Monday, April 3, 2017

Greensboro Fails Money Management

Update: April 3, 2018

For the third year in a row I've reported the news that Greensboro is failing in money management as per WalletHub, a source often quoted by local media when the news is favorable (linked examples) but rarely when the news is bad.

Greensboro, NC 2018

Rank 2135    
Percentile Rank* 17    
Median Credit Score 660    
Credit-Card Debt-to-Income Ratio 6.50%
Mortgage Debt-to-Income Ratio 309.02%   
Car-Loan Debt-to-Income Ratio 37.85%    
Student-Loan Debt-to-Income Ratio 62.11%    
Avg. Number of Late Payments 5.51

One year ago today I reported Greensboro 2044 of 2570 Cities In Money Management pointing:

"Greensboro's credit score is 647.19, below "fair." Greensboro ranks in the bottom 20th percentile in terms of money management. It's time for a change.

And remember: we broke the story first here at"

No one from the main stream media ever reported Greensboro's money problems despite being one of the worst rated cities in the nation. Will they report it now?

Thanks to tax increases put in place since then, Greensboro has risen to 1781 of 2570 Cities in Money Management. Considering the following numbers being reported by WalletHub that can be the only explanation:

Greensboro, NC 2017

Rank 1781
Percentile Rank* 30
Median Credit Score 655
Credit-Card Debt-to-Income Ratio 8.43%
Mortgage Debt-to-Income Ratio 424.07%
Car-Loan Debt-to-Income Ratio 52.22%
Student-Loan Debt-to-Income Ratio 80.46%
Avg. Number of Late Payments 3.28

Greensboro, NC  2016

Rank 2044
Percentile Rank* 20
Credit Score 647.19
Credit Card Debt to Income Ratio 20.64%
Mortgage Debt to Income Ratio 555.84%
Car-Loan Debt to Income Ratio 63.07%
Student-Loan Debt-to-Income Ratio 125.38%
Average Number of Late Payments 3.33

A year ago we were in the bottom 20th percentile. We now rank in the bottom 30th percentile. That's still a failing grade, still far below average, right? What changed? Greensboro is raising taxes and paying off debts.

So folks, I guess it's my fault you got stuck with those tax increases since I made Greensboro's leaders aware a year ago that our city is unable to manage your money and they raised your taxes. It's all my fault. And for that I'm truly sorry.

But I'm guessing you'll never hear the people you elected to office admit to being at fault.