Where you live matters. Not only does it affect your daily life, where you grab a coffee or your daily commute, but it also influences your personal finances. This is especially true if you are trying to become debt free. If you are aiming to eliminate debt fast – credit card debt, student loans, or auto loans – then the city you live in can have a tremendous impact on your ability to pay it off quickly (especially for student loans).
A recent survey, by my friends over at Credible, shows the top five best and worst cities to live in for paying off student loan debt.
Top 5 Best Cities:
1) Dallas, TX
2) Jacksonville, FL
3) Houston, TX
4) Columbus, OH
5) Austin, TX
Based on the nearly 9,000 survey participants, Credible has determined these cities are the best places to live for paying off student loan debt due to their low debt to income ratio and low cost of living.
If you can combine this geographical arbitrage with socioeconomic downsizing, then you have the potential to dramatically improve your financial health. Once your debts are paid off, and you cross the line from red into black, then setting goals and building a flash savings budget will be the natural next steps.
You have the power to eliminate your student loans quickly. But knowing is only half the battle.
Are you willing to make the move?