Business Monday

Spend happy: Miami ranks fourth worst in the U.S. at managing money

A report ranked the Miami metro area as the fourth-worst in the country at managing money.
A report ranked the Miami metro area as the fourth-worst in the country at managing money.

South Floridians have loose pockets, according to a CreditCards.com report that ranked the Miami metro area as the fourth-worst at managing money in the U.S.

The study found that the average South Floridian — including Miami-Dade, Broward and Palm Beach counties — had a credit score eight points worse that expected when factoring in the area’s median household income, median age, unemployment rate and average education level.

CreditCards.com used Experian and U.S. Census Bureau data to calculate an average credit score for each of the 25 largest U.S. metropolitan areas by analyzing local income, age, unemployment and education data.

The Los Angeles metro area ranked as the best when managing money, followed by Minneapolis/St. Paul, New York City, Chicago and Boston.

The city that most needs some money management help is Baltimore, followed by Washington, D.C., Tampa, Miami and Atlanta.

“Good credit has a lot more to do with discipline than income,” said Matt Schulz, CreditCards.com’s senior industry analyst, in a release. “Use technology to your advantage: review your account information at least once a week and your credit report at least once a month to catch errors and avoid late payments. It’s an easy habit to establish, especially considering how much time we spend on our phones checking Facebook and playing Pokémon Go.”

  Comments