Charlotte Ranks 5th in U.S. Cities for Money Struggles, Study Shows
A new WalletHub study of 100 major cities ranks Charlotte fifth for money troubles. The city did particularly badly in two key areas: overall problem accounts and the average number of troubled accounts per person.
Houston tops the list nationwide, followed by Atlanta, Jacksonville, and Dallas in spots two through four. The study looked at credit scores, problem accounts, bankruptcies, and how often people searched online about debt issues.
Money problems got much worse between late 2023 and early 2024. Layoffs combined with higher prices and growing bills left many families struggling to get by.
Charlotte in Financial Distress
In response, city officials put $141.6 million in federal money from the American Rescue Plan Act to work. This money helps fund employment programs, housing help, and healthcare support for residents in need.
The research highlights concerns about loan sharks targeting people buried in debt. In Charlotte, more people are putting off payments as bills grow faster than income. This lines up with other local signs of money troubles. Bankruptcy numbers jumped last year as families struggled with growing debt.
Money experts suggest strict budgeting and combining debts as ways to cope. At the same time, the city is launching programs to help ease residents’ financial pressure.
Aid focuses on areas hit worst by COVID-19’s economic impact. Federal money helps keep essential services running and supports community improvement projects.
The study reveals tough financial conditions across major U.S. cities, with many families still trying to keep their heads above water.
