Iowa Is The Best At Having The Fewest Amount Of Credit Cards

Credit cards are bad news. Just ask radio host Dave Ramsey. Having few to no credit cards is a great way to stay out of credit card debt and Iowans are doing a great job of staying out of that kind of debt.

Why is Iowa so good at staying out of credit card debt? A new study shows that Iowans have the fewest amount of credit cards and that number is going up anytime soon

Iowa Has The Fewest Amount Of Credit Cards

It's easy to get a credit card as long as your credit score is decent. People who aren't financially smart probably should have one or zero credit cards. Which states have the most and which states have the fewest credit cards?

In order to determine the states with the most credit cards, WalletHub compared the 50 states across two key dimensions:

1. Number of Cards
2. Increase in Number of Credit Card

WalletHub evaluated those dimensions using 4 relevant metrics, determined each state's weighted average across all metrics, and calculated its overall score to rank each state.

After doing all of that math, WalletHub found that Iowa ranks as the state with the fewest credit cards and the state with the smallest increase in the number of credit cards.

That means Iowans are saving money. Think about the interest rate on your credit card and the amount you pay in interest if you don't pay it off every month. That's so much money down the drain.

The fewer credit cards, the smaller the chance of getting into a bigger hole of debt than most of us are in with car payments, student loan payments, mortgages, and other debts.

Credit cards are nasty. Be like an Iowan and stay away from them.