The city and its metro area now include 14 counties, and it does not show any signs of slowing down. According to the 2010 census the population has risen to 5,268,860 in 2010, which is an addition of over 1 million people in just ten years. With a population increase of 24 percent, Atlanta is now listed among the nation’s top 10 largest cities.

As the population grows the gap seems to be widening in the city ethnic makeup. Caucasians account for 55.4 percent of the population, with African Americans making up 32.4 percent. Hispanics and Asians comprise another combined 15 percent, and the city also has a small number of foreign born residents. The number of men and women living in Atlantic is almost even though, with females outnumbering males by only 1 percent.

Even though the city and the metro area are seeing a steady growth in population, there are still strong signs indicating that residents are experiencing financial difficulties. Renters outnumber home owners by almost 13 percent, and Atlanta has the dubious distinction of being ranked among the top 15 most “financially irresponsible” cities. The average credit score is 649, which is right at the subprime level, and this is not good news for anyone looking to be approved for a low interest auto loan. With an average debt of $30,031 and estimated credit balances of $4,845, many residents are finding that their only option is to seek financing through one of the area’s Buy Here Pay Here lots.

The average annual income for Atlanta residents is $55,733 which is slightly higher than the nation’s at $52,250. This can make one wonder how the majority of residents can be facing mounting credit card debt, until you factor in the cost of living.

Rent for a one bedroom apartment inside the city is on average $1,248.33 and while it is significantly less expensive outside the downtown area at $849.35 this is quickly offset when the cost of transportation is factored in. Basic utilities for a small apartment are estimated at $163.20 per month, and this does not include any of the extras like cable, internet and phone. When these monthly expenses are multiplied by 12 it is easy to see how the average annual salary is barely enough for renters in small apartments, and how home owners often find themselves facing debt and dealing with the problems that come with poor FICO scores.

High debt, poor credit ratings and an annual income that barely covers all of the expenses are all contributing to residents’ financial problems which is forcing many of them to seek subprime auto loans from a Buy Here Pay Here lot when they need to purchase a vehicle.

http://www.forbes.com/places/ga/atlanta/

The high number of bankruptcies (Chapter 7 and Chapter 13) that are filed annually in Atlanta and the metro area are a strong indicator that residents are still dealing with financial issues that were a direct result of the economic collapse in 2008. The financial crisis which was partially caused when the housing market bubble burst was particularly devastating to residents in the metro area where new subdivisions were popping up at an astonishing rate. Many found that they there were living well above their means and with mounting credit card debt and an inability to pay their bills on time bankruptcy protection was often their only option.

In 2013 metro Atlanta reported one of the highest bankruptcy rates in the nation with a total of 42,118 cases filed. While this provided cash strapped residents with some relief, it also left a black mark on their credit records. Since a bankruptcy filing can stay on a credit report for anywhere from seven to ten years, according to Experian, many residents are finding that their only option when they need to purchase an automobile is to accept the higher interest rates offered at the Buy Here Pay Here lots.

http://www.gabankruptcylawyersnetwork.com/2013/10/how-many-people-really-file-for-bankruptcy/

Atlanta is home to several multinational companies that include Coca-Cola, UPS, Delta Airlines and Turner Broadcasting, but it also has an unemployment rate of 5.9 percent. This is off put slightly by the 3.7 percent increase in job growth, but with the high cost of living inside and outside the city center it is not enough yet to help residents get out of debt.

A quick lunch at a fast food restaurant averages around $12, and a simple gallon of milk is over $3. It is hard enough for residents who are gainfully employed to make ends meet, and it is almost impossible for those who were unfortunate enough to be laid off during the financial crisis in 2008.

While the number of available jobs is increasing, residents are still experiencing difficulties. Some lost their homes and vehicles, and are now finding it almost impossible to be approved for an auto loan from a financial institution. This is leading to a larger number of Atlanta’s residents searching for alternative options, which many are finding at the Buy Here Pay Here lots.

Over the twelve month period from January 2015 to January 2016 the auto loan delinquency rate nationwide remained unchanged at 1.15 percent. This is compared to its peak in January 2009 when it rose to an alarming 2.84 percent. This is good news for auto loan lenders and Atlanta residents who are in the market for a vehicle.

Now that number of available jobs is rising more residents are searching for an auto loan, especially those who live in the metro area. Many of the higher paying jobs are downtown and a vehicle is a necessity if they want to make it to work on time. While the number of vehicle repossessions is down it can still be difficult for residents to be approved for an auto loan, especially if they were included in the 2.84 percent that lost their car due to missed payments during the recession. For these residents their only option is often a Buy Here Pay Here lot, and while the interest rates are usually higher it is an excellent way for them to start rebuilding their credit.

http://www.prnewswire.com/news-releases/equifax-auto-lending-performance-is-stable-300238239.html

Even though it is true that Atlanta and its huge metro area suffered when the housing market bubble collapsed, and this is evident in the 10.8 percent unemployment rate reported in 2009 the city still has a strong financial base.

Like the rest of the nation the city has experienced widespread financial hardships that affected every aspect of its economy. Building has slowed down in the 9 counties, especially in the metro areas, and repossession rates for homes and vehicles have risen at alarming rates. What sets Atlanta apart from other cities and is making it possible for residents to get back on their feet are the “business-friendly” politics which are enticing national and global companies to the area, along with the fact that over 40 percent of the area’s adults hold a college degree.

Even though the overall credit score for the city is at subprime level, economic analysts predict that in the next few years this will also see an improvement. All of this is good news for anyone seeking approval for an auto loan.

With many smaller municipalities located outside of the main city of Atlanta, there are numerous business districts which include Cumberland and Perimeter. Both of these suburbs have their own business districts which are responsible for employing many of the area residents. When it comes to the actual city of Atlanta there are three many districts that residents think of.

The “heart” of the city is still the original downtown area, and while it is no longer the capital of finance it is still home to some of the largest corporations in the state. Coca-Cola, Turner Broadcasting, Georgia Power and the SunTrust Bank all have main offices downtown, and employ a vast majority of the city’s residents. Another large employee of Atlanta residents is Georgia State University, which is also located downtown.

Midtown is another thriving area in the city that is striving for an eco-urban environment. Its central location makes it an ideal spot for many new businesses, local and global. It is also home to several Fortune 500 companies, and is proud to employ an estimated 81,000 residents. On the other side of Midtown is Buckhead, which has been called the “jewel” of Atlanta. This mini city is home to the majority of Atlanta’s wealthiest residents, and is also the shopping and commercial center for the city.

Buckhead is also attracting new businesses, and was recently ranked one of the best places for women and minorities to work and succeed up the corporate ladder.

http://www.georgiatrend.com/November-2012/Downtown-Atlanta-The-Heart-Of-The-City/

Whether you live in the immediate city or in one of the numerous suburbs like Buford, Doraville or even Marietta chances are you are going to find it difficult to get around with a vehicle.

This means that transportation is present, but that it is severely limited.

The MARTA (light rail) system services the airport and a few of the nearby communities, but this is only helpful if you are traveling or work at the airport. The downtown and Midtown areas are also serviced by MARTA, but once again this only benefits residents in the immediate vicinity. For those who live in any of the outlying suburbs getting to work in the city without a vehicle is almost impossible. Taxi services are often almost as high as the average minimum wage paycheck, and car pools are only a viable option if co-workers are lucky enough to live in the same neighborhood.

This lack of available public transportation is due in part to the housing market collapse which left many subdivisions unfinished and a poor lack of planning by developers and city leaders. What the lack of public transportation has done is left a wide vacuum that is being filled by Buy Here Pay Here lots who are often the only ones willing to approve an auto loan for residents in desperate need of a safe and reliable way to get to work.

The city’s “walkability score” overall is a 46, which indicates that

This is especially true if you live in some of the suburbs that were under construction when the housing bubble burst. Vine City, Candler Park and the West End has some of the lowest scores, but if you need to take care of a few errands in Buckhead or Midtown you won’t have any problem if you don’t have a vehicle.

Since it will take years for the city’s public transportation to catch up with its rapid expansion, if it ever does, if you have to get outside of your immediate neighborhood you are going to need a car. This is also true for Atlanta’s “biking score” which is only slightly higher.

https://www.walkscore.com/GA/Atlanta

There are 136 schools in Atlanta with Brandon Elementary and the Neighborhood Charter School being two of the best with a rating of 10. These and the majority of the other top rated primary and secondary schools are located on the city’s northeast side. The lowest rated schools can generally be found on the city’s south and west sides with Fain and Dobbs Elementary schools among those with the poorest scores. Overall the Atlanta School District has a disappointing rating of 2 out of 10.

Some metro Atlanta school districts scored remarkably higher with Decatur coming with a rating of 9 out of 10, and Fulton County listed with a score of 7. This is not to say that all metro school districts are better than Atlanta, DeKalb County School District has a poor score of 4. Much of this discrepancy in the ratings for the various school districts comes down to a simply matter of available tax dollars.

One of the draws to the area are the notoriously low property taxes which benefits developers and home owners, but not the area’s school systems. Higher income neighborhoods can afford to pass bond increases that benefit the area schools, but since monies are not shared become the city’s various districts many students are forced to deal with lower education standards.

As the city and its residents begin to rebuild their finances, many are still struggling to make ends meet. Home foreclosures and vehicle repossessions are down, but this does not mean that all residents are “back on their feet”. Thankfully there are several federal, state, county and local programs that are in place to give residents the temporary help the need.

Atlanta has programs that can help with everything from rent and utility bill assistance, to ensuring that every family has adequate food and housing. There is even a program that will help with bus fare so residents can get to and from work. One public assistance program that many people in Atlanta and the metro area are finding particularly helpful provides counseling and resources for residents who are struggling with debt. This program will also teach people how to better manage their money so the next time they go to apply for an auto loan they have more options than those offered at the Buy Here Pay Here lots.

Some of the phone numbers that residents might want to utilize include,

Consumer Credit Counseling Greater Atlanta: (800) 251-2227

Bus Fare Assistance: (404) 634-3336

Fulton County Family & Children: (404) 657-6948

http://www.helpbycity.com/public_assistance/public_assistance_programs_atlanta_georgia.htm

Unpaid medical and hospital bills are one of the main causes for low credit scores, and if work was also missed due to health issues it can also result in foreclosures and repossessions. All of this can have a detrimental effect on a person’s credit and make it difficult for them to be approved for any type of low interest loan.

The state and city have programs that are in place to ensure everyone gets the health care they need without going into debt. This includes everything from assistance with medical bills, to prescription coverage and in home health care. With residents getting the health care and financial assistance they need to stay on top of their mounting bills, credit scores are less likely to plummet below the subprime range. Some of the phone numbers that residents might want to call include,

Americans with Disabilities Act: (800) 514-0301

Fulton County Family & Children: (404) 657-6948

Medicaid: (800) 869-1150

The foothills of the Appalachian Mountains are home to several historic Civil War battle sites, and are also a great place for hiking, biking and camping. Inside the city there are several museums and galleries, especially in Buckhead where you can also find great restaurants and boutiques.

NASCAR holds two races in Atlanta each year, and the city is also home to the enormous Georgia Aquarium. Historic Fox Theater is still a popular destination with locals, and you can even experience the “World of Coca-Cola”. Since there are four seasons in Atlanta, ice skating is also a popular sport at Centennial Olympic Park in the winter.

While many cities across the nation are still struggling from the financial crisis in 2008, Atlanta and its sprawling metro area are showing strong signs of recovery. Job growth is up, along with the population, and fewer repossessions and foreclosures are occurring annually. Even though this is good news for residents, there are still some important questions that they might want to ask themselves before they rush out and apply for any type of loan. Will the interest payments be too high, is one, along with whether they can actually afford another bill.

It is also important to take a few minutes to go over your credit history, and make sure you know your FICO score before you even think about applying for a car loan. Not only will this help you decide where your best chances of approval are, it will also prevent you from making any hasty decisions that could have a detrimental effect on your overall score.