States Where Residents Most Rely on Credit â 2020 Edition
Perhaps counterintuitively, consumer credit card debt has fallen since the beginning of the COVID-19 crisis. Federal reserve data shows that the total amount of revolving consumer credit, which primarily consists of credit cards charges, fell below one trillion in April 2020 for the first time in close to two years. Data from Experian tells a similar story. Between the end of Q2 2019 and Q2 2020, the average credit card balance of borrowers fell by about 11% from $6,629 to $5,897.
Though average credit card debt is decreasing nationally, it remains high in some states and may increase during the holiday season. In this study, SmartAsset looked at states where residents tend to rely on credit the most. Using data from Experian and the Census Bureau, we ranked all 50 states and the District of Columbia based on five metrics relating to credit card debt. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.
This is the 2020 edition of our study on where residents most rely on credit. Read the 2019 version here.
Key Findings
- Credit card debt is high in Southern states. Seven of the 10 states where residents rely most on credit are in the South: Oklahoma, Louisiana, Texas, South Carolina, Alabama, Georgia and Florida. In all seven states, average credit card debt exceeds $5,600 and makes up more than 10% of the median household income.
- 13 states saw one-year increases in average credit card debt. Though Experian data shows that national average credit card debt fell by 11.04% over the past year, certain states still saw increases. Average credit card debt increased by more than 3% in two states â Idaho and North Dakota â and rose by 1% or more in six additional states â Oklahoma, Hawaii, Mississippi, West Virginia, South Dakota and Iowa.
1. Oklahoma
Oklahoma ranks as the state where residents most rely on credit. Experian data shows that though average credit card debt fell in many places between the end of the second quarter in 2019 and 2020, it rose by 2.00% in Oklahoma, from about $5,800 to almost $6,000. With that rise, we estimate average credit card debt for Oklahoma residents makes up 10.96% of the median household income â the fourth-highest percentage for this metric in our study.
2. Louisiana
Though average credit card debt in Louisiana ranks toward the middle of the study at 24th, it makes up the second-highest percentage of median household income, at 11.25%. Additionally, credit card debt may build up in Louisiana, as the state has relatively high poverty and unemployment rates. Data from the Census and Bureau of Labor Statistics shows that Louisiana also has the second-highest poverty rate (14.3%) and 15th-highest September 2020 unemployment rate overall (8.1%).
3. Alaska (tie)
Average credit card debt in Alaska fell by close to 5% over the past year, but it is still the highest in our study, at close to $7,700. Additionally, Alaska ranks in the worst half of the study for two other metrics, average credit card debt as a percentage of income and September 2020 unemployment rate. Average credit card debt makes up 10.15% of the median household income (the 10th-worst rate for this metric overall). In September of this year, unemployment stood at 7.2% (the 23rd-worst in the study).
3. Nevada (tie)
Nevada ranks in the bottom half of the study for all five metrics we considered. It has the 11th-highest average credit card debt, the 22nd-worst one-year change in average credit card debt and the 17th-highest average credit card debt as a percentage of median household income. Census Bureau data from 2019 shows that Nevada has the 20th-worst poverty rate of all 50 states and the District of Columbia, at 8.7%. Moreover, in September 2020, the unemployment rate (12.6%) was the second-highest in the country, behind only that of Hawaii.
3. Texas (tie)
Texas ties with Alaska and Nevada as the No. 3 state in the country where residents rely most on credit. Though average credit card debt in Texas fell by almost 5% over the past year, it remains elevated compared to other states. Experian data shows that at the end of the second quarter in 2020, average credit card debt was $6,423 â the seventh-highest of any state. Additionally, Texasâ poverty rate is the ninth-highest in the study, at 10.5%.
6. New Mexico
Credit card debt in New Mexico is high relative to average incomes. We found that average credit card debt as a percentage of the median household income was third-highest in our study, at 10.98%. New Mexico residents may also struggle with credit card debt more, as unemployment and poverty rates are high. In 2019, the unemployment rate was 9.4% (eighth-highest in the study) and in September 2020, the poverty rate was 13.7% (the third-worst in the country).
