Providence state’s most debt-savvy

PROVIDENCE – Providence is the most debt-savvy city in the Ocean State, according to SmartAsset, which ranked 195 cities across the country.

Overall, Providence’s rating on the debt-savvy index measured 59.02, ranking it 49th nationally. Boston, in comparison, ranked 21st nationally, and Hartford, Conn., ranked 63rd.

The financial technology company said Providence had an average credit score of 680.2, above the national average of 664.7; average personal loan debt of $26,845, lower than the national average of $28,460; nearly the same average credit utilization as the nation’s (29 percent compared with 30 percent); and a foreclosure rate of 4.9 percent, higher than the nation’s 3.96 percent.

Mankato, Minn., is the most debt-savvy place in the nation, according to SmartAsset. There, the average credit score is 705.8, and the foreclosure rate is 1.51 percent. •

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