People in These 13 Michigan Counties Can’t Balance a Budget
In uncertain economic times, the ability to balance a home budget effectively can be more important than ever.
A new national study suggests that residents of 13 particular Michigan counties aren't particularly good at it - in fact, they're among the worst in the United States.
The personal finance website WalletHub dug into data from more than 2,800 counties all around the United States to determine the "Counties with the Best & Worst Budgeters".
What Makes a Bad Budgeter?
The WalletHub study looked at two main categories: savings and assets, and debt and delinquencies.
SEE ALSO: The 30 Best Counties to Call Home in Michigan
As far as savings and assets were concerned, study authors looked at things such as the percentage of households in each county that didn't have a checking or savings account. They considered the percentage of residents who had taken out payday loans in the previous 12 months, do business with rent-to-own services or pawn shops, and/or used a non-bank check cashing service. They also did the math to determine the percentage of residents in that county that would fall below the poverty threshold within three months in the event of a loss of income.
Regarding debt and delinquencies, the study took foreclosures and bankruptcies into account, along with the average student loan payment in that county and whether it was behind or in default. It also looked accounted for the percentage of residents who were behind two months or more on their car loan or credit cards.
Michigan's Worst Counties for Budgeters
Curious to know which Michigan counties fared the worst? You might be surprised. Take a look below.
These Michigan Counties Are the Worst at Balancing Budgets
Gallery Credit: JR