Cleveland Ranked One of the Worst Money Managers in Ohio

Managing one’s funds is one of the great struggles of the modern human condition. Cleveland residents are poor in taking care of their finances compared to the rest of the country.

According to a recent study by WalletHub, Cleveland residents are among the worst at managing their finances. The city's residents rank at No. 2164, and were in the 16th percentile of the study.

The rankings were based on based on credit scores, the debt-to-income ratios of credit cards, mortgages, car loans and student debt loans and the average number of late payments for residents of a given city. The methodology isn't perfect, but at least provides a superficial look at how people best manage their finances. If someone can avoiding debt and overdue credit card payments, chances are they know their way around a checkbook.

According to the data, Cleveland residents have an average credit score of 623.14. Residents also had below average debt-to-income ratios on their debts, with average credit card ratios totaling 21.46 percent, mortgage ratios totaling 418.22 percent, car loan ratios totaling 61.22 percent and student loan ratios totaling 145.37 percent.

Cleveland residents generally have over three late payments to their name, with an average of 3.25 late payments on debt.

Cleveland residents were ranked one of the worst among money managers in the Buckeye State, behind the likes of Reynoldsburg (No. 2078), North Piqua (No. 2093) and Toledo (No. 2136).

Click here to view the study’s methodology. WalletHub collected data from TransUnion and Renwood RealtyTrac.