Richard Florida, the urban studies theorist and editor of The Atlantic, gathered studies in 2014 from across the United States and found:
Total debt is trending higher in denser, larger, more knowledge-based metros where incomes are greater and housing costs are among the priciest in the nation. But it’s the smaller, less affluent, more blue-collar metros that face the highest levels of financial stress.
Many shocking examples of debt seemed to pop out as interviews came in from all over the nation for Florida’s study. The debt-to-income ratio (which indicates what percent of your income is being spent on debt service) was all over the map. Boise came in at 1.01, while the low was McAllen, Texas at .47. The highest overall was on the west coast in California, but still very high in Denver at .92. Albuquerque was .89 and Virginia Beach was .88. This ratio shows how many people are living on the edge of disaster. One small emergency like a car tire blowing out, or a hot-water heater breaking loose throws all finances for many Americans into disarray.
Just as the Internet has changed the world, so has the use of credit cards. There is more debt per person today because of those cards than in the history of the world. As the world turns, I suggest you learn the Money Mastery principles and live them. There is safety in these rock-solid teachings about how to eliminate ALL debt in under 10 years that may save your life someday.
Call me for more information on quick and efficient debt elimination that you can apply on your own, (801) 292-1099, ext. 2.