Milwaukee ranks as most frugal city.

Maybe one credit card - two at the most - a partially paid auto loan and a small student loan. That is about all the debt the average Milwaukeean carries.

All told, the financial obligation of metropolitan residents averages $6,840, the lowest among the 50 largest markets in the United States.

Not only is that well below the national average of $8,500 in personal debt, which doesn't include mortgage payments, but it is nearly $800 below the next most-frugal city.

Honolulu residents average $7,622 in debts outstanding. Residents of no other city come close to having as little debt as Milwaukeeans.

A list of per capita debt loads produced by Equifax Risk & Usage Forecast, New York City, pegs residents of Jacksonville, Fla., as having the most debt, with $11,842.

Local economists, academics and credit counselors straggle to find reasons for the approach to personal finances in Milwaukee. Many of them …