Posted on May - 20 - 2011
Men’s Health: Providence’s debt earns a C+
PROVIDENCE – Providence’s debt earned a C+ and ranked No. 49 among 100 U.S. cities’ to be “in the red,” according to Men’sHealth.com.
In order to calculate its “American Cities With the Most Debt,” the publication looked at personal bankruptcy rates (FDIC); average credit scores, debt, late payments, and credit usage (Experian); percentage of homes facing foreclosure (RealtyTrac); percentage of homeowners and renters who spend more than 30 percent of their income on housing (U.S. Census); and average 401(k) contributions (BrightScope).
The most in-debt city, at No. 100, was Las Vegas.
“Have you heard about the new high-stakes game in Vegas? It’s a gamble called ‘living there.’ The economic downturn has been more like a flaming nosedive for the citizens of Sin City. Things are so bad, in fact, that we half expect to hear that Lady Luck has started turning tricks,” it said.
Rounding out the 10 cities for worst debt, all earning F’s, were: Riverside, Calif.; Phoenix; Stockton, Calif.; Orlando, Fla.; Bakersfield, Calif.; Miami, Fla.; Fresno, Calif.; Santa Ana, Calif.; and Reno, Nev.
Men’s Health also looked at those “in the black,” citing 10 U.S. cities as earning scores between an A- and an A+. Pittsburg, Pa., and Fargo, N.D., both earned scores of A- while Boston and Omaha, Neb. earned A’s. The cities with A+ debt levels were: Billings, Mont.; Wichita, Kan.; Des Moines, Iowa; Sioux Falls, S.D; Madison, Wis.; and Lincoln, Neb.
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