How Minnesota Keeps Mortgage Debt Low And Credit Scores High

Minnesotans are known for being resilient (the cold weather), kind (Minnesota nice) and... budgeting?

Thanks to the nation's best credit scores, a low percentage of non-mortgage debt and a low foreclosure rate, Minnesota is the fifth-best state when it comes to budgeting among its citizens.

LAND OF 700+ CREDIT SCORES 

Last year WalletHub reported that Minnesotans boasted a median of credit score of 726, which was the best in the country. The median credit score for the United States of America is 701, while Mississippi had the lowest median score of 672.

READ MORE: WHY DO MINNESOTANS BOAST THE NATION'S BEST CREDIT SCORES 

IMPORTANCE OF BUDGETING

“Not having a budget sets you up for financial failure. If you don’t carefully plan out and track how much of your income you can dedicate toward each of your expenses and other financial priorities each month, it’s easy for frivolous spending to get out of hand and prevent you from saving money, investing or even keeping up with your bills," said WalletHub's Chip Lupo. "Unfortunately, many people were never taught how to budget, so states should strongly consider requiring instruction on budgeting in schools.”

OTHER MINNESOTA FACTS AND FIGURES

In addition to its high rankings in average credit score and its low percentage of non-mortgage debt, Minnesota has the 18th-lowest foreclosure rate, the 22nd-lowest housing expenses as a percentage of median home price and the 18th-lowest percentage of total non-housing expenses to median income.