Updated

Updated · FinanceBuzz · May 28

Memphis Tops U.S. Cities at 9.0% Credit Card Delinquency as Mississippi Leads States at 8.8%

Updated

Updated · FinanceBuzz · May 28

Memphis Tops U.S. Cities at 9.0% Credit Card Delinquency as Mississippi Leads States at 8.8%

1 articles · Updated · FinanceBuzz · May 28

FinanceBuzz found 9.0% of Memphis residents had a credit card account at least 30 days past due, the highest rate among the 100 largest U.S. cities; Mississippi led states at 8.8%.
The national delinquency rate was 6.0%, and the highest-rate cities were concentrated in the South and Sun Belt, with seven of the top 10 located there.
Lower incomes, higher poverty and weaker access to cheaper credit appear to be driving the pattern, with many high-delinquency cities showing relatively small median delinquent balances below the $713 national median.
At the low end, Madison and San Francisco were tied at 2.4% among cities, while Minnesota and Vermont were lowest among states at 3.3%, reflecting stronger local economies and higher household incomes.

Sources

Why are Americans with the smallest delinquent balances the most likely to fall behind on credit card payments?

Is your zip code a more powerful predictor of credit card default than your personal spending habits?

With financial education now required in most states, why does the personal debt crisis continue to worsen?

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