All signs point to a Federal Reserve Rate Hike this coming week. And with credit card debt recently hitting an all-time high outstanding debt will become even more expensive to pay off.
The possible result from the intersection of these two factors could be a rise of outstanding debt being defaulted on. With this in mind, the personal-finance website WalletHub recently released a new report listing the cities that might be most impacted by the planned rate hike.
Cities with the least sustainable credit card debt
To determine the cities with the biggest potential problem concerning credit card debt, WalletHub used their payoff calculator to compare more than 2,500 of the largest U.S. cities and looked at: how long it will take the average person to pay off their debt, and how much balances have increased in the past year.
According to their report here is a list of twenty cities with the least sustainable credit card debt…
- Magnolia, TX
- Beverly Hills, CA
- Dahlonega, GA
- Palmetto Bay, FL
- Greenwich, CT
- Miami Beach, FL
- Cumming, GA
- Richmond, TX
- Odessa, FL
- Brookhaven, GA
- Harker Heights, TX
- Monsey, NY
- Kailua, HI
- Freehold, NJ
- Park City, UT
- Canton, GA
- Lake Forest, IL
- Southlake, TX
- Manahawkin, NJ
- Buford, GA
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After all, when you get down to it you really have two choices:
- keep doing what you’re doing (and hope for a different result), or
- find a national collection agency that will help you recover what’s rightfully yours.
Either way you decide… it’s your money.