Bible Money Matters

Christian personal finance

Menu
    • About
    • Archives
    • Contact
    • Close
  • Making Money
      • Popular Articles

        • 50 Ways To Make Money: Maximizing, Creating And Increasing Your Income
        • 10 Weird And Unconventional Ways To Make Money
        • Making Money With A Blog (e-Book)
        • 10 Places To Sell Or Trade Your Unused (Or Broken) Electronics
        • Ways To Make Extra Money Series: 20 More Income Generating Ideas From Our Readers
        • Making Side Income Can Help Blunt The Impact Of Becoming A One Income Family
        • Earn Cash Back With Discover it® Credit Card
      • Recent Articles – Making Money

        • Best Sites Like Fiverr To Make Money As A Freelancer
        • 13 Of The Best Independent Contractor Jobs
        • 25 Of The Best Gig Economy Jobs
        • How To Make Money Blogging: Turn A Blog Into A Business
      • Categories

        • Making Money
        • Investing
        • Retirement
        • Jobs & Work LIfe
        • Money
        • Income
    • Close
  • Saving Money
      • Popular Articles

        • 50 Easy Ways To Save Money Every Month
        • 10 Weird And Unconventional Ways To Save Money
        • 10 Practical Ways To Save Money And Increase Your Net Worth
        • How To Save Money On Just About All Of Your Regular Monthly Bills
        • Ways To Watch TV Without Paying An Arm And A Leg For Cable TV
        • Save Money On Your Hospital Bill - Just By Asking
      • Recent Articles – Saving Money

        • How To Save $100k In 7 Practical Steps
        • Stairs App Review: Save And Invest To Earn 4-6% Interest
        • Honey Review: Save Money Automatically When You Shop Online
        • 9 Convincing Reasons Why You Need An Emergency Fund
      • Categories

        • Saving Money
        • Frugality
        • Planning
        • Finance
        • Saving For Retirement
        • Savings Accounts
    • Close
  • Banking
      • Best Rates For 2019

        • Best Credit Cards
        • Best Savings Accounts
        • Best Mortgage Rates
        • Best CD Rates
        • Best Brokerages
        • Free Credit Scores
      • Recent Reviews

        • TradeStation Review: Commission Free Stock And ETF Trades
        • Firstrade Review: Commission Free Trades on Stocks, Crypto, And Options
        • Cadre Real Estate Investing Review: Commercial Real Estate Investing
        • Axos Self Directed Trading Review: Invest, Trade Stocks For Free
      • Categories

        • Bank & Software Reviews
        • Investing
        • Credit
        • Banking
        • Mortgage
        • Insurance
        • Family Budget
    • Close
  • Recommended
  • Video
    • Close

Latest Annual State of Credit Report from Experian: How Do You Stack Up?

By Miranda Marquit 1 Comment - The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited January 10, 2014.

Share14
Pin4
Tweet
Share
18 Shares

Every year, the credit reporting agency Experian puts out a report on credit trends in the United States. The Fourth Annual State of Credit takes a look at trends divided by geography and age, as well as other demographics.

I always find it fascinating to have a look at how I stack up as compared to my peers.

Geographic Trends

First of all, I looked at the report’s map showing the cities with the best and worst credit scores. I found it interesting that almost all of the best credit scores are located in the upper midwest. Minnesota and Wisconsin had most of the cities with the top credit scores, with a some sprinkled in North Dakota, South Dakota, and Iowa.

The 10 cities with the worst scores are all below the Mason-Dixon line, with most of them located in the Southeast, with Riverside, CA and Las Vegas, NV as the two in the Southwest.

None of the cities with the worst or best credit scores are located in Utah, my home state.

state-of-credit

Generational Data

The Experian report divides the generational data into four categories: Greatest Generation (66 +), Baby Boomer (47 – 65), Generation X (30 – 46), and Millennial (19 – 29). I’m firmly in Generation X for the purposes of this report.

According to the report, the Millennials need the most help figuring out how to build their credit. This isn’t exactly surprising. After all, few schools teach financial literacy, and lessons many kids get about credit from their parents often consist of this advice: “Don’t get credit!”

This doesn’t prepare young adults to head out into the world and begin building their credit in meaningful ways. Instead of trying to scare kids about credit, I think it makes more sense to teach them about responsible credit use in combination with solid financial skills.

You have a great chance when you’re in your early 20s to create a solid credit profile, and learning how to do that effectively can mean a better financial result down the road.

National Averages

No report of this nature would be complete without national averages. According to the Experian report, the average debt in the United States is $27,887. The good news is that debt isn’t mostly credit cards. Indeed, the average balance on bank cards is $4,501. I remember a few years ago when the average was higher than that, so it’s clear that progress has been made in terms of the average person paying down debt.

