TAMPA, Fla. – Features like egg prices and interest rates reveal that financial distress is widespread.
WalletHub has identified the cities facing the greatest challenges. Four cities in Florida make the top 10, with Tampa ranking eighth.
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What experts are saying:
In terms of financial distress, residents of the Sunshine State may be facing the most pressure.
“Florida has become a popular destination. Many are moving from high-tax states like New York, New Jersey, and Illinois, enticed by a business-friendly environment with no state income tax and pleasant weather. However, too often, newcomers overlook the broader context,” WalletHub Analyst Chip Lupo commented.
WalletHub’s analysis reveals U.S. cities facing the highest levels of financial distress.
This information comes from a recent WalletHub study, which ranked the U.S. cities with the highest levels of financial distress.
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Florida occupies four of the top ten positions: Jacksonville is ranked third, Orlando sixth, Tampa eighth, and Miami ninth.
“They relocate and soon discover that the housing market is extraordinarily overpriced. The overall cost of living is high, and in some cases, the job market is not as robust as expected. This can leave newcomers struggling to keep up financially very quickly,” Lupo added.
Explore further:
The study based its rankings on nine critical factors, such as average credit score, percentage of individuals with distressed bank accounts, and the fluctuation in bankruptcy filings from 2023 to 2024.
WalletHub ranks Tampa as the 8th city where residents are experiencing economic pressures.
For those grappling with financial challenges, Lupo advises creating a budget for every paycheck. Various options are available for individuals with significant loans or high-interest credit balances.
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“Numerous nonprofit organizations and debt management agencies can advocate for you with creditors,” Lupo suggested. “Consider exploring consolidation loans to merge all your debts into a single payment, typically at a lower interest rate than your credit cards.”
The Source: Information for this story was gathered by FOX 13’s Jordan Bowen.
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