Online financial services business, SmartAsset, has listed Tooele County on their top ten list of counties in Utah with the least credit card debt.
An analysis completed by SmartAsset in December 2020, lists Tooele County as the 8th best county in the state “where residents are staying on top of their credit card bills,” according to SmartAsset.
To complete the study, SmartAsset calculated the ratio of credit card debt to per capita income for each county in the state.
“This number can serve as a benchmark to determine whether people will be able to pay off that debt,” said SmartAsset.
SmartAsset also calculated the ratio of credit card debt to net wealth per capita for each county. “This measure provides a broader picture of an area’s financial stability,” said the study.
A weighted average of the two ratios was used to calculate an overall all index by taking a weighted average of each of ratios.
The credit card to income ratio was given a weight of one and the credit card to net wealth ratio was given a weight of two.
The counties with the highest overall index value were the places with the least credit card debt.
SmartAsset advises people to pay off credit card debt.
“Paying off credit card debt isn’t just a smart financial move. Research shows that carrying debt can be bad for our physical and mental health,” advises SmartAsset on their website.
Paying off credit cards also allows people to focus on retirement and other financial goals, according to SmartAsset.