Topping a national list typically brings celebration to a city. Metro areas are proud to proclaim the news when they have been recognized as a best place to live or an area where the best schools are located. However, being number one on some lists may bring cause for concern. Connecticut has two cities in the listing of areas with the highest credit card debt. This level of debt may leave some consumers searching for debt relief.
In a recent survey by an online lending company, Bridgeport residents were found to have the highest level of credit card debt in the nation. The report showed that almost 23% of those who lived in that metro area carried over $10,000 in credit card balances. In fact, almost 2% of Bridgeport consumers had balances over $50,000.
The Hartford area was number six on the list, with almost 19% of residents having more than $10,000 in balances and almost 1% with more than $50,000. Financial experts believe than income inequality is a major factor when determining why some areas have more debt than others. Other cities near the top of the survey include New York and Los Angeles, which also have issues with income inequality.
At the other end of the survey were area with fewer residents with high credit card balances. These included Indianapolis and Winston-Salem. Both of these cities had only 12.4% of its residents with balances over $10,000.
Regardless of where someone lives, having large balances on credit cards can be overwhelming. A Connecticut bankruptcy attorney can offer guidance to someone seeking debt relief in making changes to his or her financial situation. A knowledgeable lawyer will work with clients to develop a plan to get their finances back on track.