Texas is the 3rd-worst state for managing money, according to new report

The CreditCard.com study compared the median annual household income and the average credit score in each state.

States with higher incomes should have higher credit scores.

However, Texas’ median household income ranks 25th in the nation and its average credit score is tied for 48th.

The study found the main things that dragged Texas down were a high delinquency rate (tied for the 7th-highest in the U.S.) and a large proportion of young people and immigrants (which generally have lower credit scores because they’re just starting out).

McGowan Group president and senior portfolio manager Spencer McGowan said Texans need to get it together.

"That says Texas has a real problem. Hey, we're terrible on credit scores nationally, and on money management, well, those two go together. Wow, we need more Dave Ramsey here," said McGowan.

He said people just starting out here is only part of the factor because California had a higher credit card score ranking than Texas.

"When you carve out part of the budget, more for the 401K, more for monthly savings, it is a lot less likely that you're going to spend yourself into hot water," said McGowan.

He's a big fan of automatic drafts out of checking to go into a savings and investments account to get people prepared for a financial emergency.