Georgia ranks low when it comes to handling money

Well, this might explain a few things: We as a state are simply not that savvy when it comes to money, according to a study of state data released Wednesday by WalletHub.

The Washington, D.C.-based company, which offers online financial tools and information for consumers and small business, calculated scores based on some “key dimensions” of handling money: spending and debt, financial literacy, credit and saving.

WalletHub took a number-crunching look at financial information for the 50 states and the District of Columbia and when all the data had settled, Georgia ranked seventh.

From the bottom.

Hundred Dollar BillsGeorgia’s best scores came in using credit and in how much debt we carry relative to the state’s median income: We ranked 16th best on both.

But our weaknesses – well. Where do you start? Maybe with a question about mortgage debt as a share of income: Georgia ranks 27th, that is, slightly worse than average.

Or with a question about how much of the population has some kind of “rainy day” as a backup against unexpected expenses. Georgia ranked 32nd best.

But there were more painful flaws. For example, when it comes to “unbanked” households – that is, people who do not have bank accounts and are dependent on the likes of check-cashing companies – Georgia ranks 43rd.

And when it comes to our delinquency rate on loans: Georgia ranks 45th.

So it should come as no surprise that we don’t look so bright and shiny when in comes to credit scores: 49th.

Oddly, when WalletHub analyzed the states for financial literacy – that is, how much knowledge people have about finance – Georgians score much better.

“Literacy comes down to education, while savvy comes down to implementation,” said Diana Popa, spokesperson for WalletHub.

Yeah, and we are apparently kinda weak on that implementation thing: We’re 45th on savviness, but on literacy we come in 36th.

Which are the savviest states? The top five financially:

1 Minnesota

2 New Hampshire

3 North Dakota

4 Connecticut

5 New York

 

What about the states with savvy-shortages? Here are the six that scored below Georgia:

46 TennesseeNumbers touchpad

47 Nevada

48 Mississippi

49 New Mexico

50 Arkansas

51 Missouri

Reader Comments 0

10 comments
Ronnie Wheeler
Ronnie Wheeler

I know a man who owed a title loan, and failed to make a payment, when he called the title loan company, and stated his position and that he will go to the payroll department and find out what going on. Well, the consumer did go and brought back a letter from the payroll department, explaining what happened and when the money will be in his bank account. That didn't stop the title loan company from calling and engaging in conversation with the The Neighbors, and that cause the consumer, to get upset, and he requested that the title loan company, come and get the car and sell it and give the remaining of the money. The title loan company told him that we take people cars So the consumer sent a certified letter to the title loan company, to get to the end of the story, the consumer threaten to sue, and title loan company erased the debt.

Ronnie Wheeler
Ronnie Wheeler

The banks will sometimes report, you to the Check System, and will lie about it. There is a law, I believe under Federal consumer laws that make it illegal for creditors to report a debt that is not owed to a third party. Now, am not lawyer and ask you to talk to a consumer lawyer about a creditors reporting false debit to third-party. I know when I sign and agree to a contract and terms of agreement, have to abide by it and the creditors must abide by the contract as well. For example, I cancel my service with a cable company, and was told I didn't own anything because I was under the 30 day money back guaranteed. However, the cable company called me everyday, to inform me I owe the bill and I explained to cable company, I was under the 30 day money back guarantee and I will send them a written letter and a copy of the agreement, and informed them everyday they are harassing me. Well, today the cable company didn't call.

Nina Williams
Nina Williams

Thats bc in Ga. U can get something for nothing.. U can get pay day loans with dissability. U can qualify for almost anything somewhere. It is very enticing to get in over your head. If 1 car lot says no..2 or 3 say ..yes.. Bad credit just means more interest..longer payments..its a system that make the poor feel rich..n the rich over exceed until they become poor..just an opinion from living there 10 years...of course this is not referring to everyone in Ga...

Ryan Mclean
Ryan Mclean

How about having common sense not to chose to buy more than you can afford….like Ive always don't and Im hardly rich.

Nina Williams
Nina Williams

Yeah..thats the answer unfortunately ppl are tempted n fall into the trap..sometimes it starts off innocently enough n it sounds reasonable n do-able..n then one missed payment n its a cyclone. N then some ppl just want to keep up n some want to exceed the others...trajic..

Nina Williams
Nina Williams

This whole article is based on ppl not using their better judgement..but should businesses be created for the purpose of taking advantage of that fact....idk

Rachel Puga-Julian
Rachel Puga-Julian

Payday loans are actually illegal in Georgia and have been for years.

Nina Williams
Nina Williams

No they arent..if they have license and follow usury laws..read up on it..i have...

Nina Williams
Nina Williams

Currently no one can make them over internet in Ga.. But there are several licensed loan lenders that can make payday loans..

Mike Wright
Mike Wright

In Bernie Sanders, I see the wisdom of my grandfather, the strength and leadership of my dad, the friendship of my brother, and the combined love and caringness, of my entire family. His genuine and overall concern for everyone, comforts my soul. I would not only be proud to have him as President of the United States, I would also consider him, the father of our country. Please remember him when you vote.