The average number of bank cards that consumers have in the United States is 2.19. This is one area in which I am above average. My husband and I have six credit cards between us. This probably isn’t the most efficient use of our credit, though. I need to re-evaluate the cards and their rewards programs and make sure that I’m sticking with some sort of plan. I tend to get lazy and drift off the program if I’m not careful. We pay off what we spend, but I don’t always use the card to give maximum results if I’m not paying attention.

Take a look at the data, and figure out how you stack up. Are you average for your location and generation? Where do you fit with the national average? Answering these questions can help you figure out whether or not you need to make changes.

Related:

  • How To Get Your Credit Scores For Free

Related Posts

  • Get A Free Daily Credit Report From Credit Karma

    For the past couple of years, my wife and I have been keeping close tabs on our credit. We purchased a house in late 2013…

  • How Long Will A Negative Event Appear On My Credit Report?

    While credit mistakes aren't going to be the end of you, they can stay on your credit report longer than you might realize.

  • Get A Free Daily Credit Report From Credit Karma

    For the past couple of years, my wife and I have been keeping close tabs on our credit. We purchased a house in late 2013…

Share14
Pin4
Tweet
Share
18 Shares
Last Edited: 10th January 2014 The content of biblemoneymatters.com is for general information purposes only and does not constitute professional advice. Visitors to biblemoneymatters.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.

This article is about: Credit

About Miranda Marquit

Miranda is a freelance writer and professional blogger. She writes for a number of personal finance blogs, including the AllBusiness Personal Finance Corner. She has a M.A. in journalism, and is the main author of Planting Money Seeds. Miranda lives Utah, where she enjoys spending her free time reading, traveling and playing with her son and husband.

Comments

    Share Your Thoughts: Cancel reply

  1. Peter Anderson says

    It’s nice to see my home state of Minnesota is well represented in the top credit scores. I’m not sure why the top credit scores have seemed to center on the upper midwest like that, Very interesting.

    I think our household is above average for our area, and for the national average, so we must be doing something right! We only currently have 1 credit card, and a 0% credit utilization with zero consumer debt.Credit scores are well above average as well – which was nice when getting a mortgage for our house this summer!

    Reply
Previous Post: Money Saving Strategies To Retire Earlier When You Have A Health Crisis
Next Post: Choosing Between Retirement Accounts: Traditional IRA, Roth IRA And 401k
Discover Investment Platforms

Popular Posts

  • 21 Easy Ways To Earn Free Amazon Gift Cards
  • 10 Best Free Tax Filing Services And Software Online
  • 21 Apps That Pay You Real Money Fast
  • 17 TV Apps And Live TV Streaming Services To Watch TV Free
  • 30 Legit Online Jobs That Pay Well
  • 37 Easy Ways To Get Free Gift Cards
  • How To Get Free Stock
  • 40 Easy Ways To Get Free Money Fast
  • 21 Places To Read Free Books Online
  • 24 Legit Online Jobs
  • 17 Best Work From Home Jobs: A List Of Legit Online Jobs That Pay Well

Recent Posts

  • How To Save $100k In 7 Practical Steps
  • How to Save Money When Remodeling A Home
  • How To Hire A Contractor For Your Remodeling Project
  • Remembering 9/11 Years Later: Where Were You On That Fateful Day?
  • TradeStation Review: Commission Free Stock And ETF Trades
  • Firstrade Review: Commission Free Trades on Stocks, Crypto, And Options
  • Cadre Real Estate Investing Review: Commercial Real Estate Investing
  • Best Sites Like Fiverr To Make Money As A Freelancer
  • Axos Self Directed Trading Review: Invest, Trade Stocks For Free
  • 30 Quotes About Easter And Resurrection: He Is Risen!

Disclaimer

The information contained in BibleMoneyMatters.com is for general information or entertainment purposes only and does not constitute professional financial advice. Please contact an independent financial professional for advice regarding your specific situation.

In accordance with FTC guidelines, we state that we have a financial relationship with some of the companies mentioned in this website. This may include receiving access to free products and services for product and service reviews and giveaways.

Any references to third party products, rates, or websites are subject to change without notice. We do our best to maintain current information, but due to the rapidly changing environment, some information may have changed since it was published. Please do the appropriate research before participating in any third party offers.

Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates.

We respect your privacy: Privacy Policy.

Thanks for visiting!

Bible Money Matters - Seen On These Sites and more..
Bible Money Matters is a personal finance, entrepreneurship and investing community. Give more, save more and live more.

Copyright © 2023 · Bible Money Matters | Sitemap | Advertise | Privacy Policy