Credit Scores In New Jersey Reflect Complex Financial Realities

Ah yes, that ever-famous number known as our credit score. Some of us embrace it, while others fear it.

A recent analysis by Clarify Capital took a look at which states and cities across the nation have the best and worst credit scores. When it comes to the citizens of New Jersey, the results are rather interesting.

Before we get into the results, New Jersey no doubt has a tax burden problem which directly links so many of us to having bad credit scores.

See if you can guess New Jersey's average credit score simply based on just a few locations that saw the biggest tax hikes last year. The results may surprise you.

High taxes, credit concerns

Allenhurst at $21,858, Harvey Cedars at $12,404, Kenilworth at $11,777, and Greenwich at $10,845. Those are the New Jersey towns over the $10,000 mark that saw hikes in their property taxes last year.

Unsurprisingly, most might expect New Jersey's average credit score to be in the toilet. After all, forced high expenses like rising property taxes no doubt would contribute to more financial strain.

And tied into that is no doubt credit concerns. New Jersey ranked 10th in the nation as having the most concerns about their credit scores and stability.

Leaning into that are the countries biggest cities and their credit scores. Newark, NJ ranked 3rd lowest among 100 of the largest cities in the country with an average credit score of 591.

Jersey City also made the list ranking second in the nation for having the most late payment-related searches.

READ MORE: What Families Should Know About The Most Expensive Beach In NJ

Credit concerns, but decent score?

Despite those concerns highlighted above, New Jersey surprisingly has one of the best credit scores in the nation with an average score of 717. That also ranks us as 19th highest in the nation.

This also means that despite the high cost of living, New Jersey citizens as a whole are fairly responsible when it comes to managing their debt. Higher rates of pay no doubt also help offset those financial pitfalls.

Of course, the spotlight on credit scores becomes even bigger should you get laid off. Unfortunately, there are a good number of employers in New Jersey that had to do just that.

The above post reflects the thoughts and observations of New Jersey 101.5 Sunday morning host & content contributor Mike Brant. Any opinions expressed are his own.