LendingTree, Inc.
May 31, 2017

LendingTree Study Compares Credit Health in Red vs Blue States

CHARLOTTE, N.C., May 31,  2017 /PRNewswire/ -- LendingTree®, the nation's leading online loan marketplace, analyzed credit scores and credit card debt from consumers in all 50 states and Washington D.C. over the past 12 months who either submitted a loan request through LendingTree or have a My LendingTree account.  The findings show that the differences between 'red' and 'blue' states, as defined by the most recent presidential election, extend beyond political leanings and into credit health.

LendingTree Logo. (PRNewsFoto/LendingTree)

Although the Republican party earned the most electoral votes in the last presidential election, Americans living in 'blue' states have higher credit scores on average when compared to their 'red' state counterparts. The average credit score from consumers in 'blue' states was 681, substantially higher than the 'red' state average of 665. In fact, the ten states with the lowest average credit score are all considered 'red' states. Nationally, the average credit score was 671, which represents a six-point increase from the prior year. 

Overall, consumers in 28 states have an average credit score at or above the national average.

Along with the highest average credit scores, 'blue' state residents also have higher credit card debt on average when compared to those residing in 'red' states. The average total credit card debt for 'blue' states is $6,702 while the 'red' states average $5,475 over the past 12 months. The national average total credit card debt is $5,936. Interestingly, the ten states with the highest average total credit card debt are all considered blue states.

"The correlation between credit scores and credit card debt illustrates the power and importance of credit health and responsibility," said Doug Lebda, founder and CEO of LendingTree. "When used responsibly, credit cards are a great tool to build credit, and carrying debt doesn't automatically have a negative impact on credit scores.  The data also suggests that geography plays a role in consumer spending and how Americans utilize credit.  Southern states, for example, tend to carry less overall credit card debt but also have lower credit scores on average when compared to consumers in the northeast. Economic opportunities, cost of living and culture are all factors that contribute to the differences in consumer credit between 'red' and 'blue' states."

The table below provides a ranking of each state and Washington, D.C. based on the average total credit card debt of over 3 million My LendingTree account holders with credit card debt as of May 26, 2017:

Rank

State

Avg Total
Credit Card
Debt

Avg Debt Per
Card

Avg #
of
Cards

Red/Blue
State

Avg
Credit
Score
(May
'16 to
May
'17)

1

CT

$8,856.97

$2,208.72

3.5

Blue

685

2

NJ

$8,587.35

$2,058.32

3.6

Blue

688

3

MD

$7,569.49

$2,041.62

3.2

Blue

678

4

MA

$7,303.89

$1,888.31

3.2

Blue

690

5

CA

$7,143.87

$1,971.97

3.2

Blue

694

6

NY

$6,987.79

$1,816.31

3.2

Blue

682

7

HI

$6,971.71

$2,036.93

3

Blue

694

8

RI

$6,925.44

$1,781.70

3.6

Blue

679

9

VT

$6,725.95

$1,908.00

3

Blue

674

10

NH

$6,717.01

$1,855.94

3.1

Blue

681

11

CO

$6,715.62

$2,067.89

2.9

Blue

691

12

AK

$6,617.62

$2,248.52

2.6

Red

681

13

NV

$6,590.86

$2,014.97

3

Blue

675

14

WA

$6,538.22

$1,967.49

2.8

Blue

688

15

MT

$6,421.75

$2,000.57

3

Red

682

16

FL

$6,370.54

$1,794.42

3

Red

672

17

UT

$6,368.22

$1,953.24

2.7

Red

683

18

VA

$6,279.44

$1,818.01

2.8

Blue

679

19

ND

$6,185.37

$1,759.31

3.1

Red

675

20

WY

$6,165.73

$1,949.98

2.7

Red

671

21

PA

$6,143.48

$1,734.30

3

Red

666

22

ME

$6,133.23

$1,789.04

2.9

Blue

666

23

OR

$6,094.16

$1,868.14

3

Blue

687

24

DE

$6,088.07

$1,672.32

3.2

Blue

668

25

SD

$6,075.96

$1,882.17

2.7

Red

675

26

WI

$5,986.49

$1,735.11

2.8

Red

665

National Average

$5,935.54

$1,738.78

2.8


671

27

AZ

$5,925.40

$1,825.91

2.9

Red

680

28

MN

$5,864.52

$1,766.82

2.8

Blue

686

29

IL

$5,825.30

$1,740.10

2.8

Blue

670

30

KS

$5,804.97

$1,814.48

2.8

Red

664

31

ID

$5,775.39

$1,780.41

2.7

Red

674

32

TX

$5,764.76

$1,699.40

2.8

Red

657

33

NM

$5,746.41

$1,821.10

2.7

Blue

663

34

MI

$5,680.75

$1,684.87

2.8

Red

661

35

GA

$5,395.84

$1,597.39

2.7

Red

658

36

NC

$5,278.73

$1,599.08

2.7

Red

664

37

MO

$5,223.76

$1,644.56

2.7

Red

656

38

OH

$5,208.13

$1,578.26

2.7

Red

658

39

IA

$5,160.12

$1,598.73

2.6

Red

670

40

SC

$5,128.11

$1,580.15

2.5

Red

662

41

DC

$5,065.50

$1,421.75

4

Blue

694

42

OK

$5,026.84

$1,653.30

2.5

Red

675

43

TN

$5,006.71

$1,570.44

2.5

Red

656

44

IN

$4,979.64

$1,594.15

2.5

Red

664

45

AR

$4,900.37

$1,486.93

2.7

Red

646

46

AL

$4,788.34

$1,525.16

2.4

Red

646

47

LA

$4,600.75

$1,465.94

2.4

Red

656

48

KY

$4,490.95

$1,445.26

2.5

Red

648

49

WV

$4,420.87

$1,416.58

2.5

Red

646

50

MS

$3,869.54

$1,308.02

2.2

Red

643

METHODOLOGY

LendingTree analyzed over 10 million credit scores from consumers who submitted a loan request through LendingTree Between April 1, 2016 and March 31, 2017.  Credit card debt information was gathered through an analysis of over 4 million My LendingTree account holders.

About LendingTree

LendingTree (NASDAQ: TREE) is the nation's leading online loan marketplace, empowering consumers as they comparison-shop across a full suite of loan and credit-based offerings.  LendingTree provides an online marketplace which connects consumers with multiple lenders that compete for their business, as well as an array of online tools and information to help consumers find the best loan. Since inception, LendingTree has facilitated more than 65 million loan requests. LendingTree provides free monthly credit scores through My LendingTree and access to its network of over 450 lenders offering home loans, personal loans, credit cards, student loans, business loans, home equity loans/lines of credit, auto loans and more. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

MEDIA CONTACT:
Megan Greuling
704-943-8208
Megan.Greuling@LendingTree.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lendingtree-study-compares-credit-health-in-red-vs-blue-states-300466431.html

SOURCE LendingTree

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