Credit scores are dropping across Georgia, according to a new report from WalletHub.
The report shows Georgia had the second-largest average credit score decrease in the country, with residents’ scores falling by nine points to an average of 653. WalletHub attributes the decline to what it calls the state’s “elevated financial distress levels,” which have led to missed payments.
While the report notes Georgians are not adding debt at a high rate, it says the state’s delinquency rate remains above average.
Paying off credit card debt is among the top New Year’s resolutions, according to Bankrate.com. Ted Rossman, a senior analyst with the site, advises against carrying a balance, especially with current interest rates.
“The average credit card charge is about 20%,” Rossman said. “Some card holders are paying upwards of 25 or even 30%.”
Rossman says about half of credit card holders pay their balances in full each month. For those who do not, he recommends switching to a credit card offering a zero-percent balance transfer promotion.
Rossman says with interest rates ranging from 20 to 30 percent, carrying a balance can quickly increase the amount owed.
