Some cities make it harder to pay off debt, according to a ranking by LendingTree.
LendingTree, a free credit monitoring service a with over nine million online users, ranked the 50 most populous U.S. metropolitan areas by a number of factors that impact the ability of residents to pay off their loans.
The factors considered in the ranking included residents' credit utilization; monthly rent-to-income ratio; the prices of goods and services; unemployment rates; and the impact of state and local laws and policies on those in debt.
In descending order, the following were ranked by LendingTree as the worst cities for paying off debt.
10. Baltimore
High unemployment, high rents and a high cost of living add to residents' debt burdens in this city.
9. Las Vegas
Las Vegas has a high unemployment rate and a high percentage of residents living in poverty. The cost of living in Sin City is comparable to the rest of the country, but the median income is below state and national levels.
8. Philadelphia
High unemployment, a high cost of living, expensive housing options and a high poverty rate make paying debts harder in Philadelphia.
7. Virginia Beach, Va.
Plentiful jobs at competitive salaries in Virginia Beach do not offset the city’s high cost of living and expensive housing options.
6. San Diego
Come to San Diego for the mild weather, but don’t stay if you’re in debt. With a sky-high cost of living, homes sell for three times the national average and apartments rent for 50 percent higher.
5. Miami
The nation’s second-most popular tourist destination, Miami is a great place for a short stay, but not if debtors are looking for a fresh start. Over one-quarter of the city’s population live in poverty, housing is expensive to buy or rent, and the cost of living is well above the national average.
4. New York City
New York is one of the few American cities that require its residents to pay municipal income tax. It is also one of the most expensive. Despite a high number of well-paying jobs, nearly a fifth of residents live at or below the poverty level.
3. Los Angeles
Los Angeles offers few financial incentives to debtors. Over a fifth of its residents live at or below the poverty level. The city has high housing costs, a high cost of living and a high crime rate.
2. Detroit
Despite a relatively low cost of living, Michigan has a high unemployment rate and a nearly 40 percent poverty rate.
1. Riverside, Calif.
Salaries do not keep pace with the high cost of living and housing in Riverside, which also suffers from a high crime rate.
The full report can be found here.