7. South Carolina
South Carolina actually has the lowest September 2020 unemployment rate (5.1%) of any of the 10 states where residents most rely on credit. However, the state ranks relatively poorly on the other four metrics we considered. It has the 18th-highest average credit card debt, 14th-worst one-year change in average credit card debt, eighth-highest average credit card debt as a percentage of income and 11th-highest poverty rate.
8. Alabama
Using Experian and Census Bureau data, we found that average credit card debt for Alabama residents makes up almost 11% of the stateâs median household income. Additionally, Alabama has the sixth-highest 2019 poverty rate (11.2%) of all 50 states and the District of Columbia.
9. Georgia
At the end of the second quarter of 2020, average credit card debt in Georgia stood at roughly $6,200. This debt may affect residents more in Georgia, as debt makes up more than 10% of the median household income in the state. In addition, almost 10% of individuals fall below the federal poverty line.
10. Florida
Florida has the 12th-highest average credit card debt (about $6,100) and ninth-highest average credit card debt as a percentage of median household income (10.31%). In September 2020, the unemployment rate in Florida was the 20th highest in the country, at 7.6%.
Data and Methodology
To determine the states where residents rely most on credit, we compared all 50 states and the District of Columbia across five metrics:
- Average credit card debt. Data comes from Experian and is for Q2 2020.
- One-year change in average credit card debt. Data comes from Experian and is from Q2 2019 to Q2 2020.
- Average credit card debt as a percentage of median household income. This is the average credit card debt (per borrower with credit card debt) divided by median household income. Data for average credit card debt comes from Experian and data on median household income comes from the Census Bureauâs 2019 1-year American Community Survey.
- September 2020 unemployment rate. Data comes from the Bureau of Labor Statistics.
- Poverty rate. This is the percentage of the population below the federal poverty level. Data comes from the Census Bureauâs 2019 1-year American Community Survey.
First, we ranked each state in every metric, giving a double weight to both of the average credit card debt metrics, a single weight to the change in average credit card debt metric and a half weight to September 2020 unemployment rate and poverty rate. We then found each stateâs average ranking and used the average to determine a final score. The state with the best average ranking received a score of 100. The state with the lowest average ranking received a score of 0.
Tips for Managing Credit Card Debt During the COVID-19 Downturn
- Contact your credit card company. Many credit card companies are offering financial relief to their customers during the COVID-19 pandemic. The Consumer Financial Protection Bureau recommends that the best first steps in receiving relief are contacting your credit card company, telling them youâve been affected and asking questions about the relief packages they offer.
- Create a plan to pay it off. Credit card debt can be incredibly stressful, especially during a recession when jobs are less secure and employment opportunities are more limited. Our credit card calculator is here to help. By adding your credit card details, you can calculate the total interest and time it will take you to pay off your debt.
- Consider a financial advisor. A financial advisor can help you make smarter financial decisions to be in better control of your money and get previous debt under control. Finding the right financial advisor doesnât have to be hard. SmartAssetâs free tool matches you with financial advisors in your area in five minutes. If youâre ready to be matched with local advisors that will help you achieve your financial goals, get started now.
Questions about our study? Contact us at press@smartasset.com.
Photo credit: ©iStock.com/bernie_photo
The post States Where Residents Most Rely on Credit â 2020 Edition appeared first on SmartAsset Blog.
Source: smartasset.com
How To Prepare For A VA Streamline Refinance
The VA streamline refinance, also known as the Interest Rate Reduction Refinance Loan (IRRRL), is intended to help veterans lower their interest rate and monthly payments. Unlike the VA cash-out refinance, the IRRRL doesnât have the same loan qualification requirements. This makes the preparation minimum and the qualification simple.
See if you're eligible for a VA streamline refinance today.
IRRRL eligibility requirements
Even though the IRRRL is generally easy to qualify for there are some requirements to be eligible. You likely wonât need your certificate of eligibility for a VA streamline refinance. Your lender will request a âprior loan validationâ from the VA to prove your current VA loan status. Youâll also need to meet the following requirements:
You must have a current VA home loan.
The home youâre looking to refinance must have been purchased with a VA home loan. This is one of the requirements that separates the IRRRL from the VA cash-out refinance. While the VA cash-out refinance can be used by any eligible member regardless of what loan product they used to purchase their current home, VA streamline refinances are only eligible for those with a VA home loan.
