Southern Cities Win the Credit Card Debt Prize

According to a recent CBS MoneyWatch article, the credit card debt problem looks a lot worse in Southern metropolitan cities. Specifically, CreditCards.com’s research found that in Texas alone, three cities placed in the top five. Things certainly are bigger in Texas it appears. But in all seriousness, the credit card debt problem is only getting worse. As I have written before and will likely write again, Americans of all generations are living on credit cards for varying reasons like lifestyle choices or necessity due to wage stagnation.

For this study, however, demographics likely play a role in the numbers. The regions with higher debt may have younger families with more expenses versus older professionals and retirees. The article also notes that some regions may have higher incomes, allowing borrowers to pay off more of their bills and avoid excess spending and debt. Whatever the reasons for the numbers, I am not so quick to shoot down Southern cities. Maybe that’s because I don’t consider some of these cities in the “South”. See the list below. The article nicely added parentheticals, which indicate how long it would take a typical person to get out of debt by factoring in annual interest costs and making minimum payment.

Highest Credit Card Debt Cities

• San Antonio (22 months, $911 interest)
• Miami/Ft. Lauderdale/West Palm Beach (21 months, $814 interest)
• Houston (20 months, $799 interest)
• Los Angeles (20 months, $745 interest)
• Dallas (19 months, $801 interest)

Lowest Credit Card Debt Cities

(21)   Seattle (15 months, $577 interest)
(22)   Washington, D.C. (14 months, $613 interest)
(23)   Boston (14 months, $524 interest)
(24)   Minneapolis (14 months, $493 interest)
(25)   San Francisco (13 months, $495 interest)

Was your city on the list? Either way, I think the takeaway is this: No matter what region you live in or income level, credit card debt is often a battle most Americans are fighting. But the good news is you don’t have to fight that battle alone. Our attorneys specialize in helping consumers get back on their feet and take control of their financial future. Don’t hesitate to call one of our offices nearest you to schedule a free consultation with a knowledgeable attorney.