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Is money management a big problem in Memphis?

On Behalf of | Jun 27, 2018 | Bankruptcy

It appears that financial struggles might be fairly common among individuals in Memphis. The city ranked very poorly in a report on consumer money management.

This WalletHub report looked at 10 factors to estimate overall money management for residents of over 2,500 different U.S. cities.

Memphis was one of 63 cities classified as a large city in the report. Among large cities, Memphis ranked dead last for money management.

Among the factors the report looked at were debt-to-income ratios. How Memphis residents did when it comes to such ratios varied based on the type of debt.

For student debt, credit card debt and auto debt, Memphis was well in the half of cities with higher debt ratios. The debt type in which the city had the highest ratio in comparison to other U.S. cities was student debt. So, it appears student debt may be a common financial problem-area for individuals here in Memphis.

Meanwhile, the debt ratio Memphis did the best in was mortgage debt ratio. It was in the top quarter of cities for lowest ratio when it comes to mortgage debt.

How common do you feel money management struggles are here in Memphis? What types of debt problems do you feel are most common in the city?

When a person is dealing with financial struggles, what type of debt they are having trouble with matters greatly. It can impact how likely the different debt relief options out there, including bankruptcy options, would be to help them with their debt relief goals. So, when facing debt struggles, getting guidance tailored to one’s unique situation, including what kinds of debt one is having problems with, can be critical.