July 6th, 2016

Where Does Your City Rank on the Regional Mortgage Debt Map?

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It is no secret that the price tag for owning a home varies wildly in different parts of the country. Even within the regional patterns, neighboring states have their own housing markets and average prices in the cities within those states can range from the highest to the lowest extreme within 100 miles of each other.

Credit Karma examined at the average mortgage debt for individuals from our 60 million membership who visited our site in the last year to find the cities in each region that carry the greatest and smallest debt burden for owning the title to home sweet home*. Mortgage size and affordability can depend on a number of factors, including size of down payment, interest rate, how much principal has been paid off, income opportunities and living expenses. They are, however an indication of what prospective homeowners can expect from the market. Here is what we found:

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July 5th, 2016

Everything You Thought You Knew About How Millennials Manage Money May Be Wrong

Smart Millennials

The second installment of the Credit Karma Millennial Report that challenges many of the generalizations about millennial spending and saving habits finds young people are more in tune with the financial values of previous generations than anyone may have thought. Often perceived as irresponsible job hoppers, Millennials are actually loyal to their jobs as long as employers pay them fairly – and while they carry more student debt than any generation before, that’s not stopping them from moving forward with their lives and saving for the future.

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June 21st, 2016

Everything You Thought You Knew About Millennials May Be Wrong

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A new survey by Credit Karma finds that contrary to trending criticisms, young people really are interested in “adulting” in pretty traditional ways. They are getting married and buying homes and cars in large numbers.

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May 12th, 2016

Voters Make Taxes a Priority at Ballot Box

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Taxes aren’t important just one day of the year. A recent poll has found that voters want a presidential candidate who will focus the rhetoric on the piece of their paychecks going to Washington every payday. But how important that is as an issue may depend on your credit status.

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March 31st, 2016

The 10 Cities Where Young Adults Have the Highest Credit Card Utilization Rate

Credit Fumble - Highest Credit Utilization Cities

Your credit card utilization rate – your collective credit card balance divided by your collective credit card limit – is an important factor used by most credit scoring models to calculate your score. Generally, lenders see that if you’re using a greater amount of available limit, there is an indicator of a greater risk of not being able to pay your debts. In general, a credit card utilization rate of less than 30 percent is recommended.

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March 10th, 2016

The 10 Cities Where Young Adults Have the Lowest On-Time Payment Percentage

Credit Fumble - Ontime Payments LOWEST

In Credit Karma’s recent Credit Fumble research, almost half of all people surveyed (47 percent) said that they had missed one or more payments on a credit card or loan before they entered their 30s. Missing payments have a myriad of potentially negative run on effects: you can incur a missed payment fee, your interest rates might rise, and it could end up on your credit report and potentially cause your credit score to fall. Banks and issuers consider how reliable you were in the past in paying your debts as an indicator in how reliable you will be repaying future debts.

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February 26th, 2016

Top 10 Cities Where Young Adults Have the Most Amount of Student Debt

02-2016 Credit Fumble - Student Debt MOST

Student debt is fast becoming a fact of life for Americans: research has estimated that by 2020 as many as two-thirds of jobs require post-high school education or training, tuition continues to rise in all sectors of the education market, and students are taking on debt at an alarming rate. Student debt has more than doubled in the last 10 years and, according to MarketWatch, it grows by $2,726 each second in America.

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February 3rd, 2016

The 10 Cities Where 18-24 Year Olds Have the Most Accounts in Collection

Missing a utilities bill or credit card payment happens more than we’d like to admit. Letters requesting payment can be tossed in the recycling bin, caller ID can make it easy to avoid phone calls, but the debt does not disappear. After a few months it may be sent on, or sold, to a collections agency for payment, leaving a derogatory mark on a credit report that may stay there for seven years or longer.

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January 21st, 2016

The Credit Fumble™: More Than Two-Thirds of Young Adults Make Significant Financial Mistakes

Credit Fumble

At Credit Karma, we define a “Credit Fumble” as being the phenomenon where young adults, new to credit and many without any financial education, make largely avoidable financial mistakes. When we finished our recent research into this pattern, even we were surprised to find out that more than two-thirds of young adults we surveyed experienced at least one Credit Fumble before they turned 30.

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December 17th, 2015

The 10 Most Expensive Cities For Millennials To Own a Car

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A recent University of Michigan study showed that car ownership was declining in America, but with over 90 percent of households still owning a vehicle, it clearly still plays a major role in most people’s daily lives.

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Editorial Disclaimer: Content on the Credit Karma Blog is for entertainment and information purposes only. The opinions expressed on the blog are those of the authors themselves, and not necessarily Credit Karma or its affiliates. However, Credit Karma may be compensated by companies mentioned in the Credit Karma Blog through advertising, affiliate programs or otherwise. It is this compensation that enables Credit Karma to provide its members with services like free access to your credit scores and free monitoring of credit and financial accounts at no charge.

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