Are you better off now than you were four years ago?
It’s a proven fact “most” Republicans are better at finances than Democrats and here is just more proof that this is true.
A CardRatings.com study used financial data from Experian to identify which states have been the biggest winners and losers over the past four years, and compares those results with how those states voted in the 2008 presidential race — red or blue.
Using average credit score as a measure of household financial health, red states (those voting Republican in 2008) have generally fared better than blue states (those voting Democratic in 2008) under President Barack Obama.
There are many indicators you can use to gauge economic health, but for general purposes, average credit score is a good catchall barometer.
On average, credit scores in blue states have declined by 0.58% over the past four years, compared with a 0.19% decline for credit scores in red states.
Despite blue states having a rougher time of it over the past four years, their average credit scores still exceed those in red states, 759 compared with 740. Higher credit scores can make debt burdens easier to bear, as credit cards for good credit tend to have lower interest rates than those for average or poor credit.
In 10 states, average credit scores have actually improved over the past four years:
In keeping with the theme of Republicans doing better than Democrats under Obama, note that six of the 10 states in which credit scores improved voted for Arizona Sen. John McCain in 2008.
Top 10 states that declined the most:
At the other end of the spectrum, here are the states whose average credit scores have declined the most under Obama:
Eight of these states voted for Obama last time around. Their economic malaise could certainly hurt the sitting president’s bid for re-election.
Weakening credit scores can make a bad financial situation worse. Credit cards for bad credit are likely to have higher interest rates. These higher borrowing costs make debt more difficult to manage.
So are you better off than you were four years ago? Ironically, you have a better chance of answering “yes” if you live in a red (republican) state.
Will this affect your vote in 2012?