For many Americans, instant gratification has taken a backseat to long-term financial security. In May 2009, the U.S. personal income savings rate increased to 6.9 percent from 0 percent a year earlier. This is the highest level since December 1993, according to the Commerce Department.
Given the recession, it's understandable that Americans are hording more cash by spending less. Some, though, are doing a better job than others.
- ABC News
Well, the article is misleading. It's actually about credit card debt vs Median Household Income. In that category, Washington, D.C. comes in first, because as ABC News reported,
Government jobs attract those who are conservative about personal finances, suggests Alice M. Rivlin, an economist at Brookings, a Washington, D.C.-based independent research firm. What's more, this is a relatively prosperous metro area with a low unemployment rate of 6.2 percent (the national average is 9.5 percent). The District of Columbia also has high concentrations at the top and bottom of the income distribution spectrum--with 20 percent of residents below the poverty level--and a smaller middle class.
So what are the Top 5 cities with the lowest credit card debt?
5. Kansas City, MO
Percent of Income Owed to Credit Card Companies: 12.07%
4. Boston, MA
Percent of Income Owed to Credit Card Companies: 11.75%
3. Nashville, TN
Percent of Income Owed to Credit Card Companies: 11.73%
2. San Jose, CA
Percent of Income Owed to Credit Card Companies: 11.46%
1. Washington, D. C.
Percent of Income Owed to Credit Card Companies: 11.43%
---
go ahead share your thoughts with me now, my ears are open. I'm always eager to hear what you think.
-----
follow me on Twitter
3 comments:
We encourage comments from anyone whether they agree or disagree however, opinions that are derogatory, attack other users, offer unsubstantiated facts or are offensive in nature can and will be removed. We are not responsible for the content posted in this comment section. Obvious spam will not be approved!