SmartAsset: Prov. 49th debt-savvy city in nation

PROVIDENCE IS the most debt-savvy city in the Ocean State, according to SmartAsset, which ranked 195 cities across the country. Rhode Island's capital city ranked 49th nationally. / COURTESY SMARTASSET
PROVIDENCE IS the most debt-savvy city in the Ocean State, according to SmartAsset, which ranked 195 cities across the country. Rhode Island's capital city ranked 49th nationally. / COURTESY SMARTASSET

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.
“A debt savvy location means people there have high credit scores, low average personal loan debt, low credit utilization and low mortgage foreclosure rates,” SmartAsset said.
Mankato, Minn., is the most debt-savvy place in the nation, according to SmartAsset. There, the average credit scores is 705.8, and the foreclosure rate is 1.51 percent. Rochester, Minn., holds second place, with Green Bay, Wis., and Wausau, Wis., in third and fourth place, respectively. Fifth place went to Lincoln, Neb.
No New England cities cracked the top 10, which was rounded out by Sioux City, Iowa; La Crosse, Wis.; Alpena, Mich.; Madison, Wis.; and Cedar Rapids, Iowa.

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