Report Says Miami is Full of (Broke) Ballers

Maybe Riptide has been living off of spaghetti and buying beer with couch change for too long. Maybe seeing the parade of Hummers and yachts in South Beach rubs salt in the wound. Maybe. Because it's not very nice. It's kind of mean, actually, that a recent study gives us...

By Natalie O'Neill

June 1, 2009

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Maybe Riptide has been living off of spaghetti and buying beer with couch change for too long. Maybe seeing the parade of Hummers and yachts in South Beach rubs salt in the wound. Maybe.

Because it's not very nice. It's kind of mean, actually, that a recent study gives us such an enormous amount of catty pleasure. A few days ago, Forbes Magazine and Equifax Credit announced the top American cities guilty of overspending. They looked at the 50 largest urban areas to determine which towns have the most credit card debt.

Guess who won the prize. We'll give you a hint: It's not Santa Fe, New Mexico.

The Magic City came in worst nationally, with an average household credit card debt of $9,700. Equifax found the results " by dividing the number of households in each metro area, determined by the U.S. Census Bureau, by the overall debt of the area."

Bottle service at Fontainebleau: $600. Giant breast Implants: $8,000. Appearing rich while you're up to your ears in debt: Priceless.

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