Eve wonder where people that save the most live? No? Well, I never really thought about it either, but I found this story interesting enough, that I had to let you all know about it to.
For many Americans, instant gratification has taken a backseat to long-term financial security. In May 2009, the U.S. personal income savings rate increased to 6.9 percent from 0 percent a year earlier. This is the highest level since December 1993, according to the Commerce Department.
Given the recession, it's understandable that Americans are hording more cash by spending less. Some, though, are doing a better job than others.
- ABC News
Well, the article is misleading. It's actually about credit card debt vs Median Household Income. In that category, Washington, D.C. comes in first, because as ABC News reported,
Government jobs attract those who are conservative about personal finances, suggests Alice M. Rivlin, an economist at Brookings, a Washington, D.C.-based independent research firm. What's more, this is a relatively prosperous metro area with a low unemployment rate of 6.2 percent (the national average is 9.5 percent). The District of Columbia also has high concentrations at the top and bottom of the income distribution spectrum--with 20 percent of residents below the poverty level--and a smaller middle class.
So what are the Top 5 cities with the lowest credit card debt?
5. Kansas City, MO
Percent of Income Owed to Credit Card Companies: 12.07%
4. Boston, MA
Percent of Income Owed to Credit Card Companies: 11.75%
3. Nashville, TN
Percent of Income Owed to Credit Card Companies: 11.73%
2. San Jose, CA
Percent of Income Owed to Credit Card Companies: 11.46%
1. Washington, D. C.
Percent of Income Owed to Credit Card Companies: 11.43%
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3 comments:
I wrote about this thriftiest city list on my blog too. I actually wasn't surprised by D.C. being on top of the list, but San Jose being #2 was a shocker.That's a city that I don't really think of when thrifty comes to mind.
I also wrote on the city's with the highest credit card debt. My home state of Florida had 4 of the top 5, ugh!
I wonder if Nashville, Tn has anything to do with Dave Ramsey?? His home base is Brentwood, Tn, right next door to Nashville. I'm an avid listener to his radio show and just kind of automatically made that connection when I saw Nashville on the list!
Anonymous - I had the same thought
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