Americans around the country are struggling to make ends meet, but in some cities, people are facing much higher levels of financial distress.
WalletHub set out to find the places where financial struggles are most prevalent. It looked at the 100 largest cities in the U.S. (without data limitations) via nine different metrics to create its ranking. It considered factors like average credit score by city, amount of people with accounts in distress, changes in bankruptcy filings, and search interest for “debt” and “loans.”
“Getting out of the downward spiral of financial distress is no easy feat. You may get temporary relief from your lenders by not having to make payments, but all the while interest will keep building up, making the debt even harder to pay off,” said WalletHub analyst Chip Lupo.
“People who find themselves in financial distress should budget carefully, cut non-essential expenses, and pursue strategies like debt consolidation or debt management to get their situation under control,” Lupo added.
Continue reading to see which cities’s residents are in the most financial distress.