You must have made on-time mortgage payments for the past year.
You may still be eligible if you have had no more than one late payment (30+ days) in the past 12 months. That said, if you made a late payment eight months ago, it would probably be best to wait four more months before applying to be safe.
Your must wait seven months before you refinance.
The VA doesnât allow you to use a home loan to purchase a home and refinance a month later. The closing date of the new refinance loan must occur after both of the following events:
- It has been at least 210 days (about seven months) since you made your first payment on your current loan.
- Youâve made at least six full mortgage payments on your current VA home loan.
Your new mortgage payment must be lower than your previous one.
The VA requires that homeowners are reducing their mortgage interest rate and payment with a VA streamline refinance. They call this a net tangible benefit and they have specific requirements on how much lower based on the type of loan.
- Fixed-rate mortgage to fixed-rate mortgage. The new interest rate must have a rate that is not less than 0.50% less than the previous loan.
- Fixed-rate mortgage to an adjustable-rate mortgage. The new interest rate must have a rate that is not less than 2% than the previous loan. The lower rate can not come solely from discount points.
There are a few exceptions to the net tangible rule. A homeowner who has an adjustable-rate mortgage may still be eligible for an IRRRL even though their rate is increasing if they refinance into a fixed-rate mortgage. Or, a homeowner who is refinancing into a shorter term loan like a 30-year fixed to a 15-year fixed.
You must meet your lenderâs credit score requirement.
The VA doesnât require a credit check for IRRRLs, though most lenders will want to check your credit report. Even though the VA doesnât set a minimum credit score, expect most lenders to require 620+ credit score to qualify.
Itâs easier to qualify for a VA IRRRL.
The VA IRRRL is also called the VA streamline refinance for a reason. Thereâs not much to prepare or required from the veteran, especially when compared to VA purchase loans or VA cash-out refinances.
With a streamline refinance, homeowners can essentially skip some steps that other refinance loans may require. This, along with other benefits, are the primary reasons that veterans use the IRRRL. The benefits include:
- No documentation needed to verify your income (i.e. no pay stubs, W2s, or bank statements)
- No home appraisal is required
- All closing costs can be financed, meaning no out-of-pocket costs
- Required funding fee is lower than that for VA home purchase loans
- Underwater homes are eligible
Because every situation is different, some of these benefits may not apply to all homeowners. However, itâs safe for most VA homeowners to assume that they wonât need to provide much documentation and will save money on monthly payments in the process.
VA Refinance Rates
Mortgage interest rates continue to stay low. Veterans who have purchased a home with a VA home loan in the past few years could likely reduce their interest rate and monthly mortgage payment with a VA streamline refinance loan. VA refinance rates also continue to remain low. In fact, according to Ellie Maeâs October 2020 Origination Insight Report, the average interest rate for VA loans was 2.75% on average. This is 0.26% lower than interest rates for conventional loans.
Read more: Current VA Refinance Rates
Should you use a VA streamline refinance?
The most important part of preparing for a streamline refinance is deciding if the program is right for you. It really comes down to your financial goals â if youâre looking to lower your interest rate and monthly mortgage payment, than itâs worth considering. If youâre looking to get cash however, the IRRRL isnât for you. For that, youâll need to consider a VA cash-out refinance.
Itâs also important to note that with a refinance you donât have to use the same lender that you did with your purchase loan. In fact, itâs recommended that you shop around with multiple lenders to ensure that youâre getting the best deal on your loan as other lenders may offer lower rates and closing costs.
Connect with multiple VA lenders and compare rates.
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Source: militaryvaloan.com
How to Help Your Teenagers Open Their First Checking Account
When it comes to teaching our kids, finances are a big part of the life lessons we should be imparting. However, this topic can be vast and wide. Therefore, it can be difficult to figure out where to begin. One of the best places I suggest beginning is with a basic checking account. This is something we all end up needing as adults. So it makes sense to teach your teenagers about checking accounts while they are still under your roof seeking your guidance. Therefore, here are some of the best ways to help your teenagers open their first checking account
Bank Account Features
First off, since your teenager is still technically a minor, you will need to look for checking accounts that can be set up as joint accounts. Usually, these accounts will only allow one parent and one child to be named on the account. And for most banks, once your child turns 18, they can fully take over the account and your name can be removed. This is the type of account you want to look for.
