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August 25, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Study says Bridgeport is #1 – in credit card debt

Bridgeport area residents lead the U.S. in credit card debt, according to a new study.

The LendingTree report found that 22.9% of card holders in the Bridgeport metro area had a balance of more than $10,000, while 1.9% had credit card debt exceeding $50,000 – the most in both categories for the 100 largest metro areas in the country.

The study also noted that 2018 Brookings Institution report showed that the Bridgeport metro area had the greatest income inequality of any of the 100 largest U.S. metropolitan areas in 2016.

“Why does Bridgeport stand out?” LendingTree asked. “The metro includes some of the highest income communities in the nation — namely, Greenwich, Conn. — and some of the lowest — namely, the city of Bridgeport itself.”

Virginia Beach, Virginia came in second (20.5% of card holders with over $10,000 in debt and 0.6% with over $50,000), followed by Washington, D.C. (19.9%, 1.1%). Hartford placed sixth (18.5%, 0.9%).

The metro areas with the smallest percentage of credit card holders with balances larger than $10,000 were Chattanooga, Tennessee (12.8%); Colorado Springs, Colorado, (12.8%); and Greensboro, North Carolina (12.8%).

LendingTree prepared the report by using a sample of credit reports from more than 1.2 million of its users. Their total balances were then calculated, and the results were aggregated across the 100 most populous metropolitan statistical areas.