credit scores in the country, according to a new report by Experian.