Nearly 30% of consumers living in the 100 largest metropolitan areas of the United States were behind on at least one debt payment between July and September of last year, according to data released last week by LendingTree. Those debts include credit cards, auto loans, personal loans, mortgages, and student loans. Twenty-seven percent of consumers, meanwhile, have a debt that is considered to be seriously delinquent, meaning it is at least 90 days past due, and 26% had a debt in collections.
By the Numbers: Looking at the data demographically, Millennials and members of Generation Z were the most likely age group to be delinquent on at least one debt. Thirty-seven percent of Millennials and 36% of Generation Z were behind on at least one payment — with the most common debt being a credit card (20%). Millennials were 84% more likely to have a debt in collection than a Baby Boomer, according to the report.
- Residents living in the Southern United States had the most debts in collection. More than half of the residents of McAllen, Texas, for example, were behind on at least one debt, and each of the top 20 metropolitan areas at the top of the list were in the Southern United States.
What This Means:
