The 20 Worst Cities Where Spenders Are Still Racking Up Credit Card Debt

[May 22, 2009.]

 

Forbes Report Lists Top 20 Cities Struggling With Debt
Although consumer debt fell by about 11 billion in March 2009, a
recent Forbes report showed that some consumers are still struggling
to get a hold of their spending. By analyzing the data from Equifax,
one of the three largest consumer credit reporting agencies, the
report was able to locate the top 20 cities where consumers were still
piling on the debt. Of these cities, the report showed that these
consumers were spending anywhere from 14 percent to a whopping 22.61
of their annual income on credit card debts alone.

Some of the listed cities include Tampa, Fla., Los Angeles, Ca.,
Jacksonville, Fla., Houston, Tx., and Miami, Fla. Of these twenty
cities, Miami held the top spot with a 22.61 percent ratio--the median
household income in Miami is $43,333, and the average credit card debt
is $9,797. Unfortunately, further statistical data for Miami showed an
unemployment rate of 8.5% in March 2009, and a 9% year over year
increase in foreclosures during April 2009.

Overall, it seems the combination of consumer credit card spending and
real estate woes have taken its toll on many other cities as well.
Other cities such as Riverside, Ca. and Las Vegas, Nv. also showed
very similar statistics in respects to consumer credit card debt and
rising foreclosure rates.

Finding Your Debt Solution, Seek Debt Relief Immediately
As mentioned before, credit card debt continues to be a serious issue
for consumers. While high interest rates and expensive fees make
credit card debt quite costly, it is the ripple effect it can create
that makes it so dangerous. With interest rates commonly seen in
double digits, once consumers dig themselves deep into debt, it can
feel almost impossible to get out of debt. As a result, foreclosure
and bankruptcy are the more serious issues that can often stem from
simple credit card debt problems. Interestingly, the recent Forbes
report was able to somewhat show this correlation between high
foreclosure rates and excessive credit card debt.

For those looking for credit card debt relief, individuals should seek
help as soon as possible. Debt consolidation loans are a great way to
get started and begin slowly chipping away at your existing credit
card debt. These debt consolidation programs allow individuals to
consolidate multiple credit card accounts into a single loan, making
it much more manageable to pay off these debts. Additionally,
homeowners with excessive credit card debt can take advantage of their
home's equity and consolidate their debts through a mortgage to take
advantage of significantly lower interest rates. For some individuals,
credit counseling is also available to those who feel they have lost
control over their spending. While paying off your debts is absolutely
crucial, it is impossible to get out of debt if you continue to spend
excessively.

For more debt consolidation information, be sure to visit our site's
resource page to find a debt consolidation loan specialist in your
area

 

About Author:

Renee Morgan has been a loan officer for over eighteen years. She is also a freelance writer and guest expert for radio and TV.