In a Bankrupt City, Detroiters Have Lowest Household Debt, While Dallas Has Most
NEW YORK (TheStreet) -- Detroit did fall into bankruptcy, burdened under the weight of operating costs, urban blight and vacating residents.
But the Motor City consumers who stayed show that when it comes to personal debt, they are the best at having low household debt.
Experian, the Costa Mesa, Calif., credit ratings company, has a Credit Trends study saying Detroiters have the least personal debt per household of 20 major U.S. cities, at $23,604; Dallas residents have the highest, at $28,240.
When the city began sliding into insolvency in recent years -- it entered officially into Chapter Nine bankruptcy in June with between $18 billion and $20 billion of debt -- residents took notice. Maybe it was because residents saw the slide that they slashed away at their mortgage, credit card, auto and student loan debt, cutting Detroit's personal debt level fell by 7.1% over the past four years, according to Experian.
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