N.J., N.Y., Pennsylvania cities named in Top 100 list with most people in financial distress

It’s no secret that inflation and the cost of living from things like rent hikes have become a financial burden on American families.

And even as the national unemployment rate of 3.7% stays the same, households in the Tri- State New Jersey, New York, Connecticut area plus Pennsylvania are still in financial distress according to a WalletHub new study.

WalletHub data compared the 100 largest cities in financial distress across nine key metrics such as average credit score and bankruptcies filed between December 2022 and December 2023.

Here are some findings:

New Jersey, New York, Pennsylvania cities with the most people in financial distress, ranked: 

• #3 New York, NY
• #67 Buffalo, NY
• #89 Newark, NJ
• #93 Jersey City, NJ
• #94 Pittsburgh, PA

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If you’re having trouble cutting down your debt, considering a deb relief program might be worth looking at, according to NerdWallet.

• Hardship Programs: Ask your creditors about their “hardship programs,” which may allow you to temporarily defer or reduce your monthly payments.
• Consolidating your debt: A debt consolidation loan can put all your debts in one place with a lower interest rate.
• Debt management plan: This allows you to pay your unsecured debts — typically credit cards — in full, but often at a reduced interest rate or with fees waived.