BATON ROUGE, La. (BRPROUD) — Louisiana residents have one of the worst credit scores in the nation, according to a new study.
Louisiana placed second-to-last in the country with an average credit score of 690. Mississippi ranked last with an average credit score of 680.
Other states ranked as having the worst credit scores are Alabama, Texas and Georgia.
According to the study, Louisiana, Alabama and Georgia increased their scores by one point from last year.
“Notably, Alabama, Louisiana and Mississippi have among the lowest average incomes nationwide. Lower credit scores result in higher interest rates on loans, potentially leading to significant additional costs over time. This causes additional stress for Americans who are already living with lower incomes.”
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