A growing topic of concern in America is the financial literacy of its citizens. The financial analysis website, WalletHub.com, gathered data on 2572 cities in the U.S. and their money management skills.
Leesville ranked poorly on the list placing 2569th overall.
WalletHub compared the cities based on 10 key indicators of money management based on the amount of debt among citizens and their financial behavior.
The following are the 10 indicators that were used in the study:Credit-Card Debt-to-Income Ratio Mortgage Debt-to-Income Ratio Car-Loan Debt-to-Income Ratio Student-Loan Debt-to-Income Ratio Average % of Credit Used Median Credit Score Average Number of Late Payments Share of Delinquent Debtors Share of Adults with a Recent Bankruptcy Foreclosure Rate
While Leesville did not perform particularly well on many of the indicators, there are a few alarming statistics that drag Leesville toward the bottom of the list.
Analyst Jill Gonzalez explained the statistics to the Leesville Daily Leader.
She said that Leesville ranked low “because they have high credit card debt to income ratios (9.47% in Leesville), as well as some of the highest car loan debt to income ratios, (80%). Other reasons for the poor ranking include low median credit scores, large shares of delinquent debtors (8.15% in DeRidder and 9.41% in Leesville), and a large share of adults with a bankruptcy in the past year."
While the low ranking and stats look grim, Gonzalez wanted to remind citizens that the ball is in their court for fixing their financial woes.
“The changes that need to be made in order to improve the situation are at an individual level. People should be aware of how much delinquencies and bankruptcies are affecting their financial lives. They should start taking control and organizing their payments and overall spending, so that they may be able to lower their debt to income ratios and pay their bills on time. This will in turn have a positive effect on their credit scores," Gonzalez said.
The full ranking list of money management skills by city can be found at www.WalletHub.com.