South Dakotans Have Best Credit

The Pierre Capital Journal has a story about how South Dakotans have the best credit score in the country, tied with Vermont:

Data from Experian credit services shows an average credit score for people in South Dakota at 705, which is the highest in the nation, tied only with Vermont. Data from Experian credit services shows an average credit score for people in South Dakota at 705, which is the highest in the nation, tied only
with Vermont.

Some have ideas about why South Dakota may have this distinction:

"I think we use less consumer debt than other parts of the country, which would tend to improve our scores," Fitzke said. "I think our cost of living is considerably lower than in other parts of the county."

State Farm agent Gary Heintz said he thinks part of it might just be values.

"The people in South Dakota, in general are conservative by nature," he said. "They seem to be more conservative about what they do financially. Maybe that's tradition, maybe the heritage of the area has something to do with it."

I would guess it's a combination of the two. Economics are definitely a factor, but having spent several years working collections in the finance industry, I've seen that values and moral decisions have a lot to do with repaying debts.

As the Bible says, the wicked borrow and do not repay.