One South Jersey Town Is Known For Super Low Credit Scores
Is it any wonder people in the Garden State have money problems?
I mean, seriously... it's not like Jersey's cost of living is any big secret. Let's get real. It costs and arm and a leg to live in the Garden State. New Jersey's always been one of the most expensive states to live, at least throughout my whole life.
While it may be true that it things to take a bigger toll on your pocketbook here in New Jersey, most people find a way to make it work. For most people who live here, it's worth it. For one thing, you can't beat the location. You've got Philadelphia and New York City both within a fair driving distance. Heck, even Washington D.C. and Boston aren't too far of a drive.
So, you're pretty close to some of the biggest cities on the east coast and add to that your proximity to some of the most beautiful beaches. You can see why some people will do what they can to find a way to make finances here in the Garden State work for them.
For others, though, unfortunately it's just not that simple.
A new study shows that one South Jersey town has some of the highest credit card debt in the entire country.
From the map above, you can tell that the northeastern part of the US seems to have the most credit issues. That's to be expected for a number of reasons. The town that we're talking about today, however, is Camden. The city of Camden is notorious for its crime rate, number of low income households, and the drug rings that call the city home.
It's unfortunate, though. Most people there are just trying to raise their families the best they can. This new study shows that the city's residents' financial management habits could stand to see some improvement. The average credit score in Camden city is 598. Now, is that the worst credit score creditors have ever seen? Probably not. Still, when it comes to owning a home, buying a new car, etc., it'll be hard to make those things happen with affordable payments until that credit score gets increased.
Atlantic City's not far behind Camden. The average credit score for Atlantic City residents is 650.
Check out the complete survey for yourself HERE.