Bankrate Audio » States With Credit Ratings In Dumps
Editor's note: This is a transcript of the audio file.
Does your state have crummy credit? I'm Doug Whiteman with your Bankrate.com Personal Finance Minute.
You have a credit score that indicates whether you're a good credit risk. In a similar way, states have credit ratings that reflect their ability to pay debts and the strength of their economies. Six states earn lower ratings than most in the latest list from rating agency Standard and Poor's. California is in last place because of state budget issues, though S-and-P said last winter that the outlook for the Golden State has improved. One rung up from the bottom is Illinois, which has had stubborn budget problems and has heavy pension obligations. Then come three states that have been hit hard by various economic factors. There's Arizona, which has been slammed by the housing crisis; Kentucky, which has been weathering a loss of manufacturing jobs; and Michigan, which has felt fallout from the auto industry. The last of the sagging six is New Jersey, whose finances have been strained by pensions, high debt levels and generous unemployment benefits.
For more on states with credit in the dumps visit Bankrate.com. I'm Doug Whiteman.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused. We do not permit the inclusion of hyperlinks in comments and may remove any comment that includes a hyperlink.
Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.
AmEx cardholders who "tap and pay" NYC cabs with their Isis Mobile Wallet will get 50 percent back.
... Read more