Study: Texans in Debt Need to Manage Their Plastic


April is National Financial Literacy Month, and the free credit report site Wallet Hub wants to make a few friendly suggestions to Texans about how they manage their plastic.

In Texas, we’re far more likely to make only the minimum monthly payment on our credit card bills – and we’re unlikely to shop for the best credit cards terms before applying for one.

In short: Texans are, unfortunately, among the nation’s least-disciplined managers of their credit card managers.

That’s the finding of Wallet Hub, the free credit-score website, in its national report on America’s “Most & Least Financially Literate States.”

The study analyzes financial-education programs and consumer habits in each of the 50 states and the District of Columbia.

We rank 41st  in the country for making only the minimum monthly payment on our credit cards … and  44th  for comparing credit cards terms before we apply.

WalletHub analyst Jill Gonzalez tells Newsradio 740 KTRH that Texas also ranks just 35th in the percentage of adults who have rainy-day funds … and 42nd in the percentage of households that have a bank account.

Texas did score well in two areas, Gonzalez says – No. 6 in the nation in Wallet Hub’s “High School Financial Literacy Grade” and 15th-best in the country for staying within their means and not spending more than they earn.

For the full report, visit http://wallethub.com/edu/most-and-least-financially-literate-states/3337/.


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