Study: Houston, Chicago, New York Among Most Financially Distressed Major US Cities
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Chicago, Houston, and New York top the list as the most financially distressed major US cities, with high rates of missed debt payments, bankruptcies, and interest in loans.
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Over 8% of Houston residents have accounts in distress, indicating widespread financial turmoil. New York saw a spike in bankruptcy filings.
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Texas has 5 cities in the top 20 most financially distressed, including Houston, Dallas, San Antonio, Austin, and Fort Worth.
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The least distressed major cities are mostly in Arizona and the Midwest, like Des Moines, Boise, Chandler, and Scottsdale.
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The report offers advice for managing financial distress, like budgeting carefully, considering consolidation loans, and avoiding predatory lenders.