Orlando Emerges as the Seventh Most Debt-Ridden U.S. City, Reveals LendingTree Study

Orlando has joined the ranks of the most debt-laden cities in the United States, with a recent study by LendingTree placing it at number seven among major metros. According to

WFTV

, the financial comparison website’s research reveals that 97.7% of Orlando residents shoulder non-mortgage debt, averaging around $43,888 per person.

While mortgages are often the lion’s share of personal debt, car loans, student loans, credit cards, and personal loans are relentlessly piling up for many in this Florida metro area. The recent uptick in bankruptcy filings is largely due to expenses such as car and house insurance not keeping pace with inflation, which Oviedo attorney Randall Hanson has noticed as he has to help residents increasingly navigate their financial straits. “I would have to say, in the last few months, we’ve seen an uptick,” Hanson stated, as per

ClickOrlando

.

Notably, Texas cities lead the way in non-mortgage debt, with Austin at the top of the LendingTree list owing an average of $45,920. San Antonio, Houston, and Dallas are closely followed. Florida’s own Miami and Tampa are also featured within the top 10, painting a picture of a regional struggle with debt. Orlando’s high ranking raises concerns about the broader economic pressures facing its residents within the larger American financial landscape.

Hanson recommends that those overwhelmed with debt try to negotiate reduced payment amounts directly, but he acknowledges bankruptcy as a sometimes necessary measure when debts become insurmountable. “Generally, Chapter 7 bankruptcy is an opportunity to get rid of your debt in a short time period, maybe five months. It could be a little bit longer. But from the time you file your case to the time it’s finally closed up is generally five months,” Hanson explained in a statement cited by

ClickOrlando

. He further conveyed that the costs for such proceedings hinge around $2000, depending on individual circumstances.

Note: Thank you for visiting our website! We strive to keep you informed with the latest updates based on expected timelines, although please note that we are not affiliated with any official bodies. Our team is committed to ensuring accuracy and transparency in our reporting, verifying all information before publication. We aim to bring you reliable news, and if you have any questions or concerns about our content, feel free to reach out to us via email. We appreciate your trust and support!