Rankings suggest Georgians are bad with finances
According to the Atlanta Journal-Constitution, Georgians have a hard time with spending and saving money. Georgia has been ranked at the bottom of lists when it comes to saving money and paying off dept. Other Southern states were at the bottom of a recent list, as well.
According to Atlanta Journal-Constitution, "The personal finance website determined the results by evaluating the 50 states and Washington, D.C. across 24 key metrics, including foreclosure rates, credit scores and credit usage." The categories were divided into four different sections: dept and spending, financial literacy, credit ranks, and saving ranks.
Massachusetts was rated as the most savvy state. Georgia was ranked as the 42nd overall. Out of all 50 states, Georgia was ranked as 47th for debt and spending, 32nd for financial literacy, 46th. for credit, and 36th for savings for financially savvy.
According to a Wallethub expert, “One of the biggest challenges people face is they spend more than they earn. This can become a vicious cycle because debts start building that also need to be paid." Southern states struggle a little more than others. For example, Florida has been ranked as the highest percentage to have a population that spends more than they have.
According to the Atlanta Journal-Constitution, experts have tips to help your budget process. According to Benjamin Cummings, a Wallethub financial expert, “The best idea is to set aside a specific amount each month that’s going to go towards paying off debt. Ideally, this amount will be at least a little bit more than all the minimum payments." Officials from the Atlanta Journal-Constitution say maintaining a budget and building a savings account is hard for most U.S. citizens.