MIAMI–Perhaps not surprisingly, residents of America’s biggest cities are feeling the most financial distress, while those who live in the long-time symbolic home to America’s credit unions are feeling the least stress, according to a new analysis.
WalletHub has released its list of 100 cities ranked according to the level of stress they feel, with large cities—where rents and costs are highest—leading the way.
“Americans have been through a lot of financial difficulties in recent years, between periods of high unemployment and high inflation,” WalletHub said.
‘Many in Financial Distress’
“Although conditions have significantly improved, many people still are in financial distress, which WalletHub defines as having a credit account that is in forbearance or has its payments deferred, meaning the account holder is temporarily allowed to not make payments due to financial difficulties.”
According to WalletHub, it ranked cities according to nine metrics that included average credit score, the change in the number of bankruptcy filings between December 2022 and December 2023, and the share of people with accounts in distress.
The full study can be found here.
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