NEW MEXICO (KRQE) – A new study by WalletHub has ranked over 2,500 cities on how well they manage their money. The study looked at 13 New Mexico cities.
Santa Fe ranked the highest at #1,135, followed by Albuquerque at #1,291, Hobbs at #1,382, Farmington at #1,536, and Carlsbad at #1,617. Gallup fared the worst as far as New Mexico cities in the study, with a rank of 2,446 and a median credit score of 648.
The study weighed all of the cities against 10 key metrics and graded them on a 100-point scale. The 10 metrics were divided into two categories: Debt Level and Financial Behavior.
WalletHub also took into consideration the population of each city, breaking them up into large, midsize, and small cities. Albuquerque ranked high among other large cities, coming in at #21 (out of 66) behind Cincinnati, OH but just before New York City. Las Cruces ranked #158 (out of 249) among mid-size cities.
When it came to credit card debt, New Mexico as a whole fared better among the rest of the country. The Land of Enchantment ranked 15th overall, with an average credit card debt of $2,477.