Seven months after the pandemic has started, Americans have definitely felt it in their household budget. Financially speaking, everyone felt the effect of COVID-19 however, recent studies reveal the top 10 cities who struggled financially more than the others.
From cancellation of sporting events and religious gatherings to the closing of travel between the US and other countries, which has disrupted the importation of goods from Europe and Asia. This limits the Americans’ choices for purchasing their consumer goods. Fewer consumer goods being sold means fewer purchases, which means lower business profits, which in turn means less income to hire and pay employees.
The chain reaction leads from lower trade to smaller or fewer paychecks, thereby causing a slowdown in the US economy in the last few months.
Wallethub, a personal finance social network, breaks down which cities had been hit harder by the financial toll. The study was analyzed using the 100 biggest cities in the country;
Nine metrics across six categories. Each city received an overall score based on these six categories:
- “Credit Score
