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America's most indebted city is Denver

September 8, 2010 - Finances are usually a major concern for someone who is relocating. A new report may indicate that moving away might be some people's best opportunity to save money.

Citing analysis from credit reporting agency Experian, U.S. News & World Report reported that residents in some cities around the country are in more debt than others - and it could be because of where they live. High cost of living, housing prices and the general culture of spending in their area may cause some people to spend more than they would in other locations around the country. That might encourage residents of some of the most indebted American cities, like Seattle, Dallas and Phoenix, to give relocation a second thought, said the report.

"Income is obviously a big driver [of spending habits] ... By and large, people spend the money they have," Janet Paskin of Bundle.com told the paper. "But it's also probably true that there are different spending cultures."

Moving to Denver might seriously drain a person's finances, as the report named it as America's most indebted city. The average resident there carries a debt of $26,636.

On the other hand, earlier this year Denver ranked sixth on Portfolio.com's list of best large-market cities. The report said that the city is very attractive to young, self-motivated workers.

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