There is some irony in the selection of Buffalo, N.Y., as one of the best places for people to go who are looking “for a fresh start,” according to a study compiled by LendingTree, since that city is considered to be the Detroit of the ARM industry. What makes the selection even more ironic is that “whether the state has laws to protect debtors from aggressive collections and penalties” was one of the eight variables considered when determining the best locations.
Following Buffalo on the list were:
- Minneapolis
- Salt Lake City
- Austin, Texas
- Hartford, Conn.
- San Diego
- Milwaukee
- Baltimore
- Boston
- Richmond, Va.
Among the other variables considered by LendingTree were:
- the percentage of people in the 50-largest metropolitan areas who are between the ages of 35 and 64, single, employed and have health insurance coverage
- what percentage of this age group is currently enrolled in school
- how quickly credit scores are rising after a bankruptcy
One of the deciding factors in tipping the scales for Buffalo were the “strong” protections for debtors, according to an analysis conducted by the National Consumer Law Center. Texas was the other state to offer the strongest consumer protections.
Among the worst places to try and get a fresh start were:
- Birmingham, Ala.
- Riverside, Calif.
- Miami
- Orlando, Fla.
- Chicago