Depending upon your teenager’s preferences will help determine whether they want a fully online bank or a brick and mortar option. Most brick and mortar banks also have an app and online features. But not all of them are completely caught up to the digital times, so this is something you will want to keep an eye out for.
It is usually preferable to find a bank that will also let you set up a savings account for your teen at the same time. In most cases, you will have the capability to set up the savings account as a backup for overdraft so your teen doesn’t end up accruing overdraft fees. But, in order for this to work, they will have to have some money to put into the savings account as a buffer.
If your teenager has taken on side hustles or gotten their first job, then some of that money could fund their savings account cushion. You could also help by depositing some funds of your own as their buffer. Each situation will be different though, so choose the path that works best for you both.
No matter what, some of the features that most teenagers should look for in a checking account are:
- No monthly fee
- Electronic deposits
- No monthly minimum balance requirement
- Online transferring
- No ATM fees
- Online bill pay
- Automatic account conversion to adult account
- Interest accruing account (if you can find one)
Great Bank Options for Teenagers to Open Their First Checking Account
Once you and your teenager have narrowed down their banking style and preferences, then comes the time to start the search. Finding the right bank for both of you could potentially take some time. If you already have a great bank that offers joint checking options for teenagers, then I would suggest starting there. But not all banks will offer this sort of account. And some of them that do don’t really have great options and may have too many fees. So, check with your own bank first and then move on if they aren’t a good fit.
I am, personally, a huge fan of credit unions for checking and savings accounts. They typically have a lot of no fee accounts and higher interest rates than the traditional big banks do. But, not all of them are caught up on the times with regard to highly intuitive apps. Since we were already members of a credit union, and they offered joint teenager accounts, that is the path we chose to pursue.
Our teenager’s checking accounts do accrue interest on their monthly balance at 0.10%. I realize this does not sound that high, but before COVID-19 hit, the rates were much better. Heck, even our high yield savings account, which is completely online, has gone from an interest rate of 2.65% down to 0.50% because of COVID-19!
While this is a great option to help teenagers open their first checking account, it doesn’t mean that it will be who they choose to stick with as adults. A big reason is because of how archaic our credit union still is with their app functionality and lack of a lot of online options.
Other Awesome Teenager Checking Account Options
However, if you aren’t a member at a credit union, there are still a ton of other great options for you to consider for your teen.
Some of the best checking accounts for teenagers on the market right now are:
- Alliant – This is another completely online option, but it will give your teenagers a 0.25% APR. They also have no fees, no minimum balance requirements and over 80,000 free ATM’s to withdraw money from.
- Capital One – This account is completely online, no-fee, no minimum balance requirements and has an APR of 0.10%. Also sends parents text notifications of every transaction so you can track what they are doing.
- Chase Bank – No monthly service fee if their is at least one direct deposit per month. A lot of online options and parental controls available, but also have brick and mortar branches.
- USAA – This is for families in the military and the account has no fees or minimum balance requirements. It also automatically converts at age 18 to an adult account. They also have a combination of great online options via their app and brick and mortar branches.
These are some great tips to help your teenagers open their first checking account!
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First Checking Account for Teenagers Summary
No matter what, it is our job, as parents to teach our teenagers how to make it in the world. And by helping them understand how a checking account works now, we are only helping to set them up for potential financial success.
Just remember to talk to your teenager about their preferred banking style first. Then begin to look through all of the features your current bank may offer. If the bank you are with doesn’t end up being the best fit for your teenager, then it’s time to look elsewhere. And there are plenty of awesome options out there for your teenager’s first checking account.
Be clear in your communication and the bank account chosen can help propel them further in their financial education. Now that is what I call a parenting win!
How did you help your teenagers open their first checking account and what were the determining factors with your choice?
Source: everythingfinanceblog.com
Most Fitness-Friendly Places for 2021
Though the COVID-19 crisis has resulted in widespread fitness center closures, many Americans still want to stay as healthy as possible. Depending on the level of services and equipment required, staying active can affect peopleâs budgets in a variety of ways. For now, virtual exercise classes and home gyms are the route most people are taking. Eventually, though, gyms will reopen at full capacity, and everyone will be able to reestablish his or her normal workout routine. When that happens, some places will be more conducive to jumping into a full-on fitness frenzy, and SmartAsset crunched the numbers to find where they are.
To locate the most fitness-friendly places for 2021, we compared 301 metropolitan areas across the following metrics: percentage of residents who walk or bike to work, fitness professionals per 10,000 workers, fitness establishments per 10,000 establishments, the percentage of restaurants that are fast-food establishments and the average wage of personal trainers. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.
This is SmartAssetâs seventh annual study on the most fitness-friendly places in the U.S. Read the previous version here.
Key Findings
- Western and Midwestern metro areas populate the top. For the second straight year, cities in the Midwest and West dominate the top 10 of this list. Six metro areas are in the West and three are in the Midwest. Western metro areas do well in terms of fitness establishments per 10,000 establishments â all rank within the top 8% of study for this metric â and they also rank within the top 14% of the study for the percentage of residents who walk or bike to work. Only one metro area in the top 10 is not in either of these regions â Ithaca, New York.
- Fitness-friendly cities are light on the drive-thrus. On average, across the 301 metro areas in our study, fast-food establishments represent 45% of all restaurants. Though fast food is popular, convenient and inexpensive, it tends to be relatively high in calories and low in nutritional value â making it tougher to be healthy if you eat a lot of it, regardless of your exercise levels. In the top 10 of this study, all but three metro areas have fewer than 40% of their restaurants serving fast food, so there is less temptation to go for an easy-but-unhealthy meal that can ruin all your hard work. The metro area with the lowest percentage of restaurants that are fast food is Wenatchee, Washington, where it is just 27%.
1. Missoula, MT
The Missoula, Montana metro area is the most fitness-friendly place in the U.S. for 2021. There are 131 fitness establishments â including places like gyms and sporting goods stores â per 10,000 total establishments in Missoula, the third-highest rate for this metric in the study. There are also plenty of fitness professionals living in Missoula, 59 per 10,000 workers, placing it sixth-best for this metric. Residents in Missoula also get plenty of exercise simply by walking or biking to work: 7.1% of residents choose to do so, the 17th-highest rate for this metric across the 301 areas we studied.
2. La Crosse-Onalaska, WI-MN
The La Crosse, Wisconsin metro area, which also includes parts of Minnesota, has 130 fitness establishments for every 10,000 total establishments, the fourth-highest rate for this metric. The metro area finishes in the top quartile for three other metrics as well, ranking 28th for fitness professionals per 10,000 workers (with 42), 33rd for the percentage of residents who walk or bike to work (at 5.2%) and 64th for the percentage of restaurants that are fast-food establishments (around 39%).
3. Bend, OR
The Bend, Oregon metro area cracks the top 10 for two of our metrics. It places fourth in terms of fitness professionals per 10,000 workers with 61, and seventh for fitness establishments per 10,0000 total establishments, at 116. Bend can be a bit pricey of a place to stay in shape, though. The average hourly wage of personal trainers is $18.72, placing Bend at 176th out of 301 for this metric.
4. Ann Arbor, MI
There are 67 fitness professionals per 10,000 workers in the Ann Arbor, Michigan metro area, the second-highest rate for this metric of the 301 metro areas we analyzed. For their commutes, 7.4% of residents walk or bike to work, the 15th-highest percentage in this study. There are also plenty of fitness establishments in the metro area if you prefer to work out in a dedicated space: At 112 per 10,000 residents, this is the 10th-highest rate of the 301 places we analyzed.
5. Bloomington, IN
Folks in the Bloomington, Indiana metro area might have more of an opportunity to get a workout in during their commute, with 8.0% of residents walking or biking to work, the eighth-highest rate in the study for this metric. Bloomington has two other metrics for which it finishes in the top fifth of the 301 metro areas of the study â fitness establishments per 10,000 total establishments (ranking 48th-highest, with 93) and average wage of personal trainers (ranking 49th-lowest, which makes it cheaper for the consumer, at $14.53).
6. Santa Cruz-Watsonville, CA
The metro area around Santa Cruz, California finishes ninth overall for its relatively low percentage of restaurants that specialize in fast food, at 33%. Santa Cruz also comes in 12th for the percentage of residents who walk or bike to work, at 7.5%. If youâre looking for help getting in shape, though, itâll cost you. The average wage of a personal trainer in the area is a steep $20.59, ranking in the bottom third of this study.
7. Flagstaff, AZ
Flagstaff, Arizona has the third highest percentage of residents who walk or bike to work we saw in this study, at 11.5%. There are also 109 fitness establishments per 10,000 total establishments, the 14th-highest rate we observed. Flagstaff is hurt, though, by its price: The average wage of a personal trainer in this metro area is $22.27, in the bottom sixth of this study.
8. Fort Collins, CO
Fort Collins is the first of two metro areas in Colorado to rank in the top 10 of this study, and it gets there on the strength of having 113 fitness establishments per 10,000 total establishments, ranking ninth of 301 metro areas for this metric. It also scores in the top 15% of the study for the percentage of residents who walk or bike to work (5.2%) and fitness professionals per 10,000 workers (46).
9. Boulder, CO
Boulder is the second Colorado metro area in the top 10, and it has two metrics for which it finishes in the top 15 out of 301 in the study overall. It comes in 11th for fitness professionals per 10,000 workers, at 53, and 12th for the percentage of residents who walk or bike to work, at 7.5%. Its final ranking is dragged down a bit due to its bottom-10 finish for the average hourly wage for personal trainers, at a pricey $27.25. However, it still ranks in the top 20 of the study for fitness establishments per 10,000 establishments, at 105.
10. Ithaca, NY
A whopping 14.5% of residents of Ithaca, New York walk or bike to work, the second-highest percentage in this study for this metric. Ithaca finishes eighth in terms of fitness establishments per 10,000 total establishments with 114. It is very expensive to get help with fitness in Ithaca, though. The average hourly wage for a personal trainer is $29.30, finishing third-worst out of 301 metro areas in this study for its high cost.
Data and Methodology
To find the most fitness-friendly places in the country for 2021, we examined data for 301 metro areas across the following five metrics:
- Percentage of residents who walk or bike to work. Data comes from the Census Bureauâs 2019 1-year American Community Survey.
- Concentration of fitness professionals. This is the number of fitness professionals per 10,000 workers. Our list of fitness professionals includes dietitians and nutritionists, recreational therapists, athletic trainers as well as fitness trainers and aerobics instructors. Data comes from the Bureau of Labor Statistics (BLS) Occupational Employment Statistics and is for May 2019.
- Concentration of fitness establishments. This is the number of fitness establishments per 10,000 establishments. Our list of fitness establishments includes sporting goods stores and fitness and recreational sports centers. Data comes from the Census Bureauâs 2018 Metro Area Business Patterns Survey.
- Concentration of fast-food restaurants. This is the percentage of restaurants that are limited-service establishments. Data comes from the Census Bureauâs 2018 Metro Area Business Patterns Survey.
- Average hourly wage of personal trainers. Given the limited availability of direct data about the cost to consumers for personal training services, this metric acts as a proxy to indicate the relative affordability of hiring a personal trainer in a given metro area. Data comes from the BLS and is for May 2019.
First, we ranked each metro area in each metric. Then we found each placeâs average ranking, giving all metrics a full weight except for concentration of fast-food restaurants and average hourly wage of personal trainers, each of which received a half weight. Using this average ranking, we created our final score. The metro area with the highest average ranking received a score of 100, and the metro area with the lowest average ranking received a score of 0.
Tips for a Fit and Financially Secure Life
- Find the right financial fit. No matter what your fitness goals are, financially you want to make sure you are secure, and a financial advisor can help. Finding the right financial advisor doesnât have to be hard. SmartAssetâs free tool matches you with financial advisors in your area in five minutes. If youâre ready to be matched with local advisors that will help you achieve your financial goals, get started now.
- Consider the health of your budget. If you live somewhere where fitness is expensive, make a budget so that you can work the price into your monthly spending.
- Making bigger money moves? If youâre considering moving to one of the places we listed above, use SmartAssetâs tool to find out how much house you can afford before you make the big move.
Questions about our study? Contact press@smartasset.com.
Photo credit: ©iStock.com/PeopleImages
The post Most Fitness-Friendly Places for 2021 appeared first on SmartAsset Blog.
Source: smartasset.com