DETROIT – Struggling to pay bills? You’re not alone. Detroit is among the top cities where residents are most delinquent in debt.
According to personal finance website WalletHub, Detroit is the second most delinquent city in the country with residents behind on 14.8% of all loans and lines of credit.
When it comes to the record $17 trillion debt Americans run up these days, it’s no surprise delinquency rates are rising.
And it’s important to point out that 16% of Detroiters are at least 30 days behind on their revolving credit lines. And worse, when it comes to actual dollars, 16.5% of Detroiters are delinquent on their total debt.
WalletHub finance expert Christie Matherne called these findings deeply concerning.
“It tells me that people in Detroit are having trouble paying their credit bills,” Matherne said. “So they might be leaning on credit more than they can afford to pay back due to the higher costs of things.”
She said once the horse is out of the debt barn, things can deteriorate quickly.
“When you get behind on these bills it can definitely tank your credit score,” Matherne said. “It can make things more expensive for you down the line.”
People behind and without the funds to pay need to immediately contact their lender to see if they can work on negotiating a way to pay the money back or get some help with timeframes.
They also will want to see how to improve their incomes with a side hustle or another job. Fortunately, there are a lot of those around these days.