Birmingham Among Cities With Worst Money-Management Skills: Study

BIRMINGHAM, AL — Handling finances is not only an important skill to master, but it is also absolutely vital in today's economy. That said, a recent study shows Birmingham among the cities with the worst money-management skills.

With 45 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 2020'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 Birmingham (99th Percentile = Best)

• Median Credit Score (632)
• Credit-Card Debt-to-Income Ratio (6.95 percent) (8th Percentile)
• Mortgage Debt-to-Income Ratio (364.83 percent) (39th Percentile)
• Car-Loan Debt-to-Income Ratio (42.94 percent) (19th Percentile)
• Student-Loan Debt-to-Income Ratio (68.17 percent) (3rd Percentile)
• Avg. Number of Late Payments (5.70)
• Avg. % of Credit Used (38 percent)
• Foreclosure Rate (0.0690 percent)

Read the full WalletHub report here.