New study ranks Jackson second worst in timely bill payments - MSNewsNow.com - Jackson, MS

New study ranks Jackson second worst in timely bill payments

Source: WLBT Source: WLBT
Source: WLBT Source: WLBT
Source: WLBT Source: WLBT
Source: WLBT Source: WLBT
JACKSON, MS (Mississippi News Now) -

A study being published Friday ranks Jackson as the second worst city in the nation for late bill payments. The study is by a firm called Credit Sesame, which deal with credit and loan management and financial wellness. 

"The average in the US is 2.89% of bills are paid late. But in Jackson, Mississippi, that was 5.1%," said Jesse Levey, the COO of Credit Sesame.

Levey says in the US, 47% of education loans are late. Mississippi has one of the highest student loan default rates in the nation. 

Having student loan debt can set you up for failure in paying other bills on time.

President Obama earlier this year pushed to reduce interest rates on student loans. "We can't keep saddling young people with more and more and more debt, just as they're starting out in life," said the President.

Credit Sesame's study also takes into account mortgages, auto loans, and other bills. Any bill not paid on time can bring down your credit and affect the interest rates you pay.

"If you make one late payment and your credit score goes down significantly, that can be the difference between paying two percent, and paying ten percent," said Levey.

Levey advises you keep good track of your bills to keep your credit healthy.

Detroit, Michigan ranked as the worst at timely bill payment.

Copyright 2016 MSNewsNow. All rights reserved.
 

Powered by Frankly