CHARLOTTE, N.C., Jan. 11, 2022 /PRNewswire/ -- LendingTree®, the
nation's leading online loan marketplace, released its study
finding the best places to pay down debt in 2022. The study found
that North Carolina metro areas
are the best places to pay down debt with three metros in the
Southern state ranking among the top 10 and Raleigh ranking as the best place to pay down
debt nationwide. Honolulu and
New York City are the worst places
in the country to pay down debt, respectively.
Key findings
- Raleigh, North Carolina is
the best place to pay down debt. Raleigh has a 19.4% average credit utilization
rate, a 3% unemployment rate, and an "A" debt protection
score.
- North Carolina metros are
the best places to pay down debt. The Southern state has three
metros in the top 10: Raleigh (No.
1), Durham (No. 4) and
Winston-Salem (No. 6).
Charlotte (No. 15) is just outside
the top 10.
- Six Midwest metros rank among the top 10 places to pay down
debt: Omaha, NE (No. 3), Milwaukee, WI (No. 5), Madison, WI (No. 7), Indianapolis, IN (No. 8), Des Moines, IA (No. 9), and St. Louis, MO (No. 10).
- Honolulu is the worst place
to pay down debt. Regional prices for goods and services
in the capital of Hawaii's metro
area are, on average, costlier than nearly all 100 of the largest
metros.
- California is a tough place
to live if you want to pay down debt. Five of the 10 worst
places to pay down debt are in the Golden State: Riverside, Los
Angeles, Stockton,
Fresno and Bakersfield.
To view the full report,
visit
https://www.lendingtree.com/debt-consolidation/best-places-to-pay-down-debt/
Methodology
Researchers compared five metrics across the 100 largest
metropolitan statistical areas ("MSAs") in the United States.
- Average credit utilization rate — how much credit
people are using compared to how much they have available. This was
calculated from a December 2020
sample of more than 1 million anonymized credit reports of
LendingTree users.
- Unemployment rate. October 2021 data is from the
U.S. Bureau of Labor Statistics.
- Median rent as a percentage of median household
income — the median rent divided by median household
income. Data is from the 2019 U.S. Census Bureau American Community
Survey, one-year estimates.
- Regional price parity — the price of goods in
services compared to the national average. 2019 data is from the
U.S. Bureau of Economic Analysis.
- Debt protection scores — how states protect wages
from debt collectors. 2019 data comes from the National Consumer
Law Center. This is the only metric tracked at the state level
rather than the metro level.
Each of these five metrics was given a value according to their
relative location between the highest and lowest values. The values
were then summed and divided by five for equal weight.
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online
marketplace that connects consumers with the choices they need to
be confident in their financial decisions. LendingTree empowers
consumers to make smarter financial decisions through choice,
education and support. Consumers can compare multiple offers from a
nationwide network of over 500 partners in one simple search, and
can choose the option that best fits their financial needs.
Services include mortgage loans, mortgage refinances, auto loans,
personal loans, business loans, student loans, insurance, credit
cards and more. Through the logged-in experience, consumers receive
free credit scores, credit monitoring, recommendations to improve
credit health, and notifications when the proprietary algorithm
identifies a savings opportunity. LendingTree, LLC is a subsidiary
of LendingTree, Inc. For more information, go to
www.lendingtree.com, dial 800-555-TREE, like our Facebook page
and/or follow us on Twitter @LendingTree.
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SOURCE LendingTree