Milwaukee Ranked Among U.S. Cities With The Most People In Financial Distress

MILWAUKEE — Milwaukee is ranked among the American cities with the most people in financial distress nationwide, according to a recent analysis by WalletHub.

The personal finance website, which defines financial distress as having a credit account in forbearance or with deferred payments, looked at the country’s 100 largest cities without data limitations across nine metrics, including average credit score, change in bankruptcy filings year-over-year, and share of people with accounts in distress.

Milwaukee came in 35th on the list, between Columbus, Ohio, at 34th and Arlington, Texas, at 36th, according to the ranking.

Nationwide, the cities with the most people in financial distress were Chicago at No. 1, Houston at No. 2 and Las Vegas at No. 3, the ranking said.

“Getting out of the downward spiral of financial distress is no easy feat,” according to WalletHub analyst Chip Lupo.

“You may get temporary relief from your lenders by not having to make payments, but all the while interest will keep building up, making the debt even harder to pay off. People who find themselves in financial distress should budget carefully, cut non-essential expenses, and pursue strategies like debt consolidation or debt management to get their situation under control."

It's not all bad news for Wisconsin, though. Madison was ranked on the low end for financial distress at No. 86.

Read more from WalletHub.