Top 5 Cities for Late Payments

The Motor City Tops The List

Top 5 Cities Delinquent Credit

FICO scores across America may be reaching historic highs, however even in an incredible economy, there are some cities struggling managing their debt. A recent study by Experian highlights the U.S cities with the highest ratio of delinquent credit accounts. For reference, Experian compared the number of accounts that have ever been 30 days or more past due (delinquent) with the average total number of accounts per consumer to compile the list.

Below are the top five cities with the highest ratio of delinquent credit accounts below.

Pontiac, Michigan

Pontiac lies in the shadows of Detroit, and as of the last U.S Census, the city’s population was hovering around 60,000. The unemployment rate for Pontiac is double the current U.S mark (7.8 vs 3.9) and future job growth in the city is bleak. The median household income is $27,632 per year, and average FICO score is 625, with 44% of open accounts with some form of delinquent mark.

Gary, Indiana

Gary sits just 30 miles from Chicago, Illinois, however has very little in common with the Windy City aside from it’s proximity. The city’s population is roughly 80,000 people, however with high unemployment (7.2%) and low median household income ($27,458), economic challenges have been consistent. Gary’s average FICO score is also 625, with nearly 46% of open accounts having delinquency.

Augusta, Georgia

The Southeast representative of the top five represents the Peach State, where Augusta holds the rank as the state’s second largest city. With a population of nearly 200,000 people, the city is home to a major military base (Fort Gordon/US Army), and is just two hours east of Atlanta. The economy is stronger than the earlier entries on this list, with an unemployment rate of 5%, and future job growth scheduled to outpace the country. The average FICO score is 632 with 47% of open credit accounts with delinquency.

Camden, New Jersey

Sitting in the shadows of Philadelphia, Camden’s population has seen steady growth this decade, and currently hovers around 78,000 people. The current unemployment rate is among the highest on this list at 8.8%, and the future job growth directly in the city is considerably lower than the country as a whole. Camden’s average FICO score is 612 with 48.5% ratio of delinquent to credit accounts.

Detroit, Michigan

The Motor City takes the top spot of this dubious list. With a population hovering around 680,000 people, Detroit towers over the others in size in the top five. The unemployment rate is the highest of those in the top five (8.9%) although there is hope with future job growth over the next decade pacing close to the U.S average.

The median household income in Detroit is currently $26,095 per year, and the average FICO score is 612. Nearly half (49.3%) of open accounts have some delinquency according to the Experian report.

You can check out the full report here.

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