How good a person is at handling debt can impact many things for them financially. This includes their likelihood of running into major debt struggles. How savvy are individuals in Toledo when it comes to debt? A recent report shows a mixed picture on this front.
The report ranked a little over 200 U.S. cities when it came to the debt handling abilities of their residents. In determining how debt savvy a city's resident were, the report looked at four things for a city: the average consumer debt level, the average consumer credit score, the foreclosure rate and the credit card usage rate.
On the positive front, the report found Toledo to have the third highest overall ranking among Ohio cities, putting it above multiple other cities in the state.
On the less encouraging front, the report gave Toledo a much worse national ranking than it did the previous year. In 2015, Toledo was ranked 78th overall in debt savviness. This year, its rank was 128th.
The factor that Toledo ranked poorest in this year's report was foreclosure rate. This factor was also the factor that saw the biggest disparity between this year's and last year's rank for the city. The 2015 ranking for foreclosure rate was 118th, whereas the ranking for this year was 195th.
Now, there is some disagreement over what this report means for the state of debt savviness in Toledo. Some contest how meaningful these rankings really are. How do you think people here in Toledo are doing, generally, when it comes to handling debt?
While good debt practices can be helpful in staying out of debt trouble, not all debt troubles come out of poor debt habits. Sometimes, unexpected events leave even those who have been careful with their handling of debt dealing with debt difficulties. Skilled bankruptcy attorneys can help individuals here in Toledo who have run into debt problems, however such struggles came about, with getting a picture of what steps they could take to try to respond to the debt situation that has arisen for them.
Source: The Blade, "Toledoans among best in Ohio at handling debt," Jon Chavez, Nov. 29, 